2288 Park Dr Holland, MI 49424-9596
- Drive through restaurants
- 3,616 SF
- 1.03 lot acres
Dec 28, 2023
Current Use by Public Records
- McAlister's Deli / Restaurant
- McAllister's Deli / Restaurant
- Steak 'n Shake / Restaurant
Property Details for 2288 Park Dr
- Year built
- 1994
- Lot size
- 1.03 lot acres
- Property size
- 3,616 SF
- Zone code
- C-2
- Property type
- Drive through restaurants
- APN
- 70-16-21-100-047
- APU
- 701621100047
Description
This exceptional investment opportunity presents a freestanding McAlister's Deli in Holland, Michigan. The property boasts 3,616 square feet on a 1.01-acre lot at 2288 N Park Dr, zip code 49424. Built in 2009 and renovated in 2024, this single-tenant property operates under a 15-year absolute triple-net (NNN) lease with a strong franchisee guarantee from Southern Rock Restaurants, LLC, a major McAlister's operator. The current lease, offering 100% occupancy, generates an annual net operating income (NOI) of $150,000, resulting in a compelling 5.75% cap rate. The lease includes scheduled rent increases of 10% every five years, providing significant long-term growth potential. The lease term extends for a further 15 years through three 5-year renewal options, ensuring a stable and predictable income stream for years to come. The asking price for this turnkey investment is $2,608,696. This is a rare opportunity to acquire a high-performing, well-located QSR property with exceptional lease terms and a strong tenant.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,560,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Holland
- County
- Ottawa
- State
- Michigan
- Longitude
- -86.0884
- Latitude
- 42.8099
- CBSA code
- 24340
- CBSA name
- GRAND RAPIDS-WYOMING, MI METROPOLITAN STATISTICAL AREA
