Discount
Big Lots | Recent Lease Extension
3396 I 75 Business Spur, Sault Ste. Marie, MI 49783
Listing Price: $1,995,000
Cap Rate
8.25%
Tenant Name
Big Lots
Years Remaining On Lease
4.8
Gross SF
33,250
Guarantor
Corporate Guarantee
Rentable SF
33,250
Price/Gross SF
$60.00
Lease Type
Double Net
Rent Per Square Feet
$4.95
Investment Overview
Single-Tenant Big Lots
Big Lots | Recent Lease Extension
Investment Highlights
- Single-Tenant Big Lots | Recent Lease Extension with Rent Increase | 20-Plus 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 Percent 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-Plus Undergraduates
- 6 Miles from Canada, Connected by Sault Sainte Marie International Bridge (2022 Traffic Data: 624,960 Vehicle Crossings - 219 Percent Increase over 2021)
Exclusively Listed By
Listing Price: $1,995,000
Cap Rate
8.25%
Tenant Name
Big Lots
Years Remaining On Lease
4.8
Gross SF
33,250
Guarantor
Corporate Guarantee
Rentable SF
33,250
Price/Gross SF
$60.00
Lease Type
Double Net
Rent Per Square Feet
$4.95
Investment Highlights
- Single-Tenant Big Lots | Recent Lease Extension with Rent Increase | 20-Plus 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 Percent 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-Plus Undergraduates
- 6 Miles from Canada, Connected by Sault Sainte Marie International Bridge (2022 Traffic Data: 624,960 Vehicle Crossings - 219 Percent Increase over 2021)
Investment Overview
Single-Tenant Big Lots
Exclusively Listed By
