632 16Th St Holland, MI 49423
- Specialty properties
- 1,665 SF
- 0.70 lot acres
Current Use by Public Records
- Take 5 Oil Change / Oil Change Service
Property Details for 632 16Th St
- Year built
- 2024
- Lot size
- 0.70 lot acres
- Property size
- 1,665 SF
- Property type
- Specialty properties
- Property subtype
- Retail properties
Description
This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 1,665 square foot Take 5 Oil Change located in Holland, Michigan, within the Grand Rapids MSA. Built in 2024, the property boasts a 100% occupancy rate with a 14.4-year remaining lease term (expiring March 30, 2039), featuring an absolute NNN lease structure. The tenant is a franchisee, providing strong creditworthiness and operational stability. The property enjoys a strategic location on a 0.7-acre corner lot, benefiting from high visibility and traffic volume exceeding 50,000 vehicles per day. Its proximity to major retailers like Meijer and Menards further enhances its appeal. The lease includes attractive rent bumps of 7.5% every five years, ensuring consistent income growth throughout the lease term and eight (8) five-year lease options, each with a 7.5% rent increase. The current Net Operating Income (NOI) stands at $132,900, yielding a compelling 6.50% capitalization rate. The asking price is $2,044,615, translating to a price per square foot of $1,228. This property is an ideal addition to any diversified investment portfolio, offering a strong combination of location, tenant quality, and financial performance. The property shares access with a neighboring 7Brew, and both properties are available for purchase. Holland State Park, a major tourist attraction drawing 1.5 to 2 million annual visitors, is also nearby.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Holland
- County
- Ottawa
- State
- Michigan
- Longitude
- -86.0798
- Latitude
- 42.7829
