66942 Gratiot Ave Richmond, MI 48062-1913

Property Details for 66942 Gratiot Ave

Year built

1955

Lot size

0.65 lot acres

Property size

1,680 SF

Zone code

B-3

Property type

Auto shops

APN

07-06-12-227-003

APU

70612227003

Description

This exceptional investment opportunity presents a fee-simple, 2,045 square foot Wendy's restaurant located in Richmond, Michigan. Built in 2024, this property boasts a 20-year lease (expiring August 31, 2044) with a highly-rated franchisee, Meritage Hospitality Group, one of the largest Wendy's franchisees in the country. The property is an outparcel to a Kroger-anchored shopping center, benefiting from significant traffic counts exceeding 28,000 cars daily at the intersection of Gratiot Ave and 31 Mile Rd. Situated on a 0.56-acre lot, this location enjoys high visibility and proximity to numerous other major retailers, including Tractor Supply, Jimmy John's, CVS, and more. The property features a strong Net Operating Income (NOI) of $144,000, resulting in a 5.60% cap rate. The lease is an absolute NNN (triple net) lease, meaning the tenant is responsible for all property expenses, offering investors minimal landlord responsibilities. Annual rent increases are tied to the CPI (with a 1.50% maximum), providing inflation protection. The lease includes six, five-year options, ensuring long-term income stability. The average household income within a 3-mile radius exceeds $87,000, indicating a strong and affluent market. This is a prime retail location with consistent customer flow, making it an ideal investment for passive income seekers. The property's parcel number is 07-06-12-227-003.