Cap Rate: 7.50%
Net Operating Income: $551,000
Lot Size: 9.06 AC
Year Built: 2005
This represents a 100% fee simple interest in a 76,595 +/- gross square foot building located in Holland, Michigan. This single-tenant property is leased to Kohl’s Corporation (NYSE:KSS).
There are 7 years remaining on the initial net lease with six 5 year options. The rent increases 5% every five years.
Holland is a city on the shore of Lake Macatawa, in Michigan. The much-photographed Big Red Lighthouse stands by the channel that connects this lake to Lake Michigan. Nearby, the beachfront Holland State Park shelters deer and migratory birds. Windmill Island Gardens is home to De Zwaan, a centuries-old windmill. May’s Tulip Time Festival, recalling Holland’s Dutch roots, sees tulips blooming all over the city.