7-Eleven

Tenant

7-Eleven

Location

Ferndale, Michigan

Price

$605,000

CAP Rate

5.84%

NOI

$35,321

Lease Term

3.9 Years Remaining

Occupancy

100%

Building Size

2,580 Sq. Ft.

Property Type

Single Tenant

Year Built

1978

Lot Size

0.38 acres

Status

Under Contract

Property Contacts:

Karly Iacono

First Vice President Investments

(201) 742-6119 | Email

  • Absolute NNN Corporately Guaranteed Lease
  • Investment Grade Tenant | AA- Rating from S&P
  • Excellent Visibility | Located on a Signalized Intersection
  • Strong Demographics | 405,941 People in Five Miles
  • Located in the Detroit MSA | More Than 4,200,000 Residents
  • Long Term Historical Occupancy | Tenant Has Operated at Location For Over 33 Years
  • National Retailers Nearby Include Taco Bell, CVS, Dairy Queen, and More

The Iacono Team at Marcus and Millichap is pleased to exclusively present a 7-Eleven in Ferndale, Michigan. The property is subject to an Absolute NNN lease with 3.9 years remaining on the base term. There are three five-year option periods available with CPI increases in each option. The lease is backed by 7-Eleven corporate which has an investment grade S&P rating of AA-. 7-Eleven has a long-term historical occupancy at this location and has operated here for more than 33 years.

7-Eleven is an American-Japanese international chain of convenience stores. They are the world’s largest operator franchisor, and licensor of convenience stores with more than 68,000 locations across 17 countries. Founded in 1927, 7-Eleven was the pioneer of the convenience concept and was the first convenience store to sell gas and use ATM services. The company’s most iconic products include the Slurpee, Big Gulp soft drinks, and fresh-made coffee. Their product mix is always evolving to better serve their customers.

The subject property is located on a hard corner signalized intersection with excellent visibility. National retailers in the area include Taco Bell, Dairy Queen, CVS and more. The neighborhood is densely populated with more than 405,000 people residing within five miles. Ferndale is part the larger Detroit metropolitan statistical area which has more than 4.2 million residents.