Address: 2339 S Wayne Rd, Westland, Michigan, United States 48186
Cap Rate: 5.75%
Lease Type: Triple Net (NNN)
Annual Rent: $98,510
Net Operating Income: $98,510
Lease Term Remaining: 20 Years
Rental Increases: 8.00% Every Five (5) Years
Options: Four (4), Five (5) Year Option Periods
Rentable Sq/Ft: 2,529 SF
Rent Sq/Ft: $38.95
Price Sq/Ft: $677
Lot Size: 0.98 Acres
Marcus & Millichap is pleased to present the exclusive listing for a KFC located at 2339 S Wayne Rd, Westland, MI. The property consists of 2,529 square feet of building space and is situated on approximately 0.98 acres of land. The property is subject to a 20-year triple-net (NNN) lease with ~14.8 years remaining. The annual rent is currently $98,510 and will be subject to 8.00% rental increases every five years. The rental increases will continue through the four, five-year tenant renewal options. The tenant on the lease is FQSR, LLC which does business as KBP Foods, a 600+ unit operator with operations in 23 states.
This KFC is located at 2339 South Wayne Road in Westland, Michigan. Westland is a city in Wayne County about 16 miles west of downtown Detroit.
The subject property is well positioned in a dense retail corridor. Immediately adjacent properties include a Taco Bell location and a funeral home. Across the street there is a veterinary hospital and a strip mall. Major national tenants in the surrounding area include: CVS, TrueValue, Family Dollar, McDonald’s, Dunkin’ Donuts, Dairy Queen, and many more. Wayne Memorial High School, which has 1,756 students enrolled, is less than a mile from this KFC. Additionally, the property is less than three miles from the Ford Michigan Assembly Plant, which is a 5,000,000 square feet operation on 369 acres that employs 3,550 people. This KFC property is also less than three miles away from the 215-bed Beaumont Hospital, Wayne. Approximately four miles away is Westland Center, a regional mall with over a million square feet of retail space and 100 inline stores. Detroit Metropolitan Airport is just seven miles away, offering national and international passenger service to over 34,000,000 passengers annually. For freight, Willow Run Airport is ten miles away on Interstate 94.
The subject property has approximately 88,672 individuals residing within a three-mile radius and 226,605 individuals residing within a five-mile radius. The KFC property is located on South Wayne Road, which experiences an average daily traffic count of 27,830 vehicles. Nearby West and East Michigan Avenue, which circumnavigate downtown Wayne in the north and south respectively, bring an additional combined 37,094 vehicles to the area each day.
Westland has a solid industrial base that includes automotive suppliers, tool and die companies, construction materials, food service, warehousing, packaging, and other manufacturing firms. Various enterprises take advantage of six modern platted industrial parks on 320 acres, all served by class A internal roads. The city is known for having an abundance of parks, the most notable of which is Hines Park. Westland takes care to protect its environmental assets, evidenced by its annual Rouge River clean-up efforts and its single stream curb side recycling program. Nearby Detroit is a global city rich in culture and history. Detroit and the surrounding region constitute a major center of commerce, with finance, technology, and health care services supplementing its automotive industry.
Broker of Record: Steve Chaben – License # 6502387903