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Views: 195 DOM: 410 Updated: 10.31.24 Posted: 10.20.23 Status: Active

Summary

Price $3,739,131
Built/Renov 2022
Tenant Longhorn Steakhouse (GL)
Cap Rate 5.75%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 8,329
Lease Start 09-01-2022
#Units 563
Price/SF $448.93
Expiration 08-31-2032
Tenant Type Casual Dining
NOI $215,000
R. Term 7.9
Ownership Ground Lease
Rent/SF $25.81
Increases 10.0%/4/yrs
Pop 5Mi 298,178
Lot/AC 1.67
Options 4/5yrs/10%
AHHI 5Mi $96,310

Lease Highlights

  • New construction 2022
  • Tenant recently signed a new 10-year ground lease with 4 (5-year) options to extend
  • The lease features 10% rent increases every 5 years
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

LongHorn Steakhouse is conveniently located near the I-75 interchange, at the intersection of 14 Mile and John R, with a combined daily traffic count of 54,030 vehicles. The subject property provides multiple access points from both 14 Mile and John R for easy accessibility. The site sits as an outlet to the Oakland Mall, one of Metro Detroit’s top malls anchored by Macy’s, JC Penney, Dick’s,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

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 : 6,758 112,556 300,552
2023 Total Population : 6,747 113,533 301,017
2023 Employed Civilian Pop : 3,497 59,431 160,536
2023 Total Businesses : 1,007 5,809 14,379
2023 Average Household Income : $ 67,073 $ 97,364 $ 108,533
2023 Total Consumer Spending : $ 234 M $ 4099 M $ 12063 M
2023 Median Age : 46 42 42
2023 Total Households : 3,962 48,769 129,081
2023 Pop Age 25+: Bachelor's Degree : 1,375 22,952 63,487
2023 Average Home Value : $ 313,945 $ 273,077 $ 299,888
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
John R Rd W 14 Mile Rd 2015 32,244 0.06 mi
E 14 Mile Rd John R Rd 2015 44,807 0.08 mi
John R Rd E Mandoline Ave 2015 28,385 0.15 mi
West 14 Mile Road Brush St 2022 33,583 0.19 mi
BETWEEN I-75 INT AND JOHN R (IN TROY) Palmer Ave 2021 33,549 0.19 mi
Chicago Rd W 14 Mile Rd 2015 6,942 0.21 mi
E 14 Mile Rd Townley St 2012 36,355 0.21 mi
Barrington St W 14 Mile Rd 2015 1,152 0.25 mi
John R Rd E Mandoline Ave 2015 25,885 0.26 mi
Edward Ave E Mandoline Ave 2015 5,272 0.31 mi

Listing Broker

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