11635 13 Mile RdWarren, MI 48093

For Sale
$3,775,917

High-yield Walgreens, strong tenant, long lease.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a fee-simple ownership of a Walgreens located at 11635 E Thirteen Mile Rd, Warren, MI 48093. The 13,836 square foot property sits on a 1.56-acre lot and boasts an absolute NNN lease with no landlord obligations, providing significant passive income. The current lease, with Walgreens, a credit-rated tenant with a corporate guarantee, commenced July 30, 2002, and expires December 31, 2034, offering a remaining term of 10.1 years. A rent increase to $350,768 is scheduled for January 1, 2035. The property features a drive-thru and benefits from a prime location at a signalized intersection with high visibility and traffic counts exceeding 54,300 daily. The surrounding area is densely populated, with over 306,504 residents within a 5-mile radius and an average household income exceeding $79,126 within a 1-mile radius. The property's proximity to major employers like the GM Tech Center (within 2 miles) and Macomb Community College (within 2.5 miles) further enhances its appeal. The property has a current NOI of $325,768, an 8.63% cap rate, and a price per square foot of $272.91. The lease includes ten 5-year options, ensuring long-term stability and potential for future growth. Built in 2002, this property represents a secure and lucrative investment opportunity in a thriving Michigan market.

Highlights

  • Absolute NNN lease with no landlord responsibilities.
  • 20-year operating history with strong sales at a proven location.
  • Corporate-guaranteed Walgreens lease.
  • Located within two miles of the 710+ acre GM Tech Center, employing over 21,000.
  • Within 2.5 miles of Macomb Community College (24,468+ students).
  • High-visibility location with 54,300+ daily traffic counts at a signalized intersection.

Property Details for 11635 13 Mile Rd

Property type
Other retail properties, Individual retail properties
Square Feet
13,836 SF
Year Built
2002
Lot Size (sq. ft)
67,954 SF

Location Insight

City
Warren
County
Macomb
State
Michigan
Latitude
42.521426332674
Longitude
-83.007402594157
11635 13 Mile Rd, Warren, Michigan

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11635 13 Mile Rd
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