Famous Dave's BBQ | Corporate Absolute NNN Lease | Saginaw, MI

An exceptional high-yielding commercial real estate investment opportunity featuring a single-tenant freestanding 7,595-square-foot casual dining restaurant situated on a expansive 3.10-acre parcel in Saginaw, Michigan. Offered at $2,480,000 ($327/SF), this asset delivers an attractive 7.50% cap rate producing $186,000 in Net Operating Income (NOI). Fully leased under an Absolute NNN corporate lease to Famous Dave’s BBQ, the tenant has successfully operated at this location for over 20 years and recently executed an early 10-year lease renewal, demonstrating an overwhelming long-term commitment to the site.

Property Specifications & Financial Overview

• Purchase Price: $2,480,000

• Cap Rate: 7.50%

• Annual Net Operating Income (NOI): $186,000

• Price Per Square Foot: $327 / SF

• Tenant / Brand: Famous Dave's BBQ

• Guaranty: Strong Corporate Guarantee (Famous Dave's Corporate)

• Building Size: 7,595 Net Rentable SF

• Lot Size: 3.10 Acres (135,036 SF)

• Year Built / Renovated: 2004

• Occupancy: 100% Single-Tenant

• Lease Structure: Absolute NNN (Zero Landlord Responsibilities)

• Remaining Lease Term: ~9.3 Years (Expiration: December 31, 2035)

• Rent Escalations: Contractual Rent Bumps

• Renewal Options: Three (3) Additional 5-Year Options

• Zoning: B-3 General Business District

• Ownership: Fee Simple

• APN: 18-13-4-34-1008-014

Passive Absolute NNN Terms & Iconic National Brand Backing

Famous Dave's BBQ is an award-winning, nationally recognized barbecue restaurant brand operating dozens of locations across North America. This offering combines long-standing site performance with prime net-lease fundamentals:

• Zero Landlord Responsibilities: The Absolute NNN lease structure eliminates all management and operational duties, making the tenant 100% responsible for taxes, insurance, common area maintenance (CAM), roof, structure, HVAC, and parking lot upkeep.

• Corporate Guaranty: Backed directly by Famous Dave's corporate entity, providing maximum credit security and loan underwriting strength.

• Proven 20+ Year Historical Occupancy: Operating at this location since 2004, the tenant's recent 10-year extension reinforces the site's exceptional profitability and strategic value within their regional footprint.

• Contractual Income Growth: Scheduled rent bumps during the primary lease term and renewal options safeguard against inflation and guarantee yield expansion.

Generous 3.10-Acre Footprint & High-Traffic Corridor

Situated along Saginaw's primary commercial artery, the site offers substantial land area, high exposure, and surrounding retail density:

• Expansive 3.10-Acre Site: The oversized parcel features generous parking capacity, smooth traffic circulation, and long-term underlying land utility.

• Prime Retail Synergy: Surrounded by major national anchors including Walmart Supercenter, Meijer, Target, The Home Depot, Lowe's, and Kohl's, generating massive daily cross-shopping volume.

• High-Visibility Positioning: Fronting a heavily traveled commercial strip, the site captures significant daily drive-by exposure and constant vehicle flow.

Established Saginaw Commercial Trade Area

Saginaw serves as a central commercial and economic hub for the Great Lakes Bay Region:

• Stable Economic Base: Supported by healthcare institutions, manufacturing anchors, regional higher education facilities, and a solid local workforce.

• Captive Regional Draw: Pulls daily shoppers, workers, and restaurant patrons from Saginaw, Bay City, and Midland trade areas.

• Durable Food Service Market: Strong consumer demand and established regional dining habits support long-term restaurant performance.

Key Investment Highlights

• 100% Passive Absolute NNN Lease with zero landlord operating responsibilities.

• Strong 7.50% Going-In Cap Rate generating $186,000 in reliable corporate-backed NOI.

• Recent 10-Year Lease Renewal executed by the tenant, demonstrating deep commitment to the location.

• Over 20 Years of Successful Operating History at this exact site.

• Substantial 3.10-Acre Parcel providing valuable real estate footprint and high parking ratio.

• Surrounded by Top National Retail Anchors driving steady customer foot traffic