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Views: 29 DOM: 44 Updated: 04.26.24 Posted: 04.03.24 Status: Active 04.03.24

Summary

Price $5,599,999
Built/Renov 2011
Tenant Walgreens
Cap Rate 7.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,550
Lease Start 01-01-2012
#Units 8,896
Price/SF $384.88
Expiration 12-31-2036
Tenant Type Pharmacy
NOI $392,000
R. Term 12.7
Ownership Fee Simple
Rent/SF $26.94
Increases 0.0%/0/yrs
Pop 5Mi 114,293
Lot/AC 1.31
Options 50/1yrs
AHHI 5Mi $89,812

Lease Highlights

  • Walgreens has been operating in this location since 2011 and has 12+ years remaining on its current lease term with 50 (1-year) renewal options
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease (NASDAQ: WBA)
  • Investment grade tenant (S&P: BBB-)

Location Description

Walgreens is strategically located at the signalized intersection of Okemos Road and W Grand River Avenue (MI Route 43), the area’s primary commercial corridor, with access to 40,500 vehicles passing by daily. The property boasts excellent visibility and frontage as well as two points of access. Additionally, this location recently added the McLaren Now+Clinic, further increasing the...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Walgreens
  • Guarantor:Corp T and Rated
  • Company:Walgreens Boots Alliance
  • # Units:8,896
  • Tenant S&P: BBB-
  • Moody’s: Baa2
  • Stock: NASDAQ: WBA

About Tenant

Walgreens is an American company that operates the second-largest pharmacy store chain in the United States. It specializes in filling prescriptions, health and wellness products, health...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 4,439 57,666 116,806
2023 Total Population : 4,233 57,512 115,949
2023 Employed Civilian Pop : 2,202 29,742 60,291
2023 Total Businesses : 436 2,287 4,002
2023 Average Household Income : $ 121,835 $ 108,286 $ 95,617
2023 Total Consumer Spending : $ 195 M $ 2062 M $ 3746 M
2023 Median Age : 42 29 27
2023 Total Households : 1,889 22,002 45,039
2023 Pop Age 25+: Bachelor's Degree : 1,019 9,830 18,808
2023 Average Home Value : $ 308,917 $ 306,487 $ 283,938
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
W Grand River Ave 2022 12,490 0.05 mi
Okemos Road W Grand River Av 2019 12,823 0.05 mi
Grand River Ave W Grand River Ave 2021 12,478 0.05 mi
Hillcrest Ave W Grand River Ave 2010 4,887 0.10 mi
Okemos Rd Hillcrest Ave 2003 15,154 0.17 mi
Iroquois Rd Grandview Ave 2010 137 0.19 mi
Kenmore Dr Grandview Ave 2010 5,829 0.20 mi
Grandview Ave Sioux Way 2010 126 0.22 mi
Grandview Ave W Grand River Ave 2006 808 0.23 mi
Hillcrest Ave Seminole Dr 2007 210 0.26 mi

Listing Broker

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