Address: 1162 Washington Ave, Holland, Michigan, United States 49243
Cap Rate: 5.25%
Lease Type: Triple Net (NNN)
Annual Rent: $112,500
Net Operating Income: $112,500
Lease Term Remaining: 20 Years
Rental Increases: Lessor of Change in CPI or 1.25% Annually Starting Year 3
Options: Six (6), Five (5) Year Option Periods
Rentable Sq/Ft: 2,584 SF
Rent Sq/Ft: $43.54
Price Sq/Ft: $829
Lot Size: +/- 0.93
Marcus & Millichap is pleased to present the exclusive listing for a Wendy’s located at 1162 Washington Ave in Holland, MI. The property consists of an 2,584 square feet of building space and is situated on approximately 0.93 acre of land.
The tenant will enter into a brand new, 20-year triple-net (NNN) lease with absolutely no landlord responsibilities upon the day following the close of escrow. The lease will call for rental increases that will be the lesser of the change in CPI or 1.25% annually starting in Year 3. The rental increases will continue through the base term and into the six, five-year tenant renewal options. The lease will carry a guaranty from Meritage Hospitality Group, an experienced 318 unit operator and the second largest franchisee in the Wendy’s system.
This Wendy’s property is located at 1162 Washington Ave in Holland, Michigan. Holland is a city in the western region of the Lower Peninsula of the U.S. State of Michigan
SURROUNDING RETAIL & POINTS OF INTEREST
The subject property is well-positioned in the main retail corridor of a mainly residential area. Major national tenants in the surrounding area include: Dollar Tree, Walgreens, CVS Pharmacy, Family Fare Supermarket, Goodwill, Rite Aid, AutoZone Auto Parts, Advanced Auto Part, Valvoline Instant Oil Change, Arby’s, McDonalds, Taco Bell, Pizza Hut, Burger King, Domino’s Pizza, Subway, Starbucks, as well as many more. The subject property benefits from being within a five-mile radius of several academic institutions. Most notable of these being Hope College, a private liberal arts college, with a total enrollment exceeding 3,083 students.
TRAFFIC COUNTS & DEMOGRAPHICS
This area has strong demographics, with approximately 35,441 people residing within a three-mile radius and 74,235 people within a five-mile radius of the subject property. This Wendy’s benefits from being located on a hard corner of South Washington Ave and W 48th St. South Washington Ave experiences average daily traffic counts of 28,200 vehicles. South Washington Ave intersects with I-196 which brings an additional 22,081 vehicles into the immediate area daily.
Holland is a city in the western region of the Lower Peninsula of the U.S. State of Michigan. It is situated near the eastern shore of Lake Michigan on Lake Macatawa, which is fed by the Macatawa River. Holland is known for its Tulip Time Festival, over one million tourist visit Holland for this festival annually. It has been ranked as America’s third largest town festival and was named Reader’s Digest’s best small town festival. Holland is located just under 30 miles from Grand Rapids the second-largest city in Michigan and the largest city in West Michigan. A historic furniture-manufacturing center, Grand Rapids is home to five of the world’s leading office furniture companies and is nicknamed “Furniture City.” Other nicknames include “River City” and more recently, “Beer City.” The city and the surrounding communities are economically diverse, based in the health care, information technology, automotive, aviation, and consumer goods manufacturing industries, among others. Headquartered in Grand Rapids, Spectrum Health is West Michigan’s largest employer, with 25,600 staff and 1,700 physicians. The area is also known for its automobile and aviation manufacturing industries, with GE Aviation Systems having a location in the city. A number of well-known companies located in the area include Alticor/Amway, Bissell, Highlight Industries, Meijer, MC Sports, Inc., as well as many others. The surrounding area is noted for its fruit production. Due to its proximity to Lake Michigan, the climate is considered prime for apple, peach, and blueberry farming. Grand Rapids’ prominent craft beer culture has continued to garner the city national and international recognition in recent years, making it a destination for increasing numbers of tourists. In 2019, CNN Travel named Grand Rapids one of the world’s “15 Best Beer Cities.” The article made special mention of Founders Brewing Company, Brewery Vivant and the Mitten Brewing Company on the city’s West Side.
Broker of Record: Steve Chaben License #6502387903