Address: 1210 E Patrick Road, Midland, Michigan, United States 48640
Cap Rate: 6.00%
Lease Type: Triple Net (NNN)
Annual Rent: $34,095
Net Operating Income: $
Lease Term Remaining: 14.1 Years
Rental Increases: 10% Every 5 Years
Rentable Sq/Ft: 2,834 SF
Rent Sq/Ft: $12.03
Price Sq/Ft: $201
Lot Size: +/- 0.6 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Long John Silver’s located at 1210 East Patrick Road, Midland, MI 48706. The site consists of roughly 2,834 rentable square feet of building space on estimated 0.60 acre parcel of land.
This Long John Silver’s is subject to a long term, 15-year triple-net (NNN) lease, which commenced on May 17, 2018. The annual rent is $34,095. There are two (2), five (5)-year tenant renewal options.
The subject investment property is situated on East Patrick Road, which boasts average daily traffic counts exceeding 16,721 vehicles respectively. East Patrick Road intersects with S Saginaw Road, which brings an additional 26,292 vehicles into the immediate area on average daily. There are more than 32,455 individuals residing within a three-mile radius of the property and more than 50,619 individuals within a five-mile radius.
The subject property benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, malls, and landmarks, all within close proximity of this property. Major national tenants include: Kmart, Taco Bell, McDonald’s, AutoZone, Walgreens, Wendy’s, Family Dollar, Subway, Tim Horton’s as well as many more.
This Long John Silver’s is located in Midland, Michigan which is about 20 miles from Saginaw, Michigan. Saginaw is a city in the U.S. state of Michigan and the seat of Saginaw County. The city of Saginaw and Saginaw County are both located in the area known as Mid-Michigan or Central Michigan.
The city of Saginaw is located adjacent to Saginaw Charter Township and is considered part of the Tri-City area, along with neighboring Bay City and Midland. Saginaw’s entertainment hub can be found in the downtown area, where venues such as The Dow Event Center and the restored Temple Theatre offer live entertainment. The Saginaw Bay Symphony Orchestra and Saginaw Choral Society are housed in the Temple and each of these organizations perform full concert series annually at the Temple venue. The Saginaw Historical Society is also located downtown in an elaborate castle. Nearby, the Saginaw Art Museum boasts an impressive permanent collection and recently underwent a massive renovation. The Celebration Square area of downtown boasts an authentic Japanese Tea House, the only one of its kind in Michigan.
Broker of Record: Steve Chaben License #6502387903