5652 Pickard Rd Mount Pleasant, MI 48858

Property Details for 5652 Pickard Rd

Year built

2000

Lot size

2.60 lot acres

Property size

5,610 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity presents a 5,610 square foot, single-tenant, free-standing building housing a Bob Evans restaurant. Located at 5652 E Pickard Rd, Mount Pleasant, MI 48858, this property boasts a prime location on a signalized hard corner with excellent visibility and access from E Pickard Rd (approximately 16,660 vehicles per day) and a Highway 127 off-ramp. The property is an outparcel to a Home Depot and adjacent to a Tractor Supply, benefitting from significant traffic and consumer draw. Its proximity to Soaring Eagle Casino & Resort, multiple hotels, Mid Michigan College, and Central Michigan University ensures consistent high traffic volume. The property sits on a 2.6-acre lot with ample parking (91 spaces). The building, constructed in 2000, is classified as Class B and is currently 100% occupied under an absolute NNN lease with a credit-rated, corporate guarantee from Bob Evans Restaurants, LLC. The lease commenced July 23, 2023, and has a remaining term of approximately 18.7 years, expiring July 31, 2043. The lease includes four, 5-year options and features 2% annual rent bumps beginning May 1, 2027. The current Net Operating Income (NOI) is $240,000, resulting in a 7.00% cap rate based on the asking price of $3,429,000. This represents a significant investment opportunity with substantial long-term income potential and built-in rent growth. The property offers a rare combination of a strong tenant, long-term lease, and excellent location, making it an attractive addition to any portfolio.

Location Insight

City

Mount Pleasant

County

Isabella

State

Michigan

Longitude

-84.7359

Latitude

43.611