Petco

3860 South Mackinaw Trail, Cadillac, MI 49601

$4,510,000

Cap Rate 6.25%

Views: 123 DOM: 323 Updated: 10.25.24 Posted: 02.08.24 Status: Active

Summary

Price $4,510,000	Built/Renov 2023	Tenant Petco
Cap Rate 6.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 10,900	Lease Start 03-24-2023	#Units 1,423
Price/SF $413.76	Expiration 03-31-2038	Tenant Type General Retail
NOI $281,822	R. Term 13.3	Ownership Fee Simple
Rent/SF $25.86	Increases 8.5%/5/yrs	Pop 5Mi 17,573
Lot/AC 1.72	Options 5/5yrs/8.5%	AHHI 5Mi $62,260

Klinton Lewis

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Lease Highlights

Brand-new 2023 construction
Petco has 13+ years remaining on the current lease term with 5 (5-year) options to extend
The lease features 8.5% rental increases every 5 years throughout the initial term and each option period
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Petco is strategically located on Old Highway 131, with access to 9,494 vehicles passing by daily. The property surrounded by well-known national tenants including Home Depot, Harbor Freight, and Meijer, Pizza Hut, Ruby Tuesday, and. The 5-mile trade area is supported by a population of 17,573 with an average household income of $62,260. Cadillac, located in Wexford County, Michigan, serves as...

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Key Features

New construction
Near major nationals
Shopping Ctr out-parcel
Strategically located
Highway location
Absolute NNN
Long 10+ yr lease
Traded and rated company
Corporate Guarantee
Over 1000 units backed

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Links

Petco Wikipedia Petco Wikipedia Cadillac, Michigan Zip Code 49601 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Petco
Guarantor:Corp T and Rated
Company:Petco Health & Wellness Company, Inc
# Units:1,423
Tenant S&P: B+
Moody’s: B3
Stock: NASDAQ: WOOF

About Tenant

Petco Health and Wellness Company, Inc. (NASDAQ: WOOF) is an American pet retailer that sells pet food, pet supplies, small animals, and fish. Some stores offer services such as...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	179	4,102	15,224
2023 Total Population :	184	4,218	15,288
2023 Employed Civilian Pop :	61	1,624	6,665
2023 Total Businesses :	12	137	738
2023 Average Household Income :	$ 74,060	$ 75,073	$ 72,853
2023 Total Consumer Spending :	$ 4 M	$ 126 M	$ 411 M
2023 Median Age :	40	43	41
2023 Total Households :	73	1,891	6,384
2023 Pop Age 25+: Bachelor's Degree :	30	561	1,600
2023 Average Home Value :	$ 206,875	$ 219,299	$ 173,734

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
M 115	Mackinaw Trl	2021	8,771	0.15 mi
East 48 Road	State Hwy 115	2022	388	0.39 mi
M 115	Mackinaw Trl	2021	10,385	0.41 mi
TO M-115 - CLAM LAKE TWP	State Hwy 115	2021	2,579	0.46 mi
South 43 Road	Scenic Woods Dr	2022	1,409	0.53 mi
	State Hwy 115	2022	2,036	0.56 mi
	Mackinaw Trl	2022	14,926	0.60 mi
	State Hwy 115	2022	2,171	0.64 mi
FROM M-115 - CLAM LAKE TWP	State Hwy 115	2021	1,734	0.64 mi
	US Hwy 131	2022	16,686	0.77 mi

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