Cap Rate: 7.50%
Net Operating Income: $341,047
Year Built: 1999
This is the unique opportunity to purchase a long term absolute NNN leased On The Border restaurant in Auburn Hills, Michigan. The absolute NNN lease provides for zero landlord obligations and calls for 2% annual increases in rent. The lease is corporately guaranteed by On The Border, a strong and experienced operator with ~160 units.
The property is located across from the Great Lakes Crossing Outlets which has several national retailers as tenants including TJ Maxx, Bed Bath & Beyond, Burlington, and Marshall’s.
Auburn Hills (formerly Pontiac Township) is a city in Oakland County, in the U.S. state of Michigan. The population was 21,412 at the 2010 census. It is home to the U.S. headquarters of Fiat Chrysler Automobiles, The Palace of Auburn Hills (former home of the Detroit Pistons and several other teams), and Oakland University. Auburn Hills roughly follows the course of Interstate 75 and is home to a prosperous business community. In the early 1980s, Oakland University partnered with developers to create a technology and research park. The Oakland Technology Park was approved by the city in 1985, with Comerica, EDS, and Chrysler to build campuses there. The city’s many tech and office buildings host 80,000 people during the workday.