Petco

2731 South State Road, Ionia, MI 48846

$4,696,000

Cap Rate 6.25%

Views: 102 DOM: 323 Updated: 10.25.24 Posted: 02.08.24 Status: Active

Summary

Price $4,696,000	Built/Renov 2023	Tenant Petco
Cap Rate 6.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 10,900	Lease Start 07-07-2023	#Units 1,423
Price/SF $430.83	Expiration 07-31-2038	Tenant Type General Retail
NOI $293,529	R. Term 13.7	Ownership Fee Simple
Rent/SF $26.93	Increases 8.5%/4/yrs	Pop 5Mi 19,822
Lot/AC 1.44	Options 5/5yrs/8.5%	AHHI 5Mi $64,033

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
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Petco is strategically located on S State Road, with access to 13,057 vehicles passing by daily. Surrounding national tenants include Meijer, Arby's, O'Reilly Auto Parts, McDonald's, Wendy's, and more. The 5-mile trade area is supported by a population of 19,822 with an average household income of $64,033. Ionia is the largest city in, and the county seat of, Ionia County, Michigan. The...

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Key Features

New construction
Near major nationals
Strategically located
Top 100 MSA
Brand new lease
Long 15+ yr lease
Traded and rated company
Corporate Guarantee
Over 1000 units backed

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Links

Petco Wikipedia Petco Wikipedia Ionia, Michigan Zip Code 48846 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 :	1,550	15,042	20,432
2023 Total Population :	1,543	15,105	20,546
2023 Employed Civilian Pop :	674	3,985	6,285
2023 Total Businesses :	121	431	580
2023 Average Household Income :	$ 74,747	$ 67,651	$ 70,343
2023 Total Consumer Spending :	$ 38 M	$ 196 M	$ 337 M
2023 Median Age :	42	36	37
2023 Total Households :	586	3,296	5,454
2023 Pop Age 25+: Bachelor's Degree :	63	784	1,253
2023 Average Home Value :	$ 200,063	$ 170,555	$ 182,000

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
M 66	E Tuttle Rd	2022	15,274	0.22 mi
M-66	E Tuttle Rd	2020	13,306	0.22 mi
East Tuttle Road	Vintage Ln	2022	4,463	0.40 mi
East Tuttle Road		2019	3,711	0.40 mi
South State Road		2019	18,168	0.74 mi
South State Road	Bellview Dr	2022	17,919	0.74 mi
South State Road	Access Rd	2022	12,545	1.26 mi
WEST OF M-66		2021	1,578	1.27 mi
West David Highway	S State Rd	2022	1,535	1.27 mi
EAST OF M-66(BERLIN TWP)		2021	2,029	1.27 mi

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