1620 E Apple Ave

Bob Evans at 1620 East Apple Avenue offers a single-tenant ground-lease investment in Muskegon, Michigan. The 5,500-square-foot restaurant occupies approximately one acre and is offered at $1,530,000, reflecting a 6.00% capitalization rate on reported annual NOI of $91,800.

Bob Evans has operated at the property since 1989. The corporate-guaranteed ground lease runs through June 29, 2034 and includes 2% annual rent increases plus two additional five-year renewal options. The tenant is responsible for roof, parking lot, HVAC, common-area maintenance, taxes and insurance, leaving the landlord with no property operating obligations.

The property is positioned as an outparcel to ALDI and Dollar Tree along East Apple Avenue, a commercial corridor carrying approximately 31,000 vehicles per day. Access to US-31 and proximity to established restaurants, retailers and service businesses support the site’s visibility and customer draw.

The combination of scheduled annual rent growth, corporate-backed tenancy, a long operating history and a passive ground-lease structure makes this offering suitable for investors seeking predictable net-lease income.