590 Lapeer Rd, Lake Orion, MI 48362

This exceptional investment opportunity presents a 1,100 square foot Starbucks located at 590 S Lapeer Rd, Orion Township, MI 48362. The property sits on a 0.99-acre lot and includes an outparcel to 1.93 acres of developable land, offering significant expansion potential. The Starbucks, built in 1980, operates under a Net Lease (NN) agreement with a corporate guarantee, ensuring consistent income. The current lease, commencing October 5, 2000, and expiring February 28, 2032, has a remaining term of 7.3 years, with five 5-year renewal options at 10% rent bumps each. The property boasts a 100% occupancy rate, generating a Net Operating Income (NOI) of $76,560, resulting in a 2.99% cap rate. The asking price is $2,560,000 ($2,327.27 per square foot). A new parking lot was installed in 2021, with the tenant paying an additional $7,600 annually as rent (amortized over a 10-year lease term). The property benefits from its location in an affluent area, with average household incomes of $77,000 within a 1-mile radius and $93,000 within a 5-mile radius. The area has approximately 58,000 residents within a 5-mile radius. This presents a rare chance to acquire a strong-performing, investment-grade tenant (S&P: A) property with substantial future development possibilities.