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Chipotle 3194 Henry St

2,325 SF Retail Building Norton Shores, MI 49441 £1,514,091 (£651/SF) 6% Net Initial Yield

Investment Highlights

  • 12-Year Net Lease with Corporate Guaranty: Long-term lease backed by Chipotle Mexican Grill, Inc., a Fortune 500 company with over 3,446 locations
  • The lease has no tenant termination options, ensuring stability and predictability for the investor
  • Positioned along Henry Street, an outparcel to a high-volume Meijer and across from a Walmart Supercenter, drawing substantial customer traffic
  • Rent escalations every five years during the primary term and option periods, providing a reliable growth in income
  • Net lease structure with minimal landlord responsibilities limited to roof, structure, and parking lot maintenance
  • More than 15,737 vehicles pass directly in front of the property daily, with additional exposure from Seaway Drive’s 27,000 vehicles per day

Executive Summary

This Chipotle is strategically situated along Henry Street, one of Muskegon’s busiest commercial corridors, with over 15,737 vehicles passing directly in front of the site each day. The property’s position ensures excellent visibility and accessibility for both local residents and visitors. Located just three miles from the new $291 million Trinity Health Medical Campus, which employs over 1,800 people, this Chipotle benefits from steady traffic from healthcare professionals, patients, and visitors. Additionally, the property is close to several educational institutions, including Muskegon Community College and Baker College of Muskegon, which together serve over 8,700 students. The site is an outparcel to a 24-hour high-volume Meijer and is directly across from a Walmart Supercenter, two of the area’s largest retail anchors. Other major national retailers in the vicinity include Walgreens, Dollar Tree, Family Dollar, CVS Pharmacy, AutoZone, and Advance Auto Parts, all of which contribute to significant customer draw and cross-shopping opportunities/ The property is surrounded by a growing population of over 93,000 residents within a five-mile radius. The area’s workforce is bolstered by more than 35,000 employees, providing a robust customer base throughout the day. The site is also supported by a diverse mix of nearby residential communities, K-12 schools, and recreational amenities, making it an ideal location for both dine-in and takeout customers. Muskegon is experiencing revitalization and economic growth, driven by ongoing investments in healthcare, education, and infrastructure. The projected population and income growth within the 1-, 3-, and 5-mile radii over the next five years further strengthen the demand for dining options like Chipotle, making this an attractive opportunity for long-term investors

Property Facts

Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Fast Food
Building Size
2,325 SF
Building Class
B
Year Built
2023
Price
£1,514,091
Price Per SF
£651
Net Initial Yield
6%
NOI
£90,804
Tenancy
Single
Number of Floors
1
Building FAR
0.09
Land Acres
0.59 AC
Zoning
C-2 - Commercial
Parking
10 Spaces (4.3 Spaces per 1,000 SF Leased)
Frontage
105 ft on Henry Street

Amenities

  • Drive Thru
Walk Score ®
Very Walkable (75)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

Nearby Major Retailers

Independent Bank
Russ' Restaurants
Chase Bank
Chili's
Comerica
PNC Bank
Tim Hortons
BIGGBY Coffee
Huntington National Bank
ALDI
  • Listing ID: 33464762

  • Date on Market: 09/10/2024

  • Last Updated:

  • Address: 3194 Henry St, Norton Shores, MI 49441

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