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Flint, MI - Texas Roadhouse
4140 Miller Road | Flint, MI 48507
Description
SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, Texas Roadhouse investment property located in Flint, Michigan. The tenant, Texas Roadhouse, recently exercised a 5-year option early making the current lease term over 10 years remaining with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Texas Roadhouse operates over 740 restaurants system-wide in 49 states.
Location
The Texas Roadhouse is located along Miller Road, which averages 29,600 vehicles passing by daily. The site benefits from nearby direct on/off ramp access to Interstate 69 and Interstate 75, two major thoroughfares that average a combined 135,800 VPD. The asset is in close proximity to Genesee Valley Center, a 1,300,000+ SF regional shopping center, that is anchored by Macy’s, T.J. Maxx, Ashley Furniture, Hobby Lobby, and many more. The subject property is located in a dense retail corridor, with numerous nearby national/credit tenants including Target, Old Navy, Michaels, Ollie’s Bargain Market, Big Lots, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Furthermore, Bishop International Airport is located nearby the subject property, further increasing consumer traffic to the immediate trade area. The 5-mile trade area is supported by over 103,000 residents and 72,000 employees, providing a direct consumer base from which to draw. Residents within a 5-mile radius of the subject property have an average household income of $65,573.