PDF Property Brochure

Representative Photo
Kmart with Freestanding Building
8171 West Houghton Lake Drive – Houghton Lake, MI
Price: $1,975,000 | NN Rent: $438,756 | CAP: 22.215%
Phone: 212.972.7457
Fax: 212.686.0078
exp@exp1031.com
www.exp1031.com
 Big Kmart (91,266 sf) + (44,459 sf) freestanding former Carter’s grocery store
 Only $14.55 psf for 135,225 sf in two buildings
 17.24 acres ($114,559 per acre)
 Publicly traded tenant: Sears Holdings Corporation (NASDAQ: SHLD)
 Ten (5) year options at the same rent ($4.80 psf) for Kmart
 Area retailers include Dollar General, Subway, McDonald's, Burger King, KFC, Super 8, and Big Boy
 22+% yield and vacant Carter’s
Big Kmart
+ Free
Standing Building
Whisper
Valley
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Property Line
Investment
Overview
Map
PROPERTY OVERVIEW:
EXP Realty Advisors exclusively presents for sale a 91,266 sf Big Kmart and a 44,459 sf freestanding former
Carter’s Grocery Store. The store offers pharmacy, home appliances, and lay away as well as seasonal garden
shop and year round check cashing. The properties are offered at $14.55 psf. Kmart has been at this location
since 1992 and operates a pharmacy. Local area retailers include Dollar General, Subway, McDonald's, Burger
King, KFC, Super 8, Chevrolet, and Big Boy. Houghton Lake is the largest inland lake in Michigan, and is known for
year round fishing including the Tip-Up-Town USA Ice Fishing Festival and Winter Carnival.
There is a vacant pad site in front of the property which is also available for sale. Click Here for details.
LOCATION OVERVIEW:
Houghton Lake is a popular vacation and retirement location with 22,000 surface acres. It has pristine beauty and
friendly surroundings, great boating fun and world-class walleye, northern pike and bass fishing. Several
thousand acres of magnificent state forest surround the lake. One can hike, bike, golf, snowmobile, ORV, hunt,
boat, canoe and fish. The area features beaches, historical sites, festivals, nature and eco-friendly activities.
KMART LEASE SUMMARY:
Original Rent Commencement:
Lease Expiration:
Current Rent:
Lease Type:
Options:
Carters Grocery Store:
December 1, 1992 – 25 year base lease term
November 30, 2017
$438,756 – flat in base term and options
Double Net – Landlord responsible for roof, structure & lot
Ten (5) Year Options (rent stays flat throughout each option)
Vacant
TENANT OVERVIEW: Sears Holdings Corporation (NASDAQ: SHLD):
Sears Holdings Corporation (NASDAQ: SHLD), a leading retailer with almost 2,500 full-line and specialty retail
stores in the United States and Canada. Sears Holdings is also the leading home appliance retailer as well as a
leader in tools, lawn and garden, fitness equipment and automotive repair and maintenance. Kmart is the #3
discount retailer in the US. It sells name-brand and private-label goods mostly to low- and mid-income families.
INVESTMENT SUMMARY
Price:
$1,975,000
CAP Rate:
22.215%
Financing:
Seller Financing
Available
Lease
Expiration:
November 30, 2017
NN Rent:
$438,756
Big Kmart SF:
91,266 SF
Vacant Building SF: 44,459 SF
Real Estate Taxes
On Vacant Building: $1.50 PSF
Land Size:
17.24 Acres
Rent PSF:
$4.81 (Kmart)
Lease Type:
Double Net
This information has been obtained from sources deemed reliable, however EXP Realty Advisors, Inc. does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
INVESTMENT OVERVIEW
Big Kmart
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Standing Building
Whisper
Valley
Ranch
Labeled
Aerial
Property
Area
History
Line Map
Houghton Lake
Houghton Lake
State Airport
Subject Property
Houghton Lake Park
This information has been obtained from sources deemed reliable, however EXP Realty Advisors, Inc. does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Big Kmart
+ Free
Standing Building
Whisper
Valley
Ranch
Former
Carter’s
Grocery Store (included in sale)
Property
Area
History
Line Map
Actual Property
This information has been obtained from sources deemed reliable, however EXP Realty Advisors, Inc. does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Big Kmart
+ Free
Standing Building
Whisper
Valley
Ranch
Labeled
Aerial
Property
Area
History
Line Map
Vacant
44,459 sf building
included in sale
(formerly Carter’s
grocery store)
Vacant Former Wendy’s
Available For Sale – Click Here For Details
This information has been obtained from sources deemed reliable, however EXP Realty Advisors, Inc. does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Big Kmart
+ Free
Standing Building
Whisper
Valley
Ranch
Location
Map Map
Property
Area
History
Line
Subject Property
This information has been obtained from sources deemed reliable, however EXP Realty Advisors, Inc. does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Big Kmart
+ Free
Standing Building
Whisper
Valley
Ranch
Location
Map Map
Property
Area
History
Line
This information has been obtained from sources deemed reliable, however EXP Realty Advisors, Inc. does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Big Kmart
Whisper
Valley Ranch
Location
Map Map
Property
Area
History
Line
This information has been obtained from sources deemed reliable, however EXP Realty Advisors, Inc. does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Big Kmart
Whisper
Valley Ranch
Houghton
Lake,
MI - Overview
Property
Area
History
Line
Map
Economy/Trade Area:
The Houghton Lake Area is a popular vacation spot in Northern Michigan,
and is host to many resorts, events, and other tourist attractions. Tourism
makes up a large part of the local economy.
Houghton Lake is also a popular retirement location, with many retired
residents known as “Snow Birds” who stay in Houghton Lake each year until
winter.
Transportation:
Houghton Lake is only 3 hours northwest of Detroit. The Indian Trails
company provides daily intercity bus service between Saint Ignace and East
Lansing, Michigan.
Attractions:
There are a number of recurring local events in the Houghton Lake Area,
which are great sources of income for local businesses. Events include TipUp USA, Bud Bash and Historic Village Days, Permanent attractions include
the Civilian Conservation Corps Museum, Houghton Lake Historical Village,
Roscommon Historic Model Train Club, Houghton Lake Historical Playhouse,
Marguerite Gahagan Preserve, Mason Tract Pathway, Wellington Farm
Park. Outdoor activities include fishing, ATV trails, snowmobiling, cross
country skiing, and hiking.
This information has been obtained from sources deemed reliable, however EXP Realty Advisors, Inc. does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Big Kmart
Whisper
Valley Ranch
Houghton
Lake,
MI - Overview
Property
Area
History
Line
Map
Bud Bash:
Boats are tied together on the lake behind the Limberlost,
where hundreds of people converge to enjoy live music and
quality beverages. The highest recorded attendance for Bud
Bash was in 2008, when over 5,300 people visited Houghton
Lake to partake in the festivities.
Tip-Up USA :
Michigan’s largest winter festival, is held during the third and
fourth weekends of January each year, including such events
as a carnival, car show, polar bear dip, giant ice slide, and pie
eating contest.
This information has been obtained from sources deemed reliable, however EXP Realty Advisors, Inc. does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Big Kmart
Whisper
Valley Ranch
Houghton
Lake,
MI - Overview
Property
Area
History
Line
Map
Wellington Farm – A60-acre open-air interpretive museum designed to provide an
educational opportunity for visitors to experience life as it was in rural mid-America during
The Great Depression. Through a series of displays, a wide variety of exhibits, and beautiful
natural settings, the park provides a variety of educational, recreational, and cultural
opportunities for visitors to Northern Michigan.
Roscommon Historic Model Train Club – This museum aims to educate and promote
public interest in the building and operation of model trains. The organization is now
Northern Michigan’s fast growing train club.
Marguerite Gahagan Nature Preserve – Peaceful hiking trails amongst mature white and
red pine forest and cedar swamp. This is an area working to protect habitat and wildlife
forever. The Preserve is open to the public from dawn until dusk. One trail is paved and
wheelchair accessible. Gahagan Preserve is located in Roscommon, off M18 and Southline
Rd. directly behind Compost Center.
This information has been obtained from sources deemed reliable, however EXP Realty Advisors, Inc. does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Big Kmart
+ Free
Standing Building
Whisper
Valley
Ranch
Demographic
Property
Line Data
Map
Radius
3 Mile
Population:
2020 Projection
2015 Estimate
2010 Census
2015 Population Hispanic Origin
2015 Population by Race:
White
Black
Am. Indian & Alaskan
Asian
Hawaiian & Pacific Island
Other
U.S. Armed Forces
Households:
2020 Projection
2015 Estimate
2010 Census
Owner Occupied
Renter Occupied
2015 Avg Household Income
2015 Med Household Income
2015 Households by Household Inc:
<$25,000
$25,000 - $50,000
$50,000 - $75,000
$75,000 - $100,000
$100,000 - $125,000
$125,000 - $150,000
$150,000 - $200,000
$200,000+
5 Mile
10 Mile
2,318
2,458
2,899
42
5,677
5,919
6,614
95
15,583
15,820
16,160
242
2,387
17
12
9
1
32
0
5,734
40
55
22
1
67
0
15,362
105
121
77
1
153
0
1,032
1,098
1,311
865
233
$41,369
$31,389
2,606
2,720
3,048
2,146
574
$44,404
$33,313
7,342
7,456
7,617
6,233
1,224
$44,965
$34,638
436
394
167
55
13
7
5
22
946
961
538
130
53
20
19
55
2,539
2,651
1,310
464
267
67
49
111
Contact Us
EXP Realty Advisors
118 East 28th Street
Suite #901
New York, NY 10016
Phone: (212) 972-7457
Fax: (212) 686-0078
www.exp1031.com
Our Team
Robert P. James
President
Phone: (212) 972-7457
Email: rob@exp1031.com
Daniel de Sa‘
Director of Sales
Phone: (212) 972-7457
E-mail: dan@exp1031.com
This information has been obtained from sources deemed reliable, however EXP Realty Advisors, Inc. does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
DEMOGRAPHIC DATA