76TH STREET CENTER - GRAND RAPIDS MSA MULTI TENANT … · 76th street center - grand rapids msa...

30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410

530 76TH ST SW, BYRON CENTER, MI 49315

RETAIL PROPERTY FOR SALE

76TH STREET CENTER - GRAND RAPIDS MSA MULTI TENANT RETAIL

DAN LEWKOWICZINVESTMENT ADVISOR

D: 248.419.3882DLEWK@FORTISNETLEASE.COM

DOUG PASSONMANAGING PARTNER

D: 248.254.3407DPASSON@FORTISNETLEASE.COM

ROBERT BENDERMANAGING PARTNER

D: 248.254.3406RBENDER@FORTISNETLEASE.COMfortisnetlease.com

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM DISCLAIMER // 2

DISCLOSURE :

All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors,affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates as to com-pleteness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financialperformance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of theany materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for revieware not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will notinvestigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE:

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigationsincluding through appropriate third party independent professionals selected by such party.

All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL doesnot serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used forfinancial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party donot necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations aswell as market conditions, vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or taxattorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether theproperty complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws.

DAN LEWKOWICZ ROBERT BENDER DOUG PASSONINVESTMENT ADVISOR MANAGING PARTNER MANAGING PARTNERD: 248.419.3882 D: 248.254.3406 D: 248.254.3407DLEWK@FORTISNETLEASE.COM RBENDER@FORTISNETLEASE.COM DPASSON@FORTISNETLEASE.COM

EXCLUSIVELY L ISTED BY:

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM INVESTMENT OFFERING // 3

INVESTMENT SUMMARY

List Price: $550,000

Current NOI: $46,472.68

Initial Cap Rate: 8.45%

Land Acreage: 1.02

Year Built: 2003

Year Renovated: 2003

Building Size: 8,000 SF

Price PSF: $68.75

Lease Type: Gross

Lease Term: Varies

INVESTMENT OFFERINGFortis Net Lease is proud to present this exclusive retail multi-tenant offering located inthe heart of Byron Center, MI only 7 miles from Grand Rapids. This offering includes afully occupied 6 tenant retail strip located in an impressively trafficked corridor in ByronCenter. 76th Street itself sees a whopping 14,062 vehicles per day while nearby US-131 -a major Michigan Highway artery - sees over 71,000 vehicles per day. This property islocated only 900 feet from one of the busiest roads in the entire state.

The subject offering represents an ideal opportunity for a 1031 exchange buyer orpassive investor looking for a healthy return on an excellent piece of real estate. Thisinvestment will offer a new owner continued success due to the massive growth of thelocal population as well as the proximity to major thoroughfares.

PRICE $550,000

CAP RATE 8.45%

LEASE TYPE Gross

TERM Varies

INVESTMENT HIGHLIGHTS• Excellent Tenant Mix & Diversified Lease Rollover

• Meticulously Well-Maintained Building

• Strong Demographics | 14,062 VPD on 76th St and 71,642 VPD onUS-131

• Incredible 5%+ Population Growth

• Average Household Income Exceeds $75,000

• 5 Mile Population Greater Than 115,000 Residents

• Contractual Rent Growth In 3 Of 6 Leases

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM PROPERTY & LEASE // 4

LEASE SUMMARY

Tenant: Multi-Tenant Retail

Lease Type: Gross

Primary Lease Term: Varies

Landlord Responsibilities: Roof, Structure, and Parking Lot

Taxes, Insurance & CAM: Landlord

Roof, Structure & Parking: Landlord

Lease Start Date: Varies By Tenant

Lease Expiration Date: Varies By Tenant

Lease Term Remaining: Varies By Tenant

Rent Increases: Varies By Tenant

Renewal Options: Varies By Tenant

INCOME PER SF

Gross Income $69,624 $8.70

EXPENSE PER SF

Taxes $9,805 $1.23Utilities $6,635 $0.83Management $1,000 $0.13Maintenance $2,803 $0.35Insurance $2,907 $0.36

Gross Expenses $23,151 $2.89

NET OPERATING INCOME $46,472 $5.81

FINANCIAL SUMMARY

Year Built: 2003

Year Renovated: 2003

Lot Size: 1.02 Acres

Building Size: 8,000 SF

Zoning: Commecial

Construction Style: Steel

PROPERTY SUMMARY

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM RENT ROLL // 5

TENANTNAME

UNITNUMBER

UNITSIZE (SF)

LEASESTART

LEASEEND

ANNUALRENT

% OFGLA

RENTPER SF/YR

Party Store Express 100 1,333 1/1/2000 7/1/2021 $21,204 16.66 $15.91

Box Drop - Wholesale Mattress 200 1,333 1/1/2018 12/31/2019 $9,000 16.66 $6.75

KS Kinney - E Cigarette Retail 300 1,333 9/1/2014 8/31/2020 $11,688 16.66 $8.77

Mix Masters - E Cigarette Liquid Production 400 1,333 3/1/2016 2/28/2022 $9,552 16.66 $7.17

Mannies Pizza 500 1,333 7/1/2018 6/30/2021 $8,400 16.66 $6.30

Rhythm Fitness 600 1,333 2/1/2017 11/30/2020 $9,780 16.66 $7.34

Totals/Averages 8,000 $69,624 $8.71

TOTAL SF8,000

TOTAL ANNUAL RENT$69,624

OCCUPANCY RATE100%

AVERAGE RENT/SF$8.71

NUMBER OF TENANTS6

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM PROPERTY PHOTOS // 6

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM PROPERTY PHOTOS // 7

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM PROPERTY PHOTOS // 8

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM PROPERTY PHOTOS // 9

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM PROPERTY PHOTOS // 10

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM PROPERTY PHOTOS // 11

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM PROPERTY PHOTOS // 12

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM PROPERTY PHOTOS // 13

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM PROPERTY PHOTOS // 14

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM PROPERTY PHOTOS // 15

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM LOCATION MAPS // 16

76th Street Center - GrandRapids MSA Multi Tenant Retail

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM AERIAL MAP // 17

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM RETAIL AERIAL // 18

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM TRAFFIC COUNT // 19

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM POPULATION DENSITY // 20

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM AVERAGE HH INCOME // 21

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZ | 248.419 .3882 | DLEWK@FORTISNETLEASE.COM // ROBERT BENDER | 248.254.3406 | RBENDER@FORTISNETLEASE.COM AREA & DEMOGRAPHICS // 22

POPULATION 3 MILE 5 MILES 10 MILES

Total Population 2018 43,884 116,332 394,270

Total Population 2023 46,197 121,142 410,670

Population Growth Rate 5.27% 4.13% 4.16%

Average Age 37.8 37.3 36.1

# Of Persons Per HH 2.6 2.7 2.6

HOUSEHOLDS & INCOME 3 MILE 5 MILES 10 MILES

Total Households 16,807 43,320 147,522

Average HH Income $77,447 $75,988 $73,513

Median House Value $168,506 $159,491 $157,849

West Michigan is home to over 1.5 million people and encompasses the 7counties of Kent, Ottawa, Muskegon, Allegan, Ionia, Barry, and Newaygo. Withinthe past few years, over $1.25 billion has been invested in real estate in thedowntown Grand Rapids area alone. Major corporations - including SpectrumHealth, Meijer, Mercy Health, Amway, Gentex, and Perrigo - provide some of thelargest employment figures in the nation. Building on its strong traditions ofentrepreneurism, innovation, community involvement, civic pride, familyorientation and a famous work ethic - West Michigan is thriving, vibrant andprogressive.

Byron Center is located in the heart of West Michigan, conveniently withincommuting distance of Grand Rapids, Holland, Kalamazoo, and Lansing. It ishome to major employers including Spartan-Nash and Tanger Outlets. ByronCenter is also a large producer of farm products including sweet corn, celery,onions, lettuce and various other crops. Byron Center is part of the larger GrandRapids MSA which was recently ranked in the top 3 MSA’s in the nation foreconomic Development.

530 76TH ST SW, BYRON CENTER, MI 49315

7 6 T H S T R E E T C E N T E R - G R A N D R A P I D S M S A M U L T I T E N A N T R E T A I L

DAN LEWKOWICZINVESTMENT ADVISOR

D: 248.419.3882DLEWK@FORTISNETLEASE.COM

DOUG PASSONMANAGING PARTNER

D: 248.254.3407DPASSON@FORTISNETLEASE.COM

ROBERT BENDERMANAGING PARTNER

D: 248.254.3406RBENDER@FORTISNETLEASE.COM

30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410fortisnetlease.com

EXCLUSIVELY L ISTED BY:

TOTAL SALES VOLUME PROPERTIES SOLD BROKER & BUYER REACH STATES SOLD IN

$5.5B 2,500+ 345K 40

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