3194 Henry St Norton Shores, MI 49441-4053

Property Details for 3194 Henry St

Year built

2022

Lot size

0.36 lot acres

Property size

2,338 SF

Zone code

C-2

Property type

Commercial real estate

APN

61-27-106-300-0001-00

APU

6127106300000100

Description

Exceptional investment opportunity: This 2,325 square foot Chipotle restaurant in Norton Shores, Michigan, presents a compelling net lease investment with a strong corporate guarantee from Chipotle Mexican Grill, Inc. The property, built in 2024, sits on a 0.59-acre lot and boasts a 6.00% cap rate with a current NOI of $115,088. The 12-year lease, commencing December 19, 2022, and expiring December 31, 2034, offers significant remaining term (10.2 years) and includes rent bumps every five years, ensuring consistent income growth. Located at 3194 Henry St, Muskegon, MI 49441, this prime retail location is an outparcel to a high-volume Meijer and across from a Walmart Supercenter, benefiting from substantial daily traffic exceeding 43,000 vehicles. The property's proximity to major employers, including a new Trinity Health Medical Campus and several educational institutions, further enhances its appeal. The strong local demographics, with over 93,000 residents within a five-mile radius and a robust workforce of over 35,000, contribute to a consistent customer base. This investment offers a passive income stream with minimal landlord responsibilities limited to roof, structure, and parking lot maintenance. The lease is a single-tenant, net lease (NN+) structure with no early termination rights, providing stability and predictability for the investor. The asking price is $1,919,000. This is a 1031 exchange eligible property.