730 Charlevoix Ave, Petoskey, MI

This property was built-to-suit for Advance Auto Parts in 2014, with over 4 years remaining on the original 15-year lease. The lease includes three 5-year options with 5% rental increases in each option. The location is a top-performing location nationwide, ranking in the 90th percentile via Placer.Ai and in the top 97th percentile in Michigan, specifically 392 out of 4,200 locations nationwide and 4 out of 127 in Michigan. The property features a Firestone roof with a transferrable warranty valid through August 2034. It is priced below replacement cost, offering a high barrier entry to the market. The property is located directly next to McLaren Northern Michigan Hospital, a 202-bed regional hospital serving 22 counties and employing 950 people, making it Emmet County's largest employer. It offers excellent visibility at the hard corner lighted intersection of Highway 131 and Charlevoix Ave, with over 56,414 vehicles passing per day. Within a 5-mile radius, the population is 15,954 people, with an average household income exceeding $94,000. The area is a major tourist destination, attracting over 750,000 people annually to Petoskey, Charlevoix, and Boyne City. It is located 1 mile to Bear Creek Plaza, a 750,000+/- SF power center anchored by Lowes, The Home Depot, Aldi, Walmart Supercenter, and Odawa Casino and Resort, and 1 mile to Victories Square Petoskey, MI, a 22-acre multi-district development planned to include hospitality, healthcare, housing, and retail. The property size is 6,895 square feet.