HOUGHTON LAKE, MI
HOUGHTON LAKE CROSSING
The Chetek Group of Marcus & Millichap is pleased to present the exclusive opportunity to acquire Houghton Lake Crossing, a 33,708-square foot multi-tenant retail center (“The Property”) located in Houghton Lake, MI. The center is ideally positioned directly in-between dominant national retailers Walmart and The Home Depot. The Property is currently 90% occupied with a complementary mix of national and regional tenants, including Dollar Tree, Salvation Army, GNC, Shoe Show, and Check N’ Go, among others. The discount-oriented retail tenant lineup boasts strong historical occupancies and staggered lease expirations. In addition, the Property offers a new investor upside potential in leasing the vacant space and converting the one gross lease to triple-net.
Houghton Lake Crossing is located at the center of Roscommon County’s primary trade corridor, situated along W Houghton Lake Dr. with multiple ingress and egress points. The Property benefits from its strategic positioning in-between the only Walmart Supercenter and Home Depot within 25-miles. In addition, the immediately surrounding trade area is also host to a large variety of other national retail, dinning and hospitality establishments including: McDonalds, Walgreens, Dairy Queen, Taco Bell, Chase Bank, Tractor Supply, Dollar General, Taco Bell, Advance Auto Parts, and many others. For the vast majority in this national retail concentration, their locations’ in Houghton Lake, Michigan represent their only locations in all 580 square-miles of Roscommon County. This provides the subject property with little to no competition in the area.
70% of the Property is occupied by national credit tenants and the minority share is comprised of tenants that have demonstrated their commitment to the location through new leasing or recent expansion and renovations. The property sits on approximately 5.67 acres with ample parking, frontage and excellent visibility from one of the busiest signalized intersections in town. Houghton Lake Crossing was constructed in phases starting in 2009 and fully completed in 2014. The Property is exceptionally well managed requiring less than 50 hours per year of landlord input.
Houghton Lake, well known as a resort town with the largest inland lake in the state of Michigan also offers amenities like the North & South Higgins Lake State Park, White Deer Country Club, Houghton Lake, Higgins Lake, Tip-Up Town USA Winter Festival, Roscommon Zoo, and the Cross Country Ski headquarters – all of which attract travelers year round and are a point of pride for residents.
Houghton Lake Crossing offers investors a perfectly positioned asset through its location, occupancy, strength of tenants, capital maintenance record, upside potential, and double-digit leveraged cash-on-cash return.
The Property is being offered free and clear of debt at an 8.5% cap rate for $1,747,376.
33,708 Gross Square-Foot Regional Shopping Center
Walmart Supercenter and Home Depot Shadow Anchored Shopping Center | Only Locations within A 25-Mile Radius
Diverse, Service Oriented Tenant Lineup with Strong Historical Occupancies and Staggered Lease Expirations
Upside Potential In Leasing The Vacant Space And Converting The One Gross Lease To Triple-Net
Well-Maintained Shopping Center with Recent Capital Improvements
70% Of The Property Is Occupied By National Credit Tenants