878 Munson Ave Traverse City, MI 49686-3602
- Turn key restaurants
- 6,191 SF
- 0.94 lot acres
Current Use by Public Records
- Denny's / Diner / American Restaurant
- The Burger Den / Restaurant
- The Meltdown / Delivery Restaurant
Property Details for 878 Munson Ave
- Year built
- 1987
- Lot size
- 0.94 lot acres
- Property size
- 6,191 SF
- Property type
- Turn key restaurants
- APN
- 03-207-039-10
- APU
- 320703910
Description
This exceptional investment opportunity presents a fee-simple, absolute NNN leased Denny's restaurant in Traverse City, Michigan. The property boasts 6,190 square feet on a 1.26-acre lot, built in 1987 and renovated in 2016. Currently operating at 100% occupancy, the property offers a strong net operating income (NOI) of $102,060, translating to a 6.30% cap rate. The lease features a significant remaining term of 11.9 years, with two 5-year renewal options, each including an 8% rent increase. This provides a built-in hedge against inflation. The asking price is $1,620,000, representing a price per square foot of $261.71. The property benefits from its prime location in a high-tourism destination, leveraging the area's significant summer vacation traffic and proximity to numerous hotels and beaches. This Denny's location is strategically positioned to capitalize on the substantial annual visitation to nearby Traverse City State Park Beach. The below-market rent for casual dining in this area presents a compelling investment opportunity with significant long-term growth potential. The property's strong tenant, established brand recognition, and favorable lease terms make this an attractive addition to any portfolio.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Traverse City
- County
- Grand Traverse
- State
- Michigan
- Longitude
- -85.5613
- Latitude
- 44.7494
- CBSA code
- 45900
- CBSA name
- TRAVERSE CITY, MI MICROPOLITAN STATISTICAL AREA
