5719 N Hwy 23
Oscoda, MI 48750
Retail Property For Sale

Kmart: 20% CAP | $15.20/SF | Strong Store Sales Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to bring to market a single tenant Kmart in Oscoda, Michigan. The 90,470-square-foot building is leased through September 2019 to double-net terms. As a double-net lease, the landlord has minimal responsibilities, limited to the roof, structure, and parking lot repair and replacement. The property has upside via future re-leasing at greater than the current $3.12 per square foot rent. The tenant has occupied the site for 33 years, taking tenancy of the brand new building in 1983, and nearly doubling the gross leasable area in 1990 via a significant store expansion. The subject property benefits from its location along U.S. Route 23, a major route connecting Mackinaw City, Michigan to Jacksonville, Florida, over the course of 1,435 miles. Route 23 is the primary corridor through town, seeing 17,801 cars per day. Demographics in the surrounding area are stable, with 7,971 residents within five miles and 10,847 residents within ten miles. Kmart benefits from minimal competition as the only big box national retailer in town. The nearest Walmart is 24 minutes away, nearest Meijer is 54 minutes away, and the next closest Kmart is 1 hour and 11 minutes away. Oscoda is located on the shores of Lake Huron in Northern Michigan, and is a popular recreational destination for hiking, camping, beaches, boating, fishing, snowmobiling, cross-country skiing, and numerous other activities. Oscoda is home to the decommissioned Wurtsmith Air Force Base, which is now the Oscoda-Wurtsmith.