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Views: 122 DOM: 177 Updated: 09.12.24 Posted: 05.28.24 Status: Active

Summary

Price $3,857,493
Built/Renov 1997
Tenant Walgreens
Cap Rate 7.50%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 13,905
Lease Start 02-07-1997
#Units 13,532
Price/SF $277.42
Expiration 02-28-2034
Tenant Type Pharmacy
NOI $289,312
R. Term 9.3
Ownership Fee Simple
Rent/SF $20.81
Increases 0.0%/0/yrs
Pop 5Mi 346,126
Lot/AC 1.45
Options 5/5yrs/33%
AHHI 5Mi $75,268

Lease Highlights

  • Walgreens has been operating in this location since 1997
  • The tenant has 9+ years remaining on the current lease term with 5 (5-year) options to extend
  • The lease features a 33% rental escalation at the start of the first option period
  • Favorable NN+ lease with landlord responsible for roof and structure | New roof installed 2022
  • Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located at the signalized, hard corner intersection of North Telegraph Road and Joy Road, with access to a substantial combined daily traffic count of 70,085 vehicles. The property is conveniently situated less than 17 miles from downtown Detroit, a city that is home to about 4.3 million people and is the second-largest Midwest MSA. Additionally, the surrounding area...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Walgreens
  • Guarantor:Corp T and Rated
  • Company:Walgreens Boots Alliance
  • # Units:13,532
  • 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
2029 Total Population : 15,787 124,085 341,040
2024 Total Population : 16,105 126,895 348,900
2024 Employed Civilian Pop : 7,304 58,187 156,064
2024 Total Businesses : 304 2,825 9,014
2024 Average Household Income : $ 78,132 $ 80,662 $ 78,611
2024 Total Consumer Spending : $ 417 M $ 3418 M $ 9370 M
2024 Median Age : 38 36 37
2024 Total Households : 6,028 47,685 134,268
2024 Pop Age 25+: Bachelor's Degree : 1,974 13,414 37,246
2024 Average Home Value : $ 205,961 $ 218,071 $ 206,099
*ESRI data is presented for informational purposes only

Listing Broker

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