Big Boy - Traverse City, MI
4,675 SF | Retail Building | Traverse City, MI 49684 | $1,733,166 ($371/SF) | 6.75% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,733,166
- Property Type
-
Retail
- Square Feet
- 4,675 SF
- Price / Square Foot
- $371
Listing Contacts
Matt Kramer
Verified Profile
Kyle Gulock
Verified Profile
Joshua Berger
Verified Profile
- Property Info
Property Overview
The Big Boy restaurant in Traverse City, MI, operates under a 20-year corporately guaranteed lease, providing significant stability for the property owner. This lease is an absolute net lease, meaning the tenant is responsible for all property-related expenses, including taxes, insurance, and maintenance, minimizing landlord responsibilities. The tenant, who has been occupying the property since 1986, has demonstrated long-term commitment to the location. The lease agreement includes structured rent increases of 10% every five years, ensuring a consistent increase in rental income. Additionally, the tenant has four 5-year renewal options, offering potential for extended tenancy beyond the initial lease term. This combination of a long-term, corporately backed lease with built-in rent escalations and renewal options makes the property a secure and attractive investment.
Property Details
- Class
- C
- Year Built
- 1977
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 103,673 SF
Highlights
- 20-year corporately guaranteed lease with absolute net terms, ensuring minimal landlord responsibilities
- The tenant has occupied the property since 1986; Lease includes 10% rent increases every 5 years
- 5 Million annual visitors and $1 Billion in revenue; Located directly across the street from Meijer
- Adjacent tenants include: Chick-fil-A, Starbucks, McDonald's, Panera Bread, Great Wolf Lodge Water Park and Grand Traverse Mall
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