Address: 1473 South Lapeer Rd , Lapeer, Michigan, United States 48448
Type: Gas & Conv. Store
Cap Rate: 6.50%
Lease Type: Triple Net (NNN)
Annual Rent: $154,607
Net Operating Income: $154,607
Lease Term Remaining: 14.25 Years
Rental Increases: 7.50% Every Five (5) Years
Options: Six (6), Five (5) Year Options
Rentable Sq/Ft: 1,632 SF
Rent Sq/Ft: $94.73
Price Sq/Ft: $1457
Lot Size: +/-1.87 Acres
Marcus & Millichap is pleased to present the exclusive listing for a GPM located at 1473 South Lapeer Road in Lapeer, MI. The property consists of 1,632 square feet of building space and is situated on approximately 1.87 acres of land. There are more than 14 years remaining on the initial 15-year triple-net (NNN) lease with absolutely no landlord responsibilities upon the close of escrow. The lease calls for 7.50% rental increases every five years that will continue through the base term and into the six, five-year tenant renewal options.
This GPM is located at 1473 South Lapeer Rd in Lapeer, MI. The subject property is located along South Lapeer Rd, which has an average daily traffic count of approximately 18,000 vehicles. The subject property also benefits from nearby Interstate-69, which brings a total of 32,000 vehicles into the immediate area, on average, each day. There are roughly 24,000 people living within a five-mile radius of the subject property and nearly 62,000 living within a 10-mile radius.
The subject property benefits from being well-positioned in a main retail corridor in Lapeer consisting of numerous national and local tenants within close proximity of this property. Major national tenants include: The Home Depot, Kohl’s, Office Depot, Kroger, Tim Hortons, Starbucks, Buffalo Wild Wings, Taco Bell, Wendy’s, Burger King, KFC, Arby’s, Marshalls, Michaels, Aldi, Walgreens, and McDonald’s. In addition to these numerous national retail and restaurant concepts, the subject property benefits from located within numerous academic institutions including Lapeer High School, which is located roughly 1.5 miles northeast of the subject property and has a total enrollment of nearly 1,400 students. Additionally, McLaren Lapeer Region medical center, a 222-bed state-of-the-art medical facility is located roughly 3.5 miles north of the subject property.
Flint is the largest city in, and county seat of Genesee County, Michigan. Located along the Flint River, 66 miles northwest of Detroit, it is a principal city within the region known as Mid Michigan. According to the 2010 census, Flint has a population of nearly 105,000 people, making it the seventh largest city in Michigan. The Flint metropolitan area is located entirely within Genesee County. Since its incorporation in 1855 the city has grown to be the center of the fourth largest metropolitan area in Michigan with a population of approximately 426,000. Flint was founded as a village by fur trader Jacob Smith in 1819 and became a major lumbering area on the historic Saginaw Trail during the 19th century. Flint has a history with strong ties to the automotive industry including being the home of the Flint Sit-Down Strike of 1936-1937, which played a vital role in the formation of the United Auto Workers. Today, Flint is home to numerous attractions, bringing people from all over the country to the city each year. There are several colleges and universities located within the city limits, including The University of Michigan-Flint, which is one of three campuses in the University of Michigan system and home to more than 8,000 students, as well as Kettering University, a 4.5-year cooperative education based Science, Technology, Engineering and Mathematics (STEM) university in Flint.
Broker of Record: Steve Chaben – License # 6502387903