LongHorn Steakhouse

51295 Gratiot Avenue, Chesterfield, Michigan 48051

$2,700,000

Cap Rate 5.00%

Views: 83 DOM: 285 Updated: 05.20.24 Posted: 12.06.23 Status: Active

Summary

Price $2,700,000	Built/Renov 2022	Tenant LongHorn Steakhouse
Cap Rate 5.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 5,111	Lease Start 08-01-2022	#Units 563
Price/SF $528.27	Expiration 08-01-2032	Tenant Type Casual Dining
NOI $135,000	R. Term 7.10	Ownership Fee Simple
Rent/SF $26.41	Increases 10.0%/3/yrs	Pop 5Mi 100,180
Lot/AC 1.24	Options 6/5yrs/10%	AHHI 5Mi $96,740

Lease Highlights

LongHorn Steakhouse has 8+ years remaining on the current lease term with 6 (5-year) options
Lease features 10% rental increase every 5 years throughout the initial term and at the start of each option
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease (NYSE: DRI)
Investment grade tenant (S&P: BBB)

Location Description

LongHorn Steakhouse is strategically located near the signalized, hard corner intersection of Gratiot Avenue and 23 Mile Road, with a combined traffic count of 55,600 vehicles passing by daily. The property benefits from nearby direct on/off ramp access to Interstate 94 (73,200 VPD), the primary north/south highway traveling throughout Chesterfield Township and into the heart of Downtown...

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Key Features

New construction
High traffic 50M+ VPD
Dense retail corridor
Shopping Ctr out-parcel
Highway close
Top 100 MSA
Strong demographics
Absolute NNN
Traded and rated company
Investment grade tenant

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Links

LongHorn Steakhouse Wikipedia LongHorn Steakhouse Wikipedia Chesterfield, Michigan Zip Code 48051 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: LongHorn Steakhouse
Guarantor:Corp T and Rated
Company:Darden Restaurants, Inc.
# Units:563
Tenant S&P: BBB
Moody’s: Baa2
Stock: NYSE: DRI

About Tenant

LongHorn Steakhouse is an American casual dining restaurant chain best known for serving various kinds of steak and having Western/Texas-themed decor. In addition to steak, the menu also...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	6,085	46,294	107,846
2023 Total Population :	5,961	44,972	106,230
2023 Employed Civilian Pop :	3,338	24,136	54,276
2023 Total Businesses :	371	1,138	2,609
2023 Average Household Income :	$ 81,062	$ 109,155	$ 113,300
2023 Total Consumer Spending :	$ 171 M	$ 1673 M	$ 3776 M
2023 Median Age :	38	40	39
2023 Total Households :	2,463	17,867	38,865
2023 Pop Age 25+: Bachelor's Degree :	793	5,694	14,115
2023 Average Home Value :	$ 264,823	$ 278,063	$ 288,213

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
23 Mile Road	Vergote Dr	2022	30,881	0.16 mi
M-3 23 MILE RD.	Vergote Dr	2020	24,598	0.16 mi
23 Mile Rd	Chesterfield Rd	2012	21,625	0.23 mi
Vergote Dr	23 Mile Rd	2009	3,152	0.27 mi
Chesterfield Rd	23 Mile Rd	2012	3,865	0.32 mi
23 Mile Rd	Metzen	2017	15,604	0.37 mi
23 Mile Rd	Chesterfield Rd	2012	24,235	0.40 mi
Chesterfield Road	23 Mile Rd	2022	4,406	0.46 mi
BETWEEN M-3 GRATIOT AND 23 MILE (CHESTERFIELD TWP)	Patricia St	2021	2,813	0.46 mi
I-94 ON RAMP	Metzen	2020	5,629	0.51 mi

Listing Broker

Michael Carter

SRS National Net Lease Group

Contact

33 Listings
3261 Views
3 Sold

Frank Rogers

SRS National Net Lease Group

Contact

34 Listings
3359 Views
3 Sold

Michael Carter

Michael Carter joined the National Net Lease Group as first vice president in the Detroit office in 2018. He specializes in the acquisition and disposition of single-tenant and multi-tenant net-leased investment properties. Michael joined SRS with seven years of retail investment sales experience. Prior to joining SRS, he served as senior director with his previous firm. Michael’s deep understanding of the net lease industry and constantly growing market knowledge has earned him several oppo

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Frank Rogers

Frank Rogers joined the National Net Lease Group as first vice president in the Detroit office in 2018. He specializes in the acquisition and disposition of single-tenant and multi-tenant net-leased investment properties. Frank joined SRS with more than five years of retail investment sales experience. At his previous firm, Frank was responsible for the management of his clients’ real estate portfolios across the nation, for which he advised them on the best course of action for their invest

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