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1158 W Superior St 2,000 SF Retail Building Wayland, MI 49348 $2,877,506 ($1,438.75/SF) 5.50% Cap Rate
Investment Highlights
- Absolute NNN lease with no landlord maintenance obligations.
- Contractual 10% rent increases every five years.
- Fee simple ownership on a freestanding restaurant site.
- Located immediately off the US-131 interchange in Wayland.
- Lease term extends through December 2036 with renewal options.
- Operated by Border Foods, a large Taco Bell franchisee.
Executive Summary
Taco Bell at 1158 W Superior Street presents an opportunity to acquire a fee simple, single-tenant net lease investment positioned immediately off the US-131 interchange in Wayland, Michigan. The property is occupied by Taco Bell under an absolute NNN lease structure, with the tenant responsible for taxes, insurance, maintenance, utilities, parking lot upkeep, roof, structure, and foundation repairs. This structure minimizes landlord responsibilities and provides a predictable income stream.
The property sits along Wayland's primary retail corridor with direct exposure to traffic traveling through the US-131 Exit 64 interchange. Surrounding retailers include Harding's Market, McDonald's, Burger King, and Jimmy John's, supporting consistent commercial activity and consumer traffic. Wayland is located between the Grand Rapids metropolitan area and the Kalamazoo-Portage metropolitan area, providing access to regional commuters and travelers moving through western Michigan.
The lease commenced in December 2016 and extends through December 2036, with five additional 5-year renewal options available to the tenant. Scheduled rent escalations of 10% every five years provide contractual income growth throughout the remaining primary term and option periods. Annual rent is scheduled to increase from $158,263 beginning December 2026 to $280,372 during the final option period.
The tenant operates as a Taco Bell franchise location under Border Foods, Inc., one of the largest privately held Taco Bell franchisees in the United States. Border Foods operates more than 254 Taco Bell locations across 10 states and has maintained operations since 1986, providing established franchise operating history at the property.
The property sits along Wayland's primary retail corridor with direct exposure to traffic traveling through the US-131 Exit 64 interchange. Surrounding retailers include Harding's Market, McDonald's, Burger King, and Jimmy John's, supporting consistent commercial activity and consumer traffic. Wayland is located between the Grand Rapids metropolitan area and the Kalamazoo-Portage metropolitan area, providing access to regional commuters and travelers moving through western Michigan.
The lease commenced in December 2016 and extends through December 2036, with five additional 5-year renewal options available to the tenant. Scheduled rent escalations of 10% every five years provide contractual income growth throughout the remaining primary term and option periods. Annual rent is scheduled to increase from $158,263 beginning December 2026 to $280,372 during the final option period.
The tenant operates as a Taco Bell franchise location under Border Foods, Inc., one of the largest privately held Taco Bell franchisees in the United States. Border Foods operates more than 254 Taco Bell locations across 10 states and has maintained operations since 1986, providing established franchise operating history at the property.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Fast Food
Building Size
2,000 SF
Building Class
B
Year Built
2000
Price
$2,877,506
Price Per SF
$1,438.75
Cap Rate
5.50%
NOI
$158,236
Tenancy
Single
Building Height
1 Story
Building FAR
0.03
Lot Size
1.38 AC
Frontage
Amenities
- Freeway Visibility
- Restaurant
- Signage
- Drive Thru
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 56-006-053-20 | Improvements Assessment | $276,700 |
| Land Assessment | $196,700 | Total Assessment | $473,400 |
Property Taxes
Parcel Number
56-006-053-20
Land Assessment
$196,700
Improvements Assessment
$276,700
Total Assessment
$473,400
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Gael Courtney -
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Danny Aspillera -
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