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Meineke 2951 Stadium Dr 4,401 SF Retail Building Kalamazoo, MI 49008 $1,433,000 ($325.61/SF) 6.50% Cap Rate
Investment Highlights
- Brand-new 20-year absolute net lease featuring a personal guaranty from the operator
- 2nd largest Meineke operator in the country – 39 units currently with plans in place to expand to 100+
- Surrounding residents own an average of 2 cars per household, with the 5-mile population spending approximately $8.7M on auto repair annually (CoStar)
- 10% rental increases every 5 years providing a hedge against inflation
- Dense residential trade area – 148,000 residents within a 5-mile radius of the subject property
- Subject property features standalone frontage on Stadium Drive – the main retail thoroughfare in the trade area
Executive Summary
A brand-new 20-year lease featuring 10% rental increases every 5 years and an absolute net lease structure requiring zero landlord expense/maintenance obligations. Tenant is the 2nd largest Meineke operator in the country with 39 locations currently in their system and plans in place to expand to 100+ units.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Auto Repair
Building Size
4,401 SF
Building Class
B
Year Built/Renovated
1978/2025
Price
$1,433,000
Price Per SF
$325.61
Cap Rate
6.50%
NOI
$93,129
Tenancy
Single
Building Height
1 Story
Building FAR
0.22
Lot Size
0.46 AC
Zoning
CC
Parking
25 Spaces (5.68 Spaces per 1,000 SF Leased)
Frontage
76’ on Stadium Dr
Amenities
- Dedicated Turn Lane
- Pylon Sign
Nearby Major Retailers
Property Taxes
| Parcel Number | 06-29-117-001 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $263,600 |
Property Taxes
Parcel Number
06-29-117-001
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$263,600
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Meineke | 2951 Stadium Dr
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