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Walgreens 1007 Memorial Rd 14,550 SF Retail Building Houghton, MI 49931 $4,117,647 ($283.00/SF) 8.50% Cap Rate
Investment Highlights
- Only National Pharmacy Chain in 100-Mile Radius
- Excellent Rent/Sales Ratio
- 2015 Construction
- Strong Store Sales – Over $7M Reported Annually
- 9+ Years of Primary Term Remaining
- Hard Corner Location / High Visibility
Executive Summary
Landmark Investment Sales is pleased to exclusively present the single-tenant, net-leased Walgreens located in Houghton, Michigan. This asset represents a rare opportunity to acquire the only national pharmacy within a 100-mile radius and serves as the primary healthcare and retail destination for the Keweenaw Peninsula and Northwest Upper Peninsula. Positioned on a high-visibility hard corner, the 2015-constructed property benefits from over nine years remaining on the primary lease term and reports strong store sales, reinforcing its dominance in a market with no direct national pharmacy competition. Offered at an attractive price point, this investment combines strong real estate fundamentals, a mission-critical location, and long-term, corporate-backed income.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
14,550 SF
Building Class
B
Year Built
2015
Price
$4,117,647
Price Per SF
$283.00
Cap Rate
8.50%
NOI
$350,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.23
Lot Size
1.44 AC
Zoning
B-3 - Business use
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
- -
-
Lorem Ipsum
-
Jan 0000
Walgreens began in 1901 on Chicago's South Side, when pharmacist Charles R. Walgreen Sr. opened a neighborhood drugstore that grew into a national chain. Walgreens later combined with Alliance Boots to form Walgreens Boots Alliance, bringing together retail pharmacy, pharmaceutical wholesaling, and healthcare services under one business. Walgreens Boots Alliance operates an integrated healthcare, pharmacy, and retail model spanning U.S. and international operations, with businesses centered on prescription filling, consumer health products, beauty items, and related services.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | - | Lorem Ipsum | Jan 0000 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $1,171,306 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,171,306
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