Mattress Firm & Detroit Wing Company

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Mattress Firm & Detroit Wing Company

31831 Gratiot Ave Roseville MI Macomb County

Sales Price: $2,854,699

Cap Rate: 6.40%

Contact Person(s): Daniel H. Kukes
Maxwell E. Lippitt
Jason M. Greenspan
Charles V. Van Camp

Description:

  • New 2021 Construction: Subject property is a former Denny’s and undergoing a complete remodel. Virtually all aspects of the building are being replaced including a new roof and parking lot. Both tenants are expected to open for business in December 2021.
  • Long-Term Tenancy: Tenants are under new 10-year leases, providing long-term stable cash flow.
  • Expanding Tenants: Detroit Wing Company is one of the area’s fastest growing restaurant concepts with 17+ locations planned to be open by the end of the year and 40-50 locations projected to be open by the end of 2022. MattressFirm has been aggressively expanding in the Midwest as of late with dozens of locations expected to open before year’s end.
  • Attractive Leverage Returns: The current capital markets will give investors different options to achieve attractive leveraged yields.
  • Excellent Retail Corridor/Visibility: Subject building lies within the heart of one of Metro Detroit’s largest retail corridors and is surrounded by national tenants such as Sam’s Club, Kroger (2 locations), Meijer, Home Depot, At Home, Hobby Lobby, Burlington, Old Navy, Five Below, etc. The development has a dedicated curb cut on Gratiot Ave (47,349 CPD), one of the area’s primary north/south roads.
  • High Density Demographics: There are an estimated 258,000 people within a 5 mile radius and average HH income is estimated at $75,000.

Building Size: 5,184 SF

Lot Size: 1.00 AC

Tenant Roster: Mattress Firm & Detroit Wing Company

Traffic Count: Gratiot Ave (47,349 CPD)

Demographic Info:

Radius: 1 Mile 3 Miles 5 Miles
Population Density: 12,059 109,378 258,290
Avg. HH Income: $70,341 $72,183 $74,986
Daytime Population: 4,254 36,276 81,623

LANDMARK INVESTMENT SALES – Licensed Real Estate Brokers. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates are used for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction, the suitability of the property for your needs.