100 Main St, Cheboygan, MI 49721-1638

This exceptional investment opportunity presents a 2,050-square-foot, single-tenant net-leased Meds Café cannabis dispensary in Cheboygan, MI. Located on North Main Street, a high-traffic thoroughfare (7,700+ vehicles per day), this property benefits from a prime location amongst national retailers like Dairy Queen, H&R Block, and more. The dispensary, renovated in 2021, occupies a 0.38-acre lot and boasts strong sales, representing the best-performing location within the Meds Café chain's seven Michigan stores. The current lease, commencing June 6, 2023, and expiring May 31, 2033, offers a remaining term of 8.5 years with two 5-year renewal options and a significant 12.5% rent increase every five years. The property features a roof warranty extending to November 2035. The strong tenant, Meds Café, is a well-established cannabis dispensary offering a diverse range of products. The limited number of dispensary licenses issued by the Michigan Marijuana Regulatory Agency (MRA) ensures reduced competition. The area's demographics are favorable, with an average household income within a ten-mile radius exceeding $75,869, and a population exceeding 12,700 residents. This property offers a compelling 9.75% cap rate and a substantial net operating income (NOI) of $120,000, making it an attractive addition to any investment portfolio. The asking price is $1,230,769.