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Updated: 10.24.23 Posted: 12.02.22 Status: Inactive

Summary

Price $11,705,000
Built/Renov 2000
Tenant Best Buy
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 45,790
Lease Start 10-01-2000
#Units 1,138
Price/SF $255.62
Expiration 10-01-2025
Tenant Type Big Box Retail
NOI $702,318
R. Term 0.4
Ownership Fee Simple
Rent/SF $15.34
Increases 3.0%/2/yrs
Pop 5Mi 131,015
Lot/AC 4.47
Options 2/5yrs/3%
AHHI 5Mi $91,119

Highlights

  • Best Buy exercised their first option in 2020, providing an additional 5 years of firm term
  • The lease features 3% rental increases at the beginning of each option period
  • Guaranteed by the corporate entity (NYSE: BBY | S&P: BBB+)
  • Absolute NNN features zero landlord responsibilities

Location Description

Best Buy is strategically located near the signalized, hard corner intersection of Brown Road and Baldwin Road, averaging a combined 55,400 vehicles passing by daily. The asset benefits from direct on/off ramp access into Interstate 75 (71,300 VPD), a major north-south highway leading directly into Downtown Detroit and connecting Florida to the U.S.-Canada border. Best Buy also benefits from...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Best Buy
  • Guarantor:Corp T and Rated
  • Company:Best Buy Co Inc.
  • # Units:1,138
  • Tenant S&P: BBB+
  • Moody’s: A3
  • Stock: NYSE: BBY

About Tenant

Best Buy (NASDAQ: BBY) is an American multinational consumer electronics retailer. Originally founded in 1966 as an audio specialty store called Sound of Music, it was rebranded to Best Buy in...


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Demographics

  1 Miles 3 Miles 5 Miles
2027 Total Population : 1,295 39,831 131,549
2022 Total Population : 1,260 40,084 131,715
2022 Employed Civilian Pop : 625 19,673 61,221
2022 Total Businesses : 352 1,214 4,373
2022 Average Household Income : $ 118,727 $ 96,242 $ 102,206
2022 Total Consumer Spending : $ 48 M $ 1333 M $ 4544 M
2022 Median Age : 36 37 37
2022 Total Households : 486 16,105 51,790
2022 Pop Age 25+: Bachelor's Degree : 247 5,631 19,033
2022 Average Home Value : $ 325,760 $ 280,232 $ 302,509
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Brown Rd Estes Dr 2019 88,932 0.10 mi
I-75 Estes Dr 2020 71,265 0.10 mi
I- 75 Baldwin Rd 2017 78,184 0.16 mi
Brown Road Estes Dr 2019 9,094 0.17 mi
I-75 OFF RAMP Huston Dr 2020 3,437 0.24 mi
I-75 ON RAMP I- 75 2020 2,651 0.31 mi
BALDWIN RD I- 75 2020 18,960 0.39 mi
Brown Rd Baldwin Rd 2015 14,858 0.39 mi
Baldwin Road I- 75 2019 6,778 0.39 mi
Baldwin Rd Brown Rd 2013 17,033 0.39 mi

Listing Broker

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