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Views: 68 Updated: 04.09.24 Posted: 10.31.23 Status: Inactive

Summary

Price $2,365,500
Built/Renov 1984
Tenant Salvation Army
Cap Rate 6.93%
Lease Type Modified Gross
Guarantor Corp Rated
Size/SF 43,763
Lease Start 03-31-2003
#Units 6,914
Price/SF $54.05
Expiration 03-31-2033
Tenant Type General Retail
NOI $164,003
R. Term 8.6
Ownership Fee Simple
Rent/SF $3.75
Increases 42.8%/1/yrs
Pop 5Mi 20,230
Lot/AC 3.61
Options 0/0yrs
AHHI 5Mi $75,833

Lease Highlights

  • The Salvation Army executed a new 10-year lease extension
  • Tenant pays below market rent at $5 PSF
  • No renewal options remaining
  • Landlord added a donation drive-thru drop-off per tenants request
  • Corporate guarantee by The Salvation Army

Location Description

This Salvation Army Family Center Store is strategically positioned on M-89 (33,319 VPD), just one-half mile west of US-131 (20K+ VPD), a major north-south highway that runs from Petoskey, Michigan to the Indiana Toll Rd. It is located in an area of dense retail and restaurants. Neighboring national retailers include Walgreens, Aldi, Starbucks, Meijer, Home Depot, Walmart, and more, creating a...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Salvation Army
  • Guarantor:Corp Rated
  • Company:Salvation Army
  • # Units:6,914
  • Moody’s: A1
  • Stock:Non-profit

About Tenant

The Salvation Army (TSA) is a Protestant Christian church and an international charitable organization. The organization is well known for its network of thrift stores or charity shops, which...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 3,151 14,759 20,509
2023 Total Population : 3,202 14,864 20,683
2023 Employed Civilian Pop : 1,468 6,963 10,018
2023 Total Businesses : 195 588 686
2023 Average Household Income : $ 78,066 $ 85,942 $ 90,083
2023 Total Consumer Spending : $ 92 M $ 447 M $ 645 M
2023 Median Age : 38 41 42
2023 Total Households : 1,346 5,948 8,195
2023 Pop Age 25+: Bachelor's Degree : 260 1,490 2,214
2023 Average Home Value : $ 215,954 $ 221,986 $ 240,853
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
M 89 12th St 2015 21,900 0.16 mi
M-89 12th St 2022 24,866 0.42 mi
M-89 12th St 2020 24,043 0.42 mi
River Rd 2022 1,374 0.55 mi
2019 1,080 0.55 mi
River Rd 2022 10,192 0.57 mi
2019 7,851 0.58 mi
TO WB M-89 (ALLEGAN ST) Allegan St 2021 2,278 0.63 mi
Allegan St 2022 2,287 0.63 mi
12th Street Bridge Acres Ct 2022 5,018 0.64 mi

Listing Broker

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