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Views: 153 DOM: 332 Updated: 09.13.24 Posted: 10.20.23 Status: Active

Summary

Price $2,314,286
Built/Renov 2020
Tenant Five Below
Cap Rate 7.00%
Lease Type Double NN
Guarantor Corp Traded
Size/SF 9,000
Lease Start 12-01-2023
#Units 1,694
Price/SF $257.14
Expiration 11-30-2033
Tenant Type Dollar/Discount
NOI $162,000
R. Term 9.2
Ownership Fee Simple
Rent/SF $18.00
Increases 5.0%/1/yrs
Pop 5Mi 49,723
Lot/AC 0.00
Options 3/5yrs/10%
AHHI 5Mi $74,147

Lease Highlights

  • Five Below recently signed a new 10-year lease with 3 (5-year) options to extend
  • The lease features 10% rent increases every 5 years
  • Landlord responsible for roof, structure & HVAC replacement
  • Five Below is publicly traded (NASDAQ: FIVE)
  • Corporate guaranteed lease

Location Description

Five Below is strategically positioned at the intersection of Division Street (21,575 CPD) and S. Airport Road (23,829 CPD), with excellent visibility and access points from both roads. The property sits as a pad to the Grand Traverse Mall (290,000 SF), which anchors the entire retail corridor. Other surrounding retailers include TJ Maxx, Best Buy, Home Depot, Walmart, Home Depot, PetSmart,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Five Below Inc. (NASDAQ: FIVE) is an American chain of specialty discount stores that sells products that are less than $5, plus a small assortment of products from $6 to $25 and one of the...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 2,855 29,244 52,742
2023 Total Population : 2,806 28,351 51,402
2023 Employed Civilian Pop : 1,398 14,535 27,398
2023 Total Businesses : 343 2,750 4,462
2023 Average Household Income : $ 61,024 $ 73,744 $ 81,895
2023 Total Consumer Spending : $ 72 M $ 854 M $ 1610 M
2023 Median Age : 43 44 43
2023 Total Households : 1,357 13,315 22,676
2023 Pop Age 25+: Bachelor's Degree : 510 5,216 10,093
2023 Average Home Value : $ 207,383 $ 349,518 $ 385,776
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Division St Mackey Dr 2015 27,300 0.28 mi
West South Airport Road Eastward Dr 2022 23,186 0.44 mi
West South Airport Road Crossing Cir 2022 18,152 0.49 mi
Hartman Road Arborview Dr 2022 4,481 0.97 mi
Veterans Drive Orthwoods Dr 2022 8,487 1.00 mi
Cass Road Sybrant Rd 2022 13,369 1.33 mi
North US-31 South S Division St 2019 25,892 1.43 mi
North Keystone Road David Pl 2022 10,818 1.44 mi
West South Airport Road Racquet Club Dr 2022 37,390 1.46 mi
South Division Street Division St 2022 21,122 1.48 mi

Listing Broker

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