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Auto Service - Gas-Conv

Midas

591 S Lapeer Rd, Lake Orion, MI 48362

Listing Price: $2,802,500

Cap Rate
5.60%
Tenant Name
Midas
Guarantor
Local Franchisee
Rentable SF
4,484
Lease Type
Absolute Net
Rent Per Square Feet
$35.00

Investment Overview

Marcus & Millichap has been retained by ownership and is exclusively offering a sale-leaseback acquisition opportunity to purchase this 4,484 square foot automotive maintenance facility in Lake Orion, Michigan. This Midas Muffler franchise business provides a more specialized facility to better serve the consumer with muffler, brake and associated auto repair service. The absolute net, 20-year lease will commence upon the day of closing of the property sale. A 10% increase every five years in the rent will be in place allowing ownership to stay current with cost of living inflation change. The business is effectively recession-proof and provides the investor a great opportunity to enjoy long term stable cash flow. The annual income for the business is quite steady as the consumer demand for mufflers, brakes, oil changes and other mechanical repairs is steady throughout the year. The Midas Muffler operator will be obligated to cover all annual operating expenses and maintenance of the property and handles the property on a day-to-day basis so there is no management or Landlord responsibilities. Ideally situated just south of the downtown area of Lake Orion this facility is located with direct frontage on the primary road in the area with a daily traffic count of 47,800 VPD. Located in the Lapeer & St. Clair Counties Submarket, this the 4th largest retail submarket of the Detroit overall market. There are just under 25,000,000 square feet of space representing nearly 10% of the stock in the greater Detroit area. As researched by CoStar, submarket vacancy is only 3.50% currently, so this is a tight market with strong demand.

Investment Highlights

  • New 20-Year Absolute Net Lease at Closing
  • 10% Rental Increases Every Five Years Including Options
  • 9-Unit Franchisee With with Over 50 Years of Operating Experience
  • Outstanding Location just off the Primary Area Road with Traffic Counts over 47,800
  • Suburban Location in Detroit MSA with Population of Over 4,335,000

Exclusively Listed By

Financing By

Auto Service - Gas-Conv

Midas

Listing Price: $2,802,500

Cap Rate
5.60%
Tenant Name
Midas
Guarantor
Local Franchisee
Rentable SF
4,484
Lease Type
Absolute Net
Rent Per Square Feet
$35.00

Investment Highlights

  • New 20-Year Absolute Net Lease at Closing
  • 10% Rental Increases Every Five Years Including Options
  • 9-Unit Franchisee With with Over 50 Years of Operating Experience
  • Outstanding Location just off the Primary Area Road with Traffic Counts over 47,800
  • Suburban Location in Detroit MSA with Population of Over 4,335,000

Investment Overview

Marcus & Millichap has been retained by ownership and is exclusively offering a sale-leaseback acquisition opportunity to purchase this 4,484 square foot automotive maintenance facility in Lake Orion, Michigan. This Midas Muffler franchise business provides a more specialized facility to better serve the consumer with muffler, brake and associated auto repair service. The absolute net, 20-year lease will commence upon the day of closing of the property sale. A 10% increase every five years in the rent will be in place allowing ownership to stay current with cost of living inflation change. The business is effectively recession-proof and provides the investor a great opportunity to enjoy long term stable cash flow. The annual income for the business is quite steady as the consumer demand for mufflers, brakes, oil changes and other mechanical repairs is steady throughout the year. The Midas Muffler operator will be obligated to cover all annual operating expenses and maintenance of the property and handles the property on a day-to-day basis so there is no management or Landlord responsibilities. Ideally situated just south of the downtown area of Lake Orion this facility is located with direct frontage on the primary road in the area with a daily traffic count of 47,800 VPD. Located in the Lapeer & St. Clair Counties Submarket, this the 4th largest retail submarket of the Detroit overall market. There are just under 25,000,000 square feet of space representing nearly 10% of the stock in the greater Detroit area. As researched by CoStar, submarket vacancy is only 3.50% currently, so this is a tight market with strong demand.

Exclusively Listed By

Financing By

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