Address: 11536 North Saginaw St , Mt. Morris, Michigan, United States 48458
Type: Gas & Conv. Store
Cap Rate: 6.50%
Lease Type: Triple Net (NNN)
Annual Rent: $64,658
Net Operating Income: $64,658
Lease Term Remaining: 14.25 Years
Rental Increases: 7.50% Every Five (5) Years
Options: Six (6), Five (5) Year Options
Rentable Sq/Ft: 1,890 SF
Rent Sq/Ft: $34.21
Price Sq/Ft: $526
Lot Size: +/-0.38 Acres
Marcus & Millichap is pleased to present the exclusive listing for a GPM located at 11536 North Saginaw Street in Mt. Morris, MI. The property consists of 1,890 square feet of building space and is situated on approximately 0.38 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 11536 North Saginaw St in Mount Morris, MI. The subject property is located along North Saginaw Street. which has an average daily traffic count of approximately 21,600 vehicles and directly intersects East Mount Morris Road which has an average daily traffic count of approximately 14,000 vehicles. The subject property also benefits from nearby Interstate-475, which brings a total of 45,800 vehicles into the immediate area, on average, each day. There are roughly 69,000 people living within a five-mile radius of the subject property and nearly 247,000 living within a 10-mile radius.
The subject property benefits from being well-positioned in a main retail corridor in Mt. Morris consisting of numerous national and local tenants within close proximity of this property. Major national tenants include: Kroger, McDonald’s, Taco Bell, Dollar General, KFC, T-Mobile, Advanced Auto Parts, and Rite Aid. In addition to these retail and restaurant concepts, the subject property also benefits from its close proximity to several academic institutions. The most notable, which are located less than 10-miles from the subject property, are 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, which has a total enrollment of roughly 2,000 students. Located within a two-mile radius of this GPM is Mount Morris Middle School, Montague Elementary School, and Elisabeth Ann Johnson High School. Together, these schools have a total enrollment of roughly 1,500 students.
Mt. Morris is a city in Genesee County in Michigan and a suburb of Flint. The Flint metropolitan area is located entirely within Genesee County. Flint is the largest city in, and county seat of Genesee County, Michigan, United States. 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.
Broker of Record: Steve Chaben – License # 6502387903