Address: 17750 Fenkell Ave , Detroit, Michigan, United States 48227
Cap Rate: 5.75%
Lease Type: Triple Net (NNN)
Annual Rent: $102,024
Net Operating Income: $102,024
Lease Term Remaining: 20 Years
Rental Increases: 8.00% Every Five (5) Years
Options: Four (4), Five (5) Year Option Periods
Rentable Sq/Ft: 2,120 SF
Rent Sq/Ft: $48.12
Price Sq/Ft: $837
Lot Size: 0.79 Acres
Marcus & Millichap is pleased to present the exclusive listing for a KFC located at 17750 Fenkell Ave, Detroit, MI. The property consists of 2,120 square feet of building space and is situated on approximately 0.79 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 $102,024 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 17750 Fenkell Avenue in Detroit, Michigan. Detroit is the most populous city in the State of Michigan, and the center of the third largest metropolitan area in the Midwest.
The subject property is well positioned at the corner of a signalized intersection directly across the street from a BP gas station. Other major national tenants in this attractive retail corridor include CVS, Rite Aid, Rent-A-Center, Wendy’s, McDonald’s, Bank of America, and Chase Bank. The four primary schools within a one-mile radius of the subject property have a combined enrollment of approximately 1,300 students. This KFC property is roughly five miles away from Ascension Providence Hospital, Southfield Campus, which is a 353-bed teaching, general medical, and surgical facility. The property is also five miles away from the campus of the University of Detroit Mercy, which has approximately 5,000 students enrolled. Downtown Detroit, home to Ford Field, Comerica Park, Little Caesar’s Arena, the Detroit Opera House, Casinos, Museums, and much more is roughly 12 miles from the subject property.
The subject property has approximately 154,230 individuals residing within a three-mile radius and 407,706 individuals residing within a five-mile radius. The KFC property is located on Fenkell Avenue, which experiences an average daily traffic count of 16,240 vehicles. Nearby Michigan 39 is easily accessible via Southfield Road, which runs along the subject property, and brings an additional 107,810 vehicles per day to the area.
Detroit, also known as the Motor City and Motown, is a global city rich in culture and history. Detroit and the surrounding region constitute a major center of commerce, most notably as home to America’s big three automobile companies: General Motors, Ford, and Chrysler. Detroit’s most heavily represented sectors are manufacturing, finance, technology, and health care. Detroit is the only U.S. city to have its four major sports teams play within its downtown district. Detroit is home to several institutions of higher learning including Wayne State University, which has over 27,000 students enrolled. In 2014 JPMorgan Chase announced that it was injecting $100 million into Detroit’s economy over the next five years, providing development funding for a variety of projects designed to increase employment. The New York Times listed Detroit as the 9th-best destination in its list of 52 Places to Go in 2017, while travel guide publisher Lonely Planet named Detroit the second-best city in the world to visit in 2018.
Broker of Record: Steve Chaben – License # 6502387903