NNN APPLEBEE'S EAST LANSING MI - ABSOLUTE TRIPLE NET - LoopNet
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ABSOLUTE TRIPLE NET
NNN APPLEBEE'S EAST LANSING MI
2450 Coolidge | East Lansing, MI 48823
PRESENTED B
BY
Y: PROPER
PROPERTTY HIGHLIGHTS
PETER CCOL
OLVIN
VIN Absolute NNN Lease with 10+ Years Left
Council Chair Of Single Tenant
Investments Est 13.93% Overall Return
616.893.1398
peter.colvin@svn.com 60+ Unit Franchisee
Recently Remodeled
10% Rent Increase in 2023
Prime Meijer Grocery Entry Location
Over 150,000 People Within 5 Miles
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
FOR SALE | SINGLE TENANT RETAIL
NNN APPLEBEE'S EAST LANSING MI
2450 Coolidge, East Lansing, MI 48823
SALE O
OVER
VERVIEW
VIEW PROPER
PROPERTTY DESCRIPTION
The SVN Colvin Team presents this Absolute Triple Net Applebee's in East
SALE PRICE: $3,588,000 Lansing Michigan. This recently remodeled Applebees is located at the
entrance to a very busy Meijer Superstore in a very busy office, retail and
residential area near Michigan State University.
CAP RATE: 6.6%
The tenant is Team Schostak Family Restaurants, an operator of
approximately 70 Applebee’s in Michigan. The base term runs to 6-12-2027.
There is an additional 10% rent increase in 2023. There are also four 5 year
NOI: $236,827 renewals with 10% increases each.
Located just east of US-127 at the W. Lake Lansing Rd Exit, there are over
150,000 people within a 5 mile radius and 370,000 within 10 miles, plus over
LOT SIZE: 1.47 Acres 50,000 college students and over a million people that attend sporting
events at nearby Michigan State University each year.
BUILDING SIZE: 5,007 SF
YEAR BUILT: 1999
PETER C
COL
OLVIN
VIN
Council Chair Of Single Tenant Investments
616.893.1398
peter.colvin@svn.com
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
svn.
vn.ccom
MEIJER OUT LOT
NNN APPLEBEE'S EAST LANSING MI
2450 Coolidge, East Lansing, MI 48823
PETER C
COL
OLVIN
VIN
Council Chair Of Single Tenant Investments
616.893.1398
peter.colvin@svn.com
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
svn.
vn.ccom
FOR SALE | RETAIL
NNN APPLEBEE'S EAST LANSING MI
2450 Coolidge, East Lansing, MI 48823
Estimated Cash on Cash Return and Overall Return
Using 25% down, 4.2% interest, 25 year amortization,fixed for 5 years,
this would be the estimated cash on cash return and the
overall return when factoring in the principle reduction on the loan
Rent/NOI $ 236,827
Loan Payment $ (174,035)
Cash on Cash $ 62,792 7.00% cash on cash
Principle Reduction $ 62,202 6.93% additional return
Overall Return $ 124,994 13.93% total return on equity
Purchase Price $ 3,588,000
Down Payment $ (897,000)
Loan Amount $ 2,691,000
Debt Coverage Ratio 1.36
This is an estimate for discussion purposes only.
Purchase price is calculated on a 6.6 cap of the rent
as of July 1, 2018.
PETER C
COL
OLVIN
VIN
Council Chair Of Single Tenant Investments
616.893.1398
peter.colvin@svn.com
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
svn.
vn.ccom
POPULAR EAST LANSING
NNN APPLEBEE'S EAST LANSING MI
2450 Coolidge, East Lansing, MI 48823
PETER C
COL
OLVIN
VIN
Council Chair Of Single Tenant Investments
616.893.1398
peter.colvin@svn.com
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
svn.
vn.ccom
GO GREEN!
NNN APPLEBEE'S EAST LANSING MI
2450 Coolidge, East Lansing, MI 48823
PETER C
COL
OLVIN
VIN
Council Chair Of Single Tenant Investments
616.893.1398
peter.colvin@svn.com
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
svn.
vn.ccomOUR STORY: TEAM SHOSTAK FAMILY RESTAURANTS The Schostak family has had a footprint in Michigan for nearly 100 years. Since 1920, the company’s activities have included real estate development, acquisitions and leasing of retail, office, industrial, residential and mixed use projects, both urban and suburban. The fourth generation family based out of Livonia, MI currently operates commercial properties in several states throughout the Midwest as a full-service real estate development, management, leasing and consulting company. In the early 1980s, an opportunity presented itself. The company was managing a shopping center in Alpena, MI. The BURGER KING® Corporation had an option on a site in front of the shopping center, but they could not find a qualified franchisee to start the operation. BURGER KING® turned to the Schostak’s and asked if they were interested in becoming the franchisee. The Schostak’s were looking to diversify their real estate business to include in the company’s portfolio a day-to-day operating business. This opportunity seemed to be a good fit and the first venture proved to be a success. Since then, the company has grown from 1 to 60 BURGER KING® restaurants located throughout Michigan. In July 2015, after being in business with BURGER KING® for 34 years, TEAM Schostak Family Restaurants sold our 60 BURGER KING® restaurants to GPS Hospitality in an effort to diversify our portfolio. In April 2004, TEAM Schostak Family Restaurants entered into a development agreement with Olga’s Kitchen, Inc. to build restaurants in the Detroit Metropolitan area. Currently, there are 11 Olga’s in operation under this agreement. Additionally in 2015, TEAM Schostak Family Restaurants’ affiliate SOK Venture LLC acquired all assets of Troy, Mich.-based Olga’s Kitchen, Inc. In July 2005, TEAM Schostak Family Restaurants introduced Michigan to Del Taco, a successful West Coast, Mexican concept. To date, four restaurants have been opened in Michigan. The first restaurant, located at the corner of Ford Road and Telegraph in Dearborn, set a franchise record for opening restaurant sales. In 2006, two more Del Taco restaurants opened to great success in Roseville and Warren. We added a fourth location in 2014 in the Livonia area and are looking to expand Del Taco throughout Michigan in the future. In September 2012, TEAM Schostak Family Restaurants acquired 65 Applebee’s Restaurants located throughout lower Michigan. Applebee’s is known for its fun and family-friendly neighborhood atmosphere, along with signature grill and bar menu items that guests can only get at Applebee’s. In 2015, TEAM Schostak Family Restaurants entered into a franchise partnership with MOD Pizza. Based in Seattle, MOD’s individual artisan-style pizzas are made on demand, using fresh-pressed dough and signature sauces. Our plan is to open 25 MOD Pizza restaurants throughout Michigan during the next five years. The key to our growth is continued focus on maintaining quality operations and our involvement in our local communities. We place guest service and community commitment as our top priorities. We provide local jobs and participate in community activities, such as school fundraisers, child identity programs, special character days and holiday events. TEAM Schostak Family Restaurants is dedicated to providing our communities with great restaurants that feature a clean, safe, family atmosphere. TEAM Schostak Family Restaurants is committed to a variety of civic and charitable organizations within the community, including the Juvenile Diabetes Research Foundation, Muscular Dystrophy Association and Make-A-Wish Michigan. We also support our communities by participating in selected Second Harvest Programs to provide food to disadvantaged families. We are proud of our restaurants and our people!
FOR SALE | RETAIL
NNN APPLEBEE'S EAST LANSING MI
2450 Coolidge, East Lansing, MI 48823
POPULA
POPULATION
TION 3 MILES 5 MILES 10 MILES
TOTAL POPULATION 77,582 155,916 372,986
MEDIAN AGE 28.5 29.6 33.7
MEDIAN AGE (MALE) 28.6 29.3 32.6
MEDIAN AGE (FEMALE) 28.7 30.0 34.7
HOUSEHOLDS & INC
INCOME
OME 3 MILES 5 MILES 10 MILES
TOTAL HOUSEHOLDS 27,265 58,498 149,806
# OF PERSONS PER HH 2.8 2.7 2.5
AVERAGE HH INCOME $55,374 $52,464 $59,537
AVERAGE HOUSE VALUE $159,245 $143,886 $170,866
PETER C
COL
OLVIN
VIN
Council Chair Of Single Tenant Investments
616.893.1398
peter.colvin@svn.com
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
svn.
vn.ccomA p One of the largest full-service dining companies in the world. DineEquity was created from a foundation established by IHOP® - an American icon to our guests and a franchising company focused on providing strategic, visionary leadership for our franchisees, unparalleled opportunities for our team members, and enhancing value for our shareholders. By bringing Applebee's® together with IHOP in November 2007, we made a bold, new commitment to our brand-revitalization abilities and to the power of franchising. DineEquity has successfully made our two businesses more powerful and more successful than either brand could have been apart. Our dedicated focus combined with a core expertise in brand revitalization and franchising know-how is the basis for the winning formula that has defined the financial success of our business in recent years. As reported by Nation's Restaurant News, Applebee's and IHOP are the category leaders in casual and family dining, respectively. With more than 3,700 Applebee's and IHOP restaurants in 18 countries, a 99%-franchised system of 400 franchisee partners, and approximately 200,000 team members (at franchised restaurants), DineEquity is one of the largest full-service restaurant companies in the world. With more than 2,000 restaurants in 50 states, Puerto Rico and 15 other countries around the world, Applebee's is one of the world's largest Casual Dining brands. Founded in 1980 in Atlanta, Georgia by Bill and T.J. Palmer, Applebee's offers classic bar-and-grill menu items featuring higher-quality ingredients and premium preparation techniques, reasonable prices, and quality service in a neighborhood setting. Today, we are building upon this heritage and further differentiating Applebee's to maintain the brand's position at the top of the Casual Dining segment. We expect to generate sustainable same-restaurant- sales momentum for the Applebee's brand by significantly increasing the effectiveness of Applebee's marketing efforts, making meaningful improvements to the operational performance of our restaurants, and continuously introducing fresh, innovative dishes for our guests to enjoy.
FOR SALE | RETAIL
NNN APPLEBEE'S EAST LANSING MI
2450 Coolidge, East Lansing, MI 48823
Peter Colvin
Council Chair of Single Tenant Investments
SVN | Silveri Company
Peter and his son Chris have built a very strong national practice
helping people buy and sell quality single tenant investment real
estate leased long term to strong tenants.
Peter serves as the Chairman of the National Single Tenant Group for
SVN. He is consistently one of the “Top 10 Advisors in America” for the
company out of 1600 + Advisors.
Peter has over 10 years of investment real estate experience and has
completed nearly two billion dollars in transactions.
Peter specializes in 1031 Exchanges. He helps clients exchange their
management intensive properties into safe, long term "mailbox"
money passive investments. His SVN Teammates count on Peter to
Phone: 616.893.1398 handle their clients' 1031's as well.
Cell: 616.893.1398
Peter hosts The National Single Tenant Call and has been a featured
Email: peter.colvin@svn.com speaker at national conferences and events.
Address: 580 Cascade West Parkway, S.E.
Peter has won numerous local, regional, and national awards,
Grand Rapids, MI 49546
including The CoStar Power Broker Award and The Partner Circle
Award (SVN's highest honor) for many consecutive years. He was
voted The SVN Team Player of the Year for back to back years.
Peter and Chris helped create "The Dollar General Fund" which owns
new NNN leased Dollar Generals that investors can purchase units in
for long term cash flow.
Peter and Chris co-founded “Easy Leasebacks" which has become a
very popular vehicle for growing companies to use real estate equity
to creatively fund their growth.
Colvin earned degrees in business and music from Aquinas College in
Grand Rapids, Michigan, where he resides with his wife, Deb and sons.
He enjoys going on adventures with his cool wife Deb, playing football
with his college middle linebacker Cody and playing tennis and
growing the business with his son Chris.
PETER C
COL
OLVIN
VIN
Council Chair Of Single Tenant Investments
616.893.1398
peter.colvin@svn.com
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
svn.
vn.ccomDISCLAIMER
NNN APPLEBEE'S EAST LANSING MI | 5,007 SF | EAST LANSING, MI
The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the
property within and is not to be used for any other purpose. This information should not, under any circumstances, be
photocopied or disclosed to any third party without the written consent of the SVN® Advisor or Property Owner, or used
for any purpose whatsoever other than to evaluate the possible purchase of the Property.
The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in
this proposal, and no other person is authorized by the Owner to provide any information or to make any
representations other than contained in this Offering Brochure. If the person receiving these materials does not choose
to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor.
Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or
completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise
or representation as to the future representation of the Property. This Offering Brochure may include certain statements
and estimates with respect to the Property. These Assumptions may or may not be proven to be correct, and there can
be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all
liability for representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, or
any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to
rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real
Estate Purchase Agreement between it and Owner.
The information contained herein is subject to change without notice and the recipient of these materials shall not look
to Owner or the SVN Advisor nor any of their officers, employees, representatives, independent contractors or affiliates,
for the accuracy or completeness thereof. Recipients of this Offering Brochure are advised and encouraged to conduct
their own comprehensive review and analysis of the Property.
This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly
reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and
expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time
with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Offering
Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real
Estate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, a
prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and the
SVN Advisor from any liability with respect thereto.
To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser
should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase
Agreement shall bind the property and each prospective purchaser proceeds at its own risk.
All SVN® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.You can also read
