Listed by CBRE - Atlanta, CBRE Atlanta, CBRE - Detroit
$3,883,593
Cracker Barrel: Grandville, MI
Details
Property Type Retail
Sub Type Restaurant
Square Footage 9,680
Cap Rate 6.1%
NOI $236,899
Occupancy 100%
Tenancy Single
Brand/Tenant Cracker Barrel
Lease Type Absolute NNN
Lease Term 20
Lease Expiration 07/31/2040
Remaining Term 14
Rent Bumps Yes
Lease Options Ten, 5-Year Options
Year Built 1997
Acreage 3.600
Parking Spaces 154 spaces
Parking per 1,000 SqFt 15.91
Investment Type Net Lease
Lease Commencement 08/04/2020
Retail | 6.10% CAP | 9,680 SqFt
Marketing description
The CBRE Net Lease Property Group is pleased to offer for sale the 9,680-square-foot Cracker Barrel Old Country Store positioned on 3.60 acres in Grandville, Michigan — part of the Grand Rapids-Wyoming-Kentwood, MI MSA (MSA Population: 1.17M+). Cracker Barrel's absolute NNN lease features ±14.3 years of primary term remaining with 1% annual rent increases throughout the remainder of the term and in each of the ten, 5-year renewal options (six fixed renewal terms, followed by four FMV renewal terms).
Investment highlights
- Absolute NNN Lease with Annual Rent Increases: Cracker Barrel's absolute NNN lease features ±14.3 years of primary term remaining with 1% annual rent increases throughout the remainder of the term and in each of the ten, 5-year renewal options (six fixed renewal terms, followed by four FMV renewal terms).
- Strong Performance | Low Rent-To-Sales Ratio: This Grandville location is an excellent performer with strong sales and a low rent-to-sales ratio.
- Top Visited Location | #3 Cracker Barrel in the State of Michigan: By visits, this Grandville location ranks among the top 13% of Cracker Barrel's in the state of Michigan, according to Placer.ai.
- Excellent Interstate Access & Visibility: Cracker Barrel is located with excellent access and visibility along Kenowa Avenue (9,815 VPD), feet from it's signalized intersection with 44th Street SW (34,513 VPD) and the onramp to I-196 (50,267 VPD)—providing direct access to Grand Rapids (10.3 miles northeast).
Listing Contacts
Listed by CBRE - Atlanta, CBRE Atlanta, CBRE - Detroit
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$236,899.00
$19,741.58/mo
Valuation Metrics
0
DSCR
6.1%
Cap Rate
6.1%
ROI
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