Aaron’s (With Upside) Holland, Michigan

$917,000
Cap Rate: 8.50%
Closed
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 8.50%
Year Built: 1970
NOI: 78,000
Building Size: 9,000
Lot Size: 1.06 Acres
Lease Expiration: 4/20/2023

Address:

2451 Van Ommen Drive
Holland, MI 49424

Aaron’s is a triple net (NNN) lease with six years remaining on the lease. The current tenant recently renewed the lease for an additional five years. The offering features two, five-year renewal options with 10 percent rental increases every five years in the option periods. This opportunity has the added benefit of an additional 2,000 square feet of space with HVAC and restrooms.

The property benefits from its location within three miles from Grand Valley State University, Hope College and six miles from West Michigan Regional Airport. Holland, MI, and the surrounding area attract one million tourists each year. Notable national retailers include Lowe’s, Sam’s Club, Best Buy, Walmart Supercenter, Aldi, Meijer, Michael’s, Bed Bath & Beyond, HomeGoods, Dick’s Sporting Goods, Big Lots, Kohl’s, Hobby Lobby, Staples, Applebee’s, Steak ‘n Shake, Arby’s, Chipotle, Buffalo Wild Wings, Panera Bread and many more.

Aaron’s is North America’s leader in the sales and lease ownership of household necessities. Aaron’s has more than 1,860 company-operated and franchised stores in 47 States and Canada. In addition, it is ranked number 21 in Entrepreneur Magazine’s Franchise 500 out of thousands of franchise concepts and ranked number three by Forbes magazine among Top 20 “Franchise for the Buck”. Furthermore, Aaron’s has a record of 57 Years of consistent, reliable financial results and is a New York Stock Exchange traded company—AAN.

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