Address: 2500 US Highway 41, Marquette, Michigan, United States 5606
Cap Rate: 6.50%
Lease Type: Double Net (NNN)
Annual Rent: $89,696
Net Operating Income: $89,696
Lease Term Remaining: 6.6 Years
Rental Increases: $1 Per Square Foot Increase Every 5 Years
Options: Three, Five Year Options
Rentable Sq/Ft: 5,606 SF
Rent Sq/Ft: $16
Price Sq/Ft: $246
Lot Size: +/-1.30 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Buffalo Wild Wings located at 2500 US Highway 41 in Marquette, Michigan. The site consists of roughly 5,606 rentable square feet of building space and has 6.6 years left on a double-net (NN) lease. The initial annual rent will be$89,696, which is scheduled to increase throughout the base term and continuing through the three (3), five (5)-year tenant renewal options.
The Buffalo Wild Wings is located along US Highway 41 in Marquette, Michigan. The subject property is located in a city that has been gradually expanding and increasing its livability for members of the community. The subject property is situated on US Highway 41, which boasts an average daily traffic counts exceeding 32,000 vehicles. There are more than 23,900 individuals residing within a three-mile radius of the subject property and more than 27,400 individuals within a five-mile radius of the property.
The property is well positioned in a dense retail corridor with many national and local tenants, shopping centers and hotels. Major national tenants include: Walmart, Lowe’s, Menards, Meijer, Target, Best Buy, Walgreens, Shopko Hometown, TJ Maxx, Pet Smart, OfficeMax, Kohl’s, Dollar Tree, Econofoods, as well as many more. The subject property benefits from being located near many national hotels such as Comfort Suites, Days Inn, Holiday Inn, and Country Inn & Suites. This Buffalo Wild Wings is also conveniently located less than two miles away from Northern Michigan University, which has an enrollment of approximately 10,000 students, and is the largest university in the Upper Peninsula.
Marquette is a city and county seat of Marquette County in Michigan. The land around Marquette was known to French missionaries of the early 17th century and the trappers of the early 19th century. Development of the area did not begin, however, until 1844, when William Burt and Jacob Houghton (the brother of geologist Douglass Houghton) discovered iron deposits near Teal Lake west of Marquette. Now, Marquette is the largest city in the state’s Upper Peninsula, making Marquette a major port on Lake Superior. It is known primarily for shipping iron ore. The city is also the home of Northern Michigan University and Marquette has also been listed among the 10 best places to retire in the U.S. by CBS MoneyWatch. The city includes several small islands (principally Middle Island, Gull Island, Lover’s Island, Presque Isle Pt. Rocks, White Rocks, Ripley Rock, and Picnic Rocks) in Lake Superior. The Marquette Underwater Preserve lies immediately offshore. Marquette has a number of parks and recreational facilities which are used by city and county residents. Presque Isle Park is Marquette’s most popular park located on the north side of the city. It includes 323 acres of mostly forested land and juts out into Lake Superior. The park was designed by Frederick Law Olmsted, noted for designing Central Park in New York City. Amenities include a wooden band shell for concerts, a park pavilion, a gazebo, a marina, a concession stand, picnic tables, barbecue pits, walking/skiing trails, playground facilities, and Moosewood Nature Center. The city also has two popular beaches, South Beach Park and McCarty’s Cove. The City of Marquette is served by the Marquette Area Public Schools. The district is the largest school district in the Upper Peninsula and Northern Wisconsin, with about 3,100 students and 420 faculty and Staff.
Broker of Record: Steve Chaben – License # 6502387903