Absolute NNN Senior Living – The Villa at Winston Court
206 Winston Drive, Marshall, MI, USA Map
Two-Building, Single Tenant, Absolute NNN Assisted Living Center | 15-Year Sale Leaseback with Annual 2% Increases Plus Options
Listing Price $7,000,000
| Status | Closed |
| Lease Type | NNN |
| Property Type | Net Lease |
| CAP Rate | 6.0% |
| GLA (Sq. Ft.) | 30,818 |
| NOI | $420,000 |
| Lease Term Remaining | 15 Years |
| Increases | 2% Annually |
| Options | Two (2), 10-Year |
| State (BOR) | Michigan |
| Broker of Record | Steve Chaben |
| License # (BOR) | 6502387903 |
| Gross Buildable Area (in Sq. Ft.) | 30,818 |
| # of Units | 40 |
| Close Date | Sep 14, 2022 |
EXCLUSIVELY LISTED BY:
JESSE J. LIMON
First Vice President Investments
National Retail Group
www.limonnetleasegroup.com
Direct (212) 430-5291
Jesse.Limon@marcusmillichap.com
License NY 10401271892,
IN RB14048415
Investment Highlights
- Subject Asset Features Two Assisted Living Community Buildings with a Total of 30,818-Square Feet of Gross Leasable Area, Situated on a 5.20-Acre Lot with 32 Total Parking Spaces | Buildings Constructed in 2018 and 2016
- Total of 40 One-Bedroom or Deluxe Studio Residences Across Both Buildings with Four Floorplan Variations | Strategic Location (Covered Land Play) with Excellent Visibility and Access
- Absolute NNN Lease with No Landlord Responsibilities and Annual Two-Percent Rental Escalations Over 15-Year Sale Leaseback | Cap Rate Year One Equals Six-Percent (NOI: $420,000), Year Ten Cap Rate Equals 7.17-Percent ($501,939), and Year 20 Equals 8.74-Percent (NOI: $611,857)
- Guarantor Has a Strong Track Record in Assisted Living | State-of-the-Art Medical, Senior Living Operator Provides Three Levels of Care, Including Assisted Living, Memory Care, and Continuum Care
- Facility Amenities Include: Pet-Friendly Premises, Beauty and Barber Shop, Courtyard with Garden, Landscaped Grounds, Walking Paths, Spa, Media Room, Pharmacy, & More
- High-Visibility Facility, Just Off Superhighway Interstate I-69 (29,008 VPD) at Exit 36, One Mile South of I-94 (50,800 VPD) Interchange | Positioned Along Main Thoroughfare Michigan Ave/Business Loop I-94/M-96 with Tremendous Local Traffic Counts of Over 20,700 VPD as of 2020 (Source: MDOT)
- Across Michigan Avenue, Marshall Plaza Retail Center Includes Family Fare Supermarket, Rite Aid, Dollar Tree, AT&T and Taco Bell | Other Nearby Retailers Include Subway, Wendy’s, McDonald’s, AutoZone, Little Caesar’s, Applebee’s, Biggby Coffee, Goodwill Thrift Store, and More
- Subject is Neighbored by Five Medical Offices Providing Specialized Health Care Including Dental, Orthodontic, Family, Pediatric, Orthopedic, Sports Medicine, Endocrinology and Immunology Services
Conveniently Located Less Than Ten Minutes (Six Miles) East of FireKeepers Casino & Hotel, a $300+ Million-Dollar Facility Open 24/7 that Employs Over 2,400 | Features 2,900+ Slot Machines, 70 Table Games Including Live Poker and Bingo, 472-Room Four-Diamond Luxury Hotel, 2,000-Seat Concert Venue, Restaurants, Bars and Shopping | Expanded in 2021 - Two Miles East from Subject is Major Employer Oaklawn Hospital, with Over 1,000 Employees and 94 Beds for Emergency, Psychiatric and Primary Care Services
- Visitor-Friendly Facility is Located Adjacent to a 62-Room Quality Inn with Recently Completed Renovations in 2021 | Over 296 Rooms of Lodging within Three Miles of Subject
- One Mile East of Subject is an Industrial Business Park, with Manufacturing, Industrial and Offices Including Major Employer Tenneco Inc. Automotive, with Over 1,000 Employees
- Subject is Ten Minutes (Seven Miles) North of Marshall Country Club, Including an 18-Hole Golf Course, Dining Facilities, and Event Center Next to Lyon Lake
- Subject is 35 Miles (40 Minutes) East of Kalamazoo-Battle Creek International Airport “AZO,” a Regional Travel Hub with Over 200 Employees and an Annual Capacity of 250,000 Passengers
- The City of Marshall has an Estimated 2020 Population of 6,822 and Features Over 233 Acres of Public Parks, a Historic Landmark District with Eight Museums, the Oldest County Fair in the State, and Nationally Recognized Craft Breweries
- Two High-Speed, Inter-State Amtrak Commuter Rail Stations are Located Within a 20-Minute Drive of Subject, West in Battle Creek, Michigan and East in Albion, Michigan
Investment Overview
Marcus and Millichap is pleased to present the Villa at Winston Court Absolute NNN Senior Living Center, offering a total of 40 Assisted Living and Memory Care residential units, offering residents three tiers of personalized independent living, assisted living, and memory care, in addition to end-of-life care and services. The two-building facility is located at 206 and 208 Winston Court, Marshall, Michigan 49068. This well-positioned asset is conveniently located less than ten minutes (Six Miles) East of FireKeepers Casino and ten minutes (Seven Miles) North of Marshall Country Club, Including an 18-Hole Golf Course, Dining Facilities, and Event Center Next to Lyon Lake.
