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11 Year Hobby Lobby 12380-12386 Felch St
80,953 SF 100% Leased Retail Building Holland, MI 49424 $5,520,662 ($68/SF) 7.25% Cap Rate
Investment Highlights
- Early 10-year Hobby Lobby lease extension showing a strong commitment to the location
- Recent 10-year lease extension with Furniture & Mattress Warehouse
- Easy access to US Highway 31 and I-196
- Heavy retail corridor with Lowes, Walmart, and Meijer nearby
Executive Summary
Early 10-Year Lease Extension from Hobby Lobby showing a long-term commitment to the site.
Excellent cap rate for a long-term credit tenant.
West Shore Plaza II is located off of US Highway 31, a major north-south corridor through western Michigan. It is situated in an area with a well-balanced mix of retail, hospitality, and residential, including Westshore Mall, immediately to the south of the property.
Financial Summary (Actual - 2022) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$400,248
|
$4.94
|
Financial Summary (Actual - 2022)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $400,248 |
| Annual Per SF | $4.94 |
Property Facts
Amenities
- Dedicated Turn Lane
- Pylon Sign
- Signage
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease End
- Furniture And Mattress Warehouse
- Retailer
- 25,000 SF
- -
- Aug 2034
-
- Retailer
- 55,280 SF
- -
- Aug 2034
In 1970, David and Barbara Green took out a $600 loan to start making miniature picture frames from their home. Two years later, the new business opened a 300-square-foot store in Oklahoma City, marking the inception of Hobby Lobby. Today, with over a thousand stores, Hobby Lobby stands as the largest privately owned arts-and-crafts retailer in the world, employing tens of thousands of people with stores across the U.S. Hobby Lobby offers a wide selection of items, including home decor, seasonal decor, tableware, floral arrangements, art supplies, craft supplies, yarn, fabric, jewelry-making materials, hobbies, and more. Corporate headquarters include over 12 million-square-feet of manufacturing, distribution, and an office complex in Oklahoma City.
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease End | ||
| Furniture And Mattress Warehouse | Retailer | 25,000 SF | - | Aug 2034 | ||
|
|
Retailer | 55,280 SF | - | Aug 2034 |
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 70-16-16-400-047 | Improvements Assessment | $0 (2024) |
| Land Assessment | $0 (2024) | Total Assessment | $3,179,000 (2024) |
PROPERTY TAXES
-
Christopher Twist -
Colliers
Presented by
11 Year Hobby Lobby | 12380-12386 Felch St
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