1294 N US Highway 31 - Flex Wash Car Wash 5,000 SF Specialty Building Offered at $4,800,000 at a 6.25% Cap Rate in Petoskey, MI 49770

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Flex Wash Car Wash investment property located in Petoskey, Michigan. The tenant, Flex Wash Car Wash will sign a brand new 20-year lease at close of escrow with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for an out of state investor.
The property is located near the signalized, hard corner intersection of U.S. Highway 31 and State Highway 119 with a combined (43,100 VPD). U.S. Highway 31, is the major retail thoroughfare serving the city of Petoskey. Additionally, the site benefits from its proximity to Odawa Casino Resort, Little Traverse Bay, Petoskey State Park, and the area’s renowned golf resorts and vacation destinations, making Petoskey one of Michigan’s premier four-season tourism markets. Furthermore, the property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, The Home Depot, Meijer, Lowe’s Home Improvement, Sam’s Club, Harbor Freight Tools, Aldi, Dunham’s Sports, Buffalo Wild Wings, Starbucks, Panera Bread, Culver’s, and more, further increasing consumer traffic to the site. The subject property is in close proximity to McLaren Northern Michigan, a 202-bed regional medical center and one of the area’s largest employers, providing a significant daytime population and stable demand driver. The 5-mile trade area is supported by a population of over 16,400 with an affluent average household income of $114,015.