29200 6 Mile RdLivonia, MI 48152

For Sale
$2,260,976

High-yield Livonia pharmacy, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a fee-simple Walgreens located at 29200 Six Mile Road, Livonia, Michigan 48152. The property boasts 13,905 square feet on a 1.8-acre lot and is currently 100% occupied under a Net Lease (NN) agreement with Walgreens, a corporate guarantor. The lease commenced on May 23, 1998, and has a remaining term expiring October 31, 2028, representing a significant 30.4-year lease. The property generates a substantial net operating income (NOI) of $139,050 annually, resulting in an attractive 6.15% cap rate. Built in 1998, this single-tenant property offers a secure investment with a long-term, established tenant. The current annual rent is below market value, providing further upside potential. Walgreens' consistent operation at this location for over 25 years demonstrates a strong commitment to the site. This is a rare opportunity to acquire a well-performing, net-leased Walgreens with a corporate guarantee, offering stability and significant return on investment. The property is situated in Wayne County, within the city of Livonia, and features a convenient location with excellent visibility. The asking price for this exceptional investment is $2,260,976.

Highlights

  • Below-market rent provides strong cash flow.
  • Investment-grade corporate guarantee from Walgreens ($139 Billion 2023 revenue).
  • Long-term tenant occupancy: Walgreens has operated at this location for over 25 years.

Property Details for 29200 6 Mile Rd

Property type
Other retail properties, Individual retail properties
Square Feet
13,905 SF
Year Built
1998
Lot Size (sq. ft)
78,408 SF

Location Insight

City
Livonia
County
Wayne
State
Michigan
Latitude
42.4131851
Longitude
-83.3344154
29200 6 Mile Rd, Livonia, Michigan

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29200 6 Mile Rd
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