Retail Space / Michigan / Big Rapids / 49307 / 718 Perry Avenue

718 Perry Avenue

Big Rapids, MI 49307

Listing ID: 301765

$2,799,000

For Sale

Property Type Retail for Sale : Food Service
Lot Size Acres 0.870
Building Sq Ft 4,170
Building Price per Sq Ft $671.22
Land Sq Ft 37,897
Land Price per Sq Ft $73.86
CAP Rate % 8.60

718 Perry Avenue | for Sale | Thumbnail 2

Property Highlights

• Year Built 2000

• Zero Landlord responsibilities

• Just under 1,600 locations in the United States as of 2023 within 1,167 cities nationwide

• The parent company, Dine Brands Global, Inc. sales were up close to $1 billion as of year end 2021

• Approximately 1680 restaurants worldwide as of 2021

• The first Applebee's opened in Atlanta in 1980

Description

Fantastic location facing one of several main entrances to Ferris State University - a Michigan State University operating at "Full Strength" with 13,000 students. Restaurant is located in front of a shopping center anchored by Big Lots, Tractor Supply and Auto Zone. 2022 Sales analysis hard with $3M plus restaurant sale. Nearly 12% increase from 2021-2022 in restaurant sales.
Seller will credit the Buyer with the differences between the current annual rent of $218,607.40 and the adjusted rent through June 30, at closing. Sales in Big Rapids are almost 20% above the national average for Applebee's - contact Dr. Jeffrey Hirschfeld for more information. Team Schostak Family Restaurants operates nearly 170 restaurants throughout Michigan and has been part of a family owned real estate business for over 4 generations. Schostak's current activities include joint ventures, build to suit projects, mixed use developments and leasing retail, office, industrial, residential use projects both suburban and urban in 24 states. Dense retail corridor with nearby retailers including Menard's, Lowe's Meijer, Walmart, Hampton Inn, Culver's, Holiday Inn, Bob Evans, McDonalds, Super 8, Dunham's Sports, Walgreens and more.

Attachments & Files

applebees718perryave.-X5R-9Qn.pdf

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Listing Demographics for 718 Perry Avenue Big Rapids, MI 49307

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

		1-Mile	3-Miles	5-Miles
Total Population		5,587	13,727	18,043
Population Median Age		27	32	34
Population by Age	0-9 Yrs	150 (2%)	1001 (7%)	1501 (8%)
	10-19 Yrs	1747 (31%)	2863 (20%)	3404 (18%)
	20-29 Yrs	2494 (44%)	4694 (34%)	5274 (29%)
	30-39 Yrs	197 (3%)	1159 (8%)	1634 (9%)
	40-49 Yrs	288 (5%)	1210 (8%)	1765 (9%)
	50-59 Yrs	220 (3%)	887 (6%)	1583 (8%)
	60-69 Yrs	329 (5%)	1151 (8%)	1653 (9%)
	70+ Yrs	162 (2%)	764 (5%)	1230 (6%)

Median HH Income		$40,750	$31,032	$36,325
Total Household Income	< 24K	522 (39%)	1794 (38%)	2175 (34%)
	25-49K	312 (23%)	1279 (27%)	1730 (27%)
	50-74K	159 (12%)	579 (12%)	854 (13%)
	75-99K	130 (9%)	361 (7%)	572 (9%)
	100-199K	174 (13%)	508 (10%)	835 (13%)
	200K+	11 (0%)	100 (2%)	168 (2%)

Highest Education Level	No Diploma	102	414	578
	Diploma or GED	327	1620	2489
	Some College	243	1397	2109
	Assoc. Degree	206	639	973
	Bachelors Degree	353	1051	1599
	Higher Degree	260	868	1216

Total Housing Units		1,569	5,184	7,209
--Owner-Occupied		439	2,231	3,590
--Renter-Occupied		869	2,390	2,744
Owner-Occupied Values	< 100K	112	791	1181
	100-199K	234	1005	1654
	200-299K	59	264	476
	300-399K	10	48	95
	400-499K	7	62	98
	500K+	17	62	85

Total Working Age Population		5,303	12,089	15,541
In Work Force		3,274	7,358	9,399
Not In Work Force		2,029	4,731	6,142
Workforce Employed		3,025	6,873	8,837
Workforce Unemployed		249	485	563
Civlian Workforce		3,274	7,358	9,399
Military Workforce		0	0	0

Total Households		1,308	4,621	6,334
Family Households		467	2,008	3,138
Non-Family Households		842	2,612	3,196
Married Couple		263	1,290	2,150
Other Family		203	718	988
Married w/Child		108	601	918
Single Male w/Child		34	108	142
Single Female w/Child		77	347	476

Population Change Last Two Decades - Plus Projection

	2000	%	2010	%	2020	%	2030
Michigan	9,938,444	-1	9,883,640	+1	10,023,423	+4	10,424,510
Newaygo County	47,874	+1	48,460	+1	48,810	+6	51,547
Mecosta County	40,553	+6	42,798	+2	43,585	+2	44,589

Total Working Age Population:

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While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

Listing Location & Map Views

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