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Views: 116 DOM: 204 Updated: 07.09.24 Posted: 03.20.24 Status: Contract

Summary

Price $2,442,000
Built/Renov 2012/2019
Tenant Wendy's
Cap Rate 6.50%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 2,559
Lease Start 06-11-2018
#Units 380
Price/SF $954.28
Expiration 06-30-2038
Tenant Type Fast Food/QSR
NOI $158,659
R. Term 13.8
Ownership Fee Simple
Rent/SF $62.00
Increases 1.3%/1/yrs
Pop 5Mi 349,204
Lot/AC 0.80
Options 6/5yrs/1.25%
AHHI 5Mi $69,060

Lease Highlights

  • Wendy’s has 14+ years remaining on the current lease term with 6 (5-year) options to extend
  • The lease features 1.25% annual rental escalations throughout the initial term and option periods
  • Absolute NNN | Zero landlord responsibilities
  • Lease guaranteed by Meritage Hospitality Group, Inc. (380 units)

Location Description

Wendy's is strategically located on East 9 Mile Road, with access to 21,600 vehicles passing by daily. The property is conveniently situated less than one mile west of Interstate-94 (120,500 VPD), serving as the primary route for commuters across the Detroit Metroplex. The immediate area is surrounded by well-known national tenants, including Costco, Walmart, The Home Depot, Best Buy, Petco,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Wendy's is an American international fast food restaurant chain founded by Dave Thomas in 1969, in Columbus, OH. The Wendy’s Company, together with its subsidiaries, operates as a...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 21,087 158,101 339,437
2023 Total Population : 21,150 159,185 342,302
2023 Employed Civilian Pop : 9,516 75,751 158,627
2023 Total Businesses : 434 4,179 8,673
2023 Average Household Income : $ 69,842 $ 77,112 $ 79,030
2023 Total Consumer Spending : $ 507 M $ 4333 M $ 9466 M
2023 Median Age : 40 40 40
2023 Total Households : 8,298 64,439 137,139
2023 Pop Age 25+: Bachelor's Degree : 1,523 16,660 34,473
2023 Average Home Value : $ 162,442 $ 184,261 $ 199,542
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
East 9 Mile Road Lexington Ave 2022 23,279 0.03 mi
East 9 Mile Road 2019 23,901 0.03 mi
E 9 Mile Rd Schroeder Ave 2013 23,490 0.06 mi
E 9 Mile Rd Rosalind Ave 2007 20,807 0.07 mi
Schroeder Ave E 9 Mile Rd 2013 1,865 0.09 mi
Schroeder Ave E 9 Mile Rd 2013 1,515 0.10 mi
E 9 Mile Rd Schroeder Ave 2013 23,950 0.12 mi
Kelly Rd Curtain Ave 2010 5,427 0.35 mi
Empire Ave 2022 14,894 0.37 mi
E 9 Mile Rd Empire Ave 2021 14,879 0.37 mi

Listing Broker

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