Address: 3055 South Henry Street, Muskegon, Michigan, United States 49441
Cap Rate: 6.00%
Lease Type: Triple Net (NNN)
Annual Rent: $51,265
Net Operating Income: $51,265
Lease Term Remaining: 14 Years
Rental Increases: 10% Every 5 Years
Year Built: 1976
Rentable Sq/Ft: 1,796 SF
Rent Sq/Ft: $28.54
Price Sq/Ft: $476
Lot Size: +/- 1.3 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Long John Silver’s located at 3055 South Henry Street in Muskegon, Michigan. The site constructed in 1976, consists of roughly 1,796 rentable square feet of building space on estimated 1.31 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 $51,265. There are two, five-year tenant renewal options.
The subject investment property is situated along Henry Street, which boasts average daily traffic counts exceeding 19,052 vehicles respectively. Henry Street intersects with West Norton Avenue, which brings another 28,500 vehicles into the immediate area on average daily. There are more than 56,382 individuals residing within a three-mile radius of the property and more than 95,437 individuals within a five-mile radius.
The subject property benefits from being well-positioned in a dense retail corridor consisting of national and local tenants, malls, shopping outlets, and major highways, all within close proximity of this property. Major national tenants include: Walgreens, Aldi, Home Depot, Walmart, Taco Bell, Autozone, Domino’s, Dollar Tree, Arby’s, Meijer, Chase Bank, Subway, UPS, Rite Aid, as well as many more. The subject property also benefits from its close proximity to Woodland Mall and The Shops at Centerpoint. Due to its close proximity to Lake Michigan, this area fills with tourists during the summer which produces a substantial increase in business. The subject property is also less than four miles from the Muskegon County Airport.
Muskegon is a city in the U.S. state of Michigan, and is the largest populated city on the eastern shores of Lake Michigan. At the 2010 census the city population was 38,401. The city is the county seat of Muskegon County. Muskegon is located about 30 miles outside of Grand Rapids, Michigan. Grand Rapids is the largest city and seat of Kent County, Michigan. Grand Rapids is known as the second-largest city in Michigan, and the largest city in West Michigan. It is on the Grand River about 30 miles east of Lake Michigan. According to the 2010 census, the Grand Rapids metropolitan area had a population of 1,005,648. Grand Rapids is known for being home to many tourist attractions such as the John Ball Zoological Garden, Belknap Hill, and the Gerald R. Ford Museum. Significant buildings in the downtown include the DeVos Place Convention Center, Van Andel Arena, the Amway Grand Plaza Hotel, and the JW Marriott Hotel. The Urban Institute for Contemporary Arts is located downtown as well, and houses art exhibits, a movie theater, and the urban clay studio. Grand Rapids has a number of popular concert venues as well as the Grand Rapids Symphony, which is the largest performing arts organization in the city.
Broker of Record: Steve Chaben License #6502387903