Cap Rate: 5.25%
Net Operating Income: $329,213
Square Footage: 13,650
Lot Size: 1.84 AC
The subject property is a 13,650 square foot building, leased to Walgreens (WBA) on an absolute NNN lease. The tenant has a new 15 year lease with 5% increases every 5 years. The asset is well located in Big Rapids, Michigan. The property is positioned on a hard corner and includes a drive-thru. The asset is surrounded by major retailers including Dominos, Burger King, Panera and Mcdonald’s and is situated across from Ferris State University.
Big Rapids is a city in the U.S. state of Michigan. The population was 10,601 at the 2010 census. It is the county seat of Mecosta County. The city is located within Big Rapids Township, but is politically independent. Big Rapids is home of the main campus of Ferris State University, a four-year public university, well known for its College of Pharmacy and the Michigan College of Optometry, as well as its NCAA Division I hockey team, the Bulldogs, as well as their Division II football and basketball team.