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Big Lots | Recent Lease Extension

3396 I 75 Business Spur, Sault Ste. Marie, MI 49783

Listing Price: $2,100,000

Cap Rate
7.84%
Tenant Name
Big Lots
Years Remaining On Lease
4.9
Gross SF
33,250
Guarantor
Corporate Guarantee
Rentable SF
33,250
Price/Gross SF
$63.16
Lease Type
Double Net
Rent Per Square Feet
$4.95

Investment Overview

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Investment Highlights

  • Single-Tenant Big Lots | Recent Lease Extension with Rent Increase | 20+ Years of Historical Occupancy
  • Corporate Guarantee | Two Five-Year Options Containing Rent Increases | $0.35/SF Rent Increases in Each Option
  • Low Rental Rate
  • Part of Soo Plaza, a Shopping Center Shared with US Armed Forces Recruiting Center, Arona Home Essentials, Manaform Games, & Others. (Not part of sale)
  • Sault Sainte Marie is the Second Most Populated City in Michigan's Upper Peninsula | Famously Known for the Soo Locks Connecting Ships Between Lake Superior & Lower Great Lakes | Attracts Approx. 500k Annual Visitors
  • 1.7 Million Square Feet of Retail within Five Miles | 2.3% Vacancy Rate | Next Closest Michigan Retail Market 50 Miles Away in Mackinaw City
  • 1.5 Miles from Lake Superior State University | 115 Acre Campus | 1,700+ Undergraduates
  • 6 Miles from Canada, Connected by Sault Sainte Marie International Bridge (2022 Traffic Data: 624,960 Vehicle Crossings - 219% Increase over 2021)

Exclusively Listed By

Discount

Big Lots | Recent Lease Extension

Listing Price: $2,100,000

Cap Rate
7.84%
Tenant Name
Big Lots
Years Remaining On Lease
4.9
Gross SF
33,250
Guarantor
Corporate Guarantee
Rentable SF
33,250
Price/Gross SF
$63.16
Lease Type
Double Net
Rent Per Square Feet
$4.95

Investment Highlights

  • Single-Tenant Big Lots | Recent Lease Extension with Rent Increase | 20+ Years of Historical Occupancy
  • Corporate Guarantee | Two Five-Year Options Containing Rent Increases | $0.35/SF Rent Increases in Each Option
  • Low Rental Rate
  • Part of Soo Plaza, a Shopping Center Shared with US Armed Forces Recruiting Center, Arona Home Essentials, Manaform Games, & Others. (Not part of sale)
  • Sault Sainte Marie is the Second Most Populated City in Michigan's Upper Peninsula | Famously Known for the Soo Locks Connecting Ships Between Lake Superior & Lower Great Lakes | Attracts Approx. 500k Annual Visitors
  • 1.7 Million Square Feet of Retail within Five Miles | 2.3% Vacancy Rate | Next Closest Michigan Retail Market 50 Miles Away in Mackinaw City
  • 1.5 Miles from Lake Superior State University | 115 Acre Campus | 1,700+ Undergraduates
  • 6 Miles from Canada, Connected by Sault Sainte Marie International Bridge (2022 Traffic Data: 624,960 Vehicle Crossings - 219% Increase over 2021)

Investment Overview

x

Exclusively Listed By

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