Address: 7512 North Dort Hwy , Mt. Morris, Michigan, United States 48458
Type: Gas & Conv. Store
Cap Rate: 6.25%
Lease Type: Triple Net (NNN)
Annual Rent: $176,596
Net Operating Income: $176,596
Lease Term Remaining: 14.25 Years
Rental Increases: 7.50% Every Five (5) Years
Options: Six (6), Five (5) Year Options
Rentable Sq/Ft: 3,060 SF
Rent Sq/Ft: $57.71
Price Sq/Ft: $923
Lot Size: +/-1.55 Acres
Marcus & Millichap is pleased to present the exclusive listing for a GPM located at 7512 North Dort Highway in Mt. Morris, MI. The property consists of 3,060 square feet of building space and is situated on approximately 1.55 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 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 7512 North Dort Highway in Mount Morris, MI. The subject property is located along North Dort Highway, which has an average daily traffic count of approximately 13,000 vehicles and intersects East Mount Morris Road, which has an average daily traffic count of 14,000 vehicles. The subject property also benefits from nearby North Saginaw Street, which brings a total of 21,600 vehicles into the immediate area, on average, each day. There are roughly 64,000 people living within a five-mile radius of the subject property and nearly 247,500 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: McDonald’s, Dollar general, Kroger, Taco Bell, Rite Aid, Advanced Auto Parts, and T-Mobile. In addition to these retail and restaurant concepts, the subject property also benefits from its close proximity to several academic institutions. Most notable, and located less than 10-miles 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 less than three miles from this GPM are Mount Morris Middle School, Genesee High School, and Haas Elementary School. Together, these schools have a total enrollment of roughly 1,100 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