Net Leased Walgreens Offering | 34899 Groesbeck Hwy
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Net Leased Walgreens Offering 34899 Groesbeck Hwy
15,120 SF Retail Building Clinton Township, MI 48035 $2,376,000 ($157/SF) 7% Cap Rate
Investment Highlights
- Net Leased Offering
- High Performing Location - Massive Sales
- Corporate Guarantee - NASDAQ:WBA
- Rental Increases of 2.5% in 2029 & 2034 and Thereafter 5% Increases
- New Roof Replaced in 2019
- Desirable Demographics - 103,152 Residents within a 3-Mile Radius
Executive Summary
This is the opportunity to purchase a net leased Walgreens in Clinton
Township, Michigan. The property is 15,120 square feet and has a long
operating history of over 20 years at this location. The property consists
of 15,120 square feet and a received new roof in 2019. The lease
expires in 2037 with a 2.5% rental increase in 2029 and 2034 and
thereafter 5% increases every 5 years with five, 5-year renewal options.
This Walgreens boast high performance and has massive sales. The
asset benefits from its hard corner location on a major commercial
thoroughfare with exposure to 30,448 vehicles per day and also strong
demographics in the area. The property neighbors Burger King, Wendy's,
Captain D's, Taco Bell, KFC, Tim Horton's, 7-Eleven and more.
Township, Michigan. The property is 15,120 square feet and has a long
operating history of over 20 years at this location. The property consists
of 15,120 square feet and a received new roof in 2019. The lease
expires in 2037 with a 2.5% rental increase in 2029 and 2034 and
thereafter 5% increases every 5 years with five, 5-year renewal options.
This Walgreens boast high performance and has massive sales. The
asset benefits from its hard corner location on a major commercial
thoroughfare with exposure to 30,448 vehicles per day and also strong
demographics in the area. The property neighbors Burger King, Wendy's,
Captain D's, Taco Bell, KFC, Tim Horton's, 7-Eleven and more.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Drug Store
Building Size
15,120 SF
Building Class
C
Year Built
2002
Price
$2,376,000
Price Per SF
$157
Cap Rate
7%
NOI
$166,320
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Lot Size
1.98 AC
Opportunity Zone
Yes
Zoning
RETAIL 5K
Parking
80 Spaces (5.27 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Corner Lot
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
PROPERTY TAXES
| Parcel Number | 16-11-33-102-028 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $758,300 |
PROPERTY TAXES
Parcel Number
16-11-33-102-028
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$758,300
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Net Leased Walgreens Offering | 34899 Groesbeck Hwy
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