515 Michigan Ave Saginaw, MI 48602-4316

Property Details for 515 Michigan Ave

Lot size

1.65 lot acres

Zone code

RMU

Property type

Commercial real estate

APN

91-50-0-03-5000-000

APU

91500035000000

Description

This exceptional investment opportunity presents a 15-year absolute NNN sale-leaseback of a Checkers and Rally's restaurant located at 515 S Michigan Ave, Saginaw, MI 48602. The property, built in 1994, encompasses 781 square feet on a 0.61-acre lot and boasts a strong 6.00% cap rate with a $96,000 annual net operating income (NOI). The single-tenant building enjoys 100% occupancy with a franchisee operator possessing extensive experience across multiple major brands. The lease features four, five-year renewal options and includes a 10% rent increase every five years. The asking price is $1,600,000, translating to $2,048.66 per square foot. This prime location is situated in a high-traffic retail corridor, benefiting from proximity to major retailers such as McDonald's and Dollar General, and is conveniently located near three hospitals. The property's strong performance and consistent sales growth, coupled with the long-term lease and built-in rent escalations, make this a compelling investment opportunity with significant upside potential. The property is zoned commercial and is offered fee simple. This is a rare opportunity to acquire a well-established, high-performing QSR property with a secure, long-term lease.