Drive-Thru Restaurant Investment
For Sale
Contact for pricing
Pending
4335 Pierson Rd, Flint, MI 48504
Freestanding drive-thru restaurant with long-term net lease for sale.
Property Size3,196 SF
Lot Size1.60 Acres
Days on Market905
Property Features for 4335 Pierson Rd
General Information
Standard status
Pending
Size
3,196 SF
Lot size
1.60 Acres
Property subtype
Retail
Zoning
C-2
Lease Type
NNN
Building Details
Year Built
1985
Year Renovated
2022
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Keystone Commercial Real Estate
(248) 356-8000
Listed By:
Norman Abro · License #MI 6501385432
Source:
Crexi
Added: Feb 28, 2024
Changed: Aug 15
Last Checked: Aug 20 at 5:19PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keystone Commercial Real Estate
Investment Insights
Based on property information with market context.
This property presents a commercial real estate investment opportunity featuring a Charley's Cheesesteaks restaurant. The property is subject to a ten-year absolute net lease, with nine years remaining. The free-standing drive-thru restaurant has been recently renovated and occupies a 1.6-acre lot. The building provides 3,196 square feet of modernized space. Situated on a high-traffic I-75 entry/exit ramp, the location offers high visibility. Signage options include a large pylon sign and storefront signage.
Key Highlights
- Ten‑year absolute net lease in place with nine years remaining, providing stable, passive income.
- Newly renovated, free‑standing drive‑thru Charley's Cheesesteaks location.
- Strategically located on a high‑traffic I‑75 entry/exit ramp.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,338
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$566,760
$566.8K
Cap Rate 7%
$404,829
$404.8K
Cap Rate 9%
$314,867
$314.9K
Market Conditions
NOI Build-Up for 3,196 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$46.0K $14.40/SF
− Vacancy
−$8.2K −$2.58/SF
EGI
$37.8K $11.82/SF
− OpEx
−$9.4K −$2.96/SF
NOI
$28.3K $8.87/SF
Area
Genesee County, MI
Vacancy
17.90%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$566,760
Cap Rate 7%
$404,829
Cap Rate 9%
$314,867
Alternative Uses
Best Use
Specialty Retail
$404.8K
$354.2K – $472.3K
NOI $28,338 @ 7.0% cap · market cap 3.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$672.5K
$588.5K – $784.6K
NOI $47,077 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
181
Businesses Nearby
64k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 82%
Shops & Services 15%
Electronics 2%
Cracker Barrel Old Country Store
Dining
17,094 visits/mo
0.4 miles
Tim Hortons
Dining
14,864 visits/mo
0.1 miles
Taco Bell
Dining
9,562 visits/mo
0.1 miles
Red Lobster
Dining
6,011 visits/mo
0.2 miles
Discount Tire Store
Shops & Services
5,622 visits/mo
0.3 miles
Demographics for 48504, MI
24,266
Population
12,464
Households
1.9
Avg Household Size
37
Median Age
12%
College-Educated
87%
High-School Grad
14.7 sq mi
ZIP Area
1,651
Density / Sq Mi
$36,740
Median Household Income
$27,782
Median Earnings
$895
Median Rent
$48,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Drive through restaurant - Freestanding drive-thru restaurant with long-term net lease for sale.
Where is this drive through restaurant located?
The property is located at 4335 Pierson Rd Flint, MI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Ten‑year absolute net lease in place with nine years remaining, providing stable, passive income.; Newly renovated, free‑standing drive‑thru Charley's Cheesesteaks location.; Strategically located on a high‑traffic I‑75 entry/exit ramp.
