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21790 21 Mile Rd 14,820 SF Retail Building Macomb Township, MI 48044 $4,475,000 ($301.96/SF) 8% Cap Rate
Investment Highlights
- Sales increased 15% over recent years
- Explosive population growth over past decade
- Easy commuter access to Hwy 59 and I-94
- Wonderful family oriented neighborhood with 150+ parks, 30 miles of shoreline, 56 milse of rivers and streams
Executive Summary
PRICE REDUCED AGAIN - Motivated Seller - Submit All Offers - This offering presents the opportunity to acquire a premier Walgreens-occupied retail asset strategically located in Macomb County, Michigan. The property features a freestanding, purpose-built Walgreens pharmacy with a drive-thru, situated on a high-visibility, signalized corner with strong traffic counts and excellent ingress/egress. The store benefits from dense surrounding residential development, nearby schools, and a robust retail trade area with national tenants.
The Walgreens is operated under a long-term, absolute net lease (NNN), with zero landlord responsibilities. The property features durable construction and high-quality Walgreens prototype design, ensuring long-term functionality and minimal capital expenditure risk for ownership.
Located in a densely populated suburban area just north of Detroit, the site sees strong daily traffic volumes and benefits from proximity to established residential neighborhoods, schools, and major retail centers. Macomb County continues to demonstrate stable economic growth, rising property values, and ongoing infrastructure investment, reinforcing the strength of the tenant’s location selection.
In July 2025, Walgreens Boots Alliance’s U.S. was acquired by Sycamore Partners, a New York-based private equity firm specializing in consumer and retail investments. The acquisition includes over 8,000 Walgreens retail pharmacy locations across the United States.
This move is part of Walgreens’ larger restructuring strategy to streamline operations and refocus on its core retail pharmacy business. Under Sycamore’s stewardship, Walgreens is expected to benefit from enhanced capital support and operational discipline, with no disruption to its store-level operations. Leases, staffing, and customer service are expected to remain unchanged at the store level. Sycamore has a strong track record of investing in and growing major retail platforms, including Staples, Belk, and The Limited.
This corporate event underscores the long-term viability of the Walgreens brand and enhances the investment profile of single-tenant assets under its banner.
The Walgreens is operated under a long-term, absolute net lease (NNN), with zero landlord responsibilities. The property features durable construction and high-quality Walgreens prototype design, ensuring long-term functionality and minimal capital expenditure risk for ownership.
Located in a densely populated suburban area just north of Detroit, the site sees strong daily traffic volumes and benefits from proximity to established residential neighborhoods, schools, and major retail centers. Macomb County continues to demonstrate stable economic growth, rising property values, and ongoing infrastructure investment, reinforcing the strength of the tenant’s location selection.
In July 2025, Walgreens Boots Alliance’s U.S. was acquired by Sycamore Partners, a New York-based private equity firm specializing in consumer and retail investments. The acquisition includes over 8,000 Walgreens retail pharmacy locations across the United States.
This move is part of Walgreens’ larger restructuring strategy to streamline operations and refocus on its core retail pharmacy business. Under Sycamore’s stewardship, Walgreens is expected to benefit from enhanced capital support and operational discipline, with no disruption to its store-level operations. Leases, staffing, and customer service are expected to remain unchanged at the store level. Sycamore has a strong track record of investing in and growing major retail platforms, including Staples, Belk, and The Limited.
This corporate event underscores the long-term viability of the Walgreens brand and enhances the investment profile of single-tenant assets under its banner.
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,820 SF
Building Class
B
Year Built
2008
Price
$4,475,000
Price Per SF
$301.96
Cap Rate
8%
NOI
$358,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.23
Lot Size
1.51 AC
Zoning
C3
Parking
118 Spaces (7.96 Spaces per 1,000 SF Leased)
Amenities
- Drive Thru
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- 14,820 SF
- -
- Triple Net
- Sep 2082
Walgreens began in Chicago in 1901, after pharmacist Charles R. Walgreen Sr. purchased the drugstore where a pharmacy career began. The company grew from a neighborhood drugstore into a broad retail health business offering prescription services, health and wellness products, photo services, home delivery, specialty pharmacy, and virtual healthcare. Walgreens serves customers through a wide network of community pharmacies and digital platforms, with a focus on accessible medicine, everyday essentials, and healthcare support.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | 14,820 SF | - | Triple Net | Sep 2082 |
Fairly walkable
50/100
Very drivable
80/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 20-08-31-103-002 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $216,600 |
Property Taxes
Parcel Number
20-08-31-103-002
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$216,600
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21790 21 Mile Rd