Address: 4137 East Wilder Road, Bay City, Michigan, United States 48706
Cap Rate: 5.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $95,492
Net Operating Income: $95,492
Lease Term Remaining: 20 Years
Rental Increases: Two Percent Annually
Options: Six, Five Year Option Periods
Rentable Sq/Ft: 4,764 SF
Rent Sq/Ft: $20.04
Price Sq/Ft: $349
Lot Size: 1.41 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans Property. The property consists of approximately 4,764 square feet of building space and is situated on approximately 1.41 acres of land.
The property will be subject to a 20-year triple net (NNN) lease. The lease will commence on April 28, 2017. The base rent is $95,492 with two percent annual rental increases. The increases will continue through the six, five-year tenant renewal options. The tenant will be a newly formed entity consisting of all Bob Evans Restaurants.
Bob Evans Restaurants was started more than 60 years ago with a single restaurant in Rio Grande, Ohio. The concept has since grown to roughly 500 family restaurants in approximately 18 different states. Their wide variety of menu options appeals to a wide demographic, whether its breakfast, lunch, or dinner Bob Evans has something for everyone. Bob Evans Restaurants generated over $900 million in sales during fiscal year 2016.
This Bob Evans property is located at 4137 East Wilder Road in Bay City, Michigan. Bay City is a city in Bay County, Michigan, located near the base of the Saginaw Bay on Lake Huron. It is the principal city of the Bay City Metropolitan Statistical Area, which includes the Saginaw-Midland-Bay City combined statistical area.
The subject property is well-positioned on East Wilder Road, benefitting from its proximity to major national and local tenants. Nearby national tenants include: Walmart, The Home Depot, Kroger, ALDI, Rite Aid, JCPenney, Marshalls, Kmart, Staples, AutoZone, Advance Auto Parts, Starbucks, Buffalo Wild Wings, McDonald’s, and Applebee’s among various others. Hotels in the immediate area of the Bob Evans property include: Comfort Keepers and Fairfield Inn & Suites. The subject property is an outparcel property in front of Bay City Mall. Bay City Mall is made up of 530,000 square feet and over 50 retail stores.
There are approximately 46,894 people within a three-mile radius of this property and more than 71,047 within a five-mile radius. The property is situated on East Wilder Road and State Street Road, which have average daily traffic counts of 35,760 and 10,330 vehicles respectively.
Bay City is a city geographically divided by the Saginaw River, and travel between the east and west sides of the city is made possible by four drawbridges, which allow large ships to travel easily down the river. The city is served by MBS international airport, located in nearby Freeland, and nearby James Clements Municipal Airport. Bay City is well known in Mid-Michigan for its numerous festivals and celebrations which take place during the summer months. Among them are the River Roar, St. Stan’s Polish Festival, the Bay City Fireworks Festival, and the River of Time living history reenactment. Many of these take place along one or more banks of the Saginaw River, often in Wenonah Park on the east bank or the larger Veterans Memorial Park on the west bank. The Bay County Historical Museum, located on Washington Avenue, is the designated repository for the records of the Patrol Craft Sailord Association and also contains numerous displays on local and regional history.
Broker of Record: Steve Chaben – License # 6502133659