10240 Clare Ave Clare, MI 48617-8925

Property Details for 10240 Clare Ave

Lot size

2.08 lot acres

Property type

Commercial real estate

APN

051-027-200-38

APU

5102720038

Description

This fee-simple offering presents a rare opportunity to acquire a well-established Big Boy Restaurant located at 10240 S Clare Ave, Clare, MI 48617. The property boasts a 7,223 square foot building situated on a 2.08-acre lot at the highly trafficked intersection of US Route 127 and US Route 10, benefiting from over 11,700 vehicles per day on US 127 and approximately 16,000 vehicles per day on US 10. Built in 1990 and renovated in 2017, this single-tenant property enjoys 100% occupancy with a corporate guarantee from Big Boy Restaurants LLC, a significant operator with 69 locations across multiple states. The current lease, a double net (NN) lease with minimal landlord responsibilities (tenant pays taxes, insurance, utilities, roof, and parking lot maintenance), commenced September 29, 2024, and has a remaining term of five years. There are no further lease renewal options. The property offers a strong net operating income (NOI) of $92,400, resulting in a 7.57% cap rate and a price per square foot of $182.74. The asking price is $1,220,000. Further enhancing the investment potential is the construction of a new Aldi-anchored shopping center approximately 1,000 feet away. This presents a compelling investment opportunity with a stable tenant, strong location, and significant upside potential.