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Walgreens - Cheboygan 991 S Main St 14,550 SF Retail Building Cheboygan, MI 49721 $3,855,000 ($264.95/SF) 9.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Price Just Reduced to High 9.50% Cap Rate
- High Visibility Signalized Location on Main Street (M-27)
- Freestanding building with Drive-Through
- Absolute Net Lease to February, 2032
- Next to McLaren Medical Center
- Zero Landlord Responsibilities
EXECUTIVE SUMMARY
Cheboygan is a city in Northern Michigan just 25 miles from Mackinac Bridge and famous Mackinaw Island. The store is located on the primary commercial corridor (over 13k VPD) which is Main St, aka M-27, around a quarter mile from McLaren Medical Center and across the street from Cheboygan County Courthouse. Area retailers include a Walmart Supercenter, Family Fare, Dollar Tree, AutoZone, Advance Auto Parts, Dunham's, Ace Hardware, McDonalds, Arbys, Burger King and many more. Next to Fleetwood Inn on Cheboygan River with quick access to Lake Huron, Mackinaw City, Mackinac Bridge and Mackinac Island.
PROPERTY FACTS
AMENITIES
- Pylon Sign
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
-
- Retailer
- 14,550 SF
- $25.17
- Triple Net
- Feb 2032
Walgreens, founded by Charles Rudolph Walgreen in 1901 in Chicago, is a major U.S. pharmacy and retail chain operating under the publicly traded parent, Walgreens Boots Alliance (NASDAQ: WBA). Headquartered in Deerfield, Illinois, it provides prescription services, health and wellness products, photo services, and expanded healthcare offerings including immunizations and diagnostic screenings. As of late 2025, the company operated thousands of retail locations across the United States and Puerto Rico, serving roughly 78% of Americans within five miles of a store. Walgreens maintains omnichannel operations—blending in-store, online, drive-thru, and home delivery services—and has strategic healthcare partnerships, notably with VillageMD. Under the direction of new CEO Mike Motz, following the August 2025 purchase by Sycamore Partners, Walgreens continues to emphasize core pharmacy execution, digital innovation, and integrated care solutions.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
Retailer | 14,550 SF | $25.17 | Triple Net | Feb 2032 |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 055-006-200-014-01 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,291,100 |
PROPERTY TAXES
Presented by
Walgreens - Cheboygan | 991 S Main St
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