66942 Gratiot AveRichmond, MI 48062

For Sale
$2,571,428

Michigan QSR, 20-Year Lease

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a fee-simple, 2,045 square foot Wendy's restaurant located in Richmond, Michigan. Built in 2024, this property boasts a 20-year lease (expiring August 31, 2044) with a highly-rated franchisee, Meritage Hospitality Group, one of the largest Wendy's franchisees in the country. The property is an outparcel to a Kroger-anchored shopping center, benefiting from significant traffic counts exceeding 28,000 cars daily at the intersection of Gratiot Ave and 31 Mile Rd. Situated on a 0.56-acre lot, this location enjoys high visibility and proximity to numerous other major retailers, including Tractor Supply, Jimmy John's, CVS, and more. The property features a strong Net Operating Income (NOI) of $144,000, resulting in a 5.60% cap rate. The lease is an absolute NNN (triple net) lease, meaning the tenant is responsible for all property expenses, offering investors minimal landlord responsibilities. Annual rent increases are tied to the CPI (with a 1.50% maximum), providing inflation protection. The lease includes six, five-year options, ensuring long-term income stability. The average household income within a 3-mile radius exceeds $87,000, indicating a strong and affluent market. This is a prime retail location with consistent customer flow, making it an ideal investment for passive income seekers. The property's parcel number is 07-06-12-227-003.

Highlights

  • High-traffic location at Gratiot Ave and 31 Mile Rd intersection, exceeding 28,000 vehicles daily.
  • Located in front of the only major grocery store within a 6-mile radius, ensuring consistent customer flow.
  • Prime retail corridor with nearby Tractor Supply, Jimmy John's, CVS, and other major retailers.
  • Affluent area with average household income exceeding $87,000 within a 3-mile radius.
  • NNN lease with Meritage Hospitality Group, a major Wendy's franchisee, minimizing landlord responsibilities.
  • 20-year lease (expiring August 31, 2044) with six, five-year options, providing long-term income stability and 1.5% annual rent increases.

Property Details for 66942 Gratiot Ave

Property type
Other retail properties, Restaurants
Square Feet
2,045 SF
Year Built
2024
Lot Size (sq. ft)
24,394 SF

Location Insight

City
Richmond
County
Macomb
State
Michigan
Latitude
42.79403399
Longitude
-82.73678651
66942 Gratiot Ave, Richmond, Michigan

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66942 Gratiot Ave
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