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Walgreens 31415 Ford Rd 14,560 SF Retail Building Garden City, MI 48135 $5,288,889 ($363.25/SF) 9% Cap Rate
Investment Highlights
- LONG TERM LEASE
- INVESTMENT GRADE CREDIT
- OUTSTANDING TRAFFIC COUNTS
- ZERO MANAGEMENT RESPONSIBILITIES
- STRATEGIC LOCATION
- STRONG DEMOGRAPHICS
Executive Summary
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the single-tenant, Absolute NNN leased, Walgreens located at 31415 Ford Road in Garden City, Michigan (Detroit MSA) (the “Property). Walgreens has been at the Property since its construction in 2005 and has 3+ years remaining on an absolute triple-net lease with ten (10), 5-year renewal options.
The Property is situated at the signalized intersection of Merriman Road and Ford Road (MI Route 153), the area’s primary commercial and commuter corridor connecting downtown Detroit (14 miles to the east) and Ann Arbor (18 miles to the west). The Property benefits from excellent visibility and frontage as well as two points of access. The Property is located in the center of a strong trade area with numerous national and local retailers and restaurants, businesses, and several area schools that drive traffic to the area. The trade area is surrounded by densely populated residential neighborhoods, providing a strong consumer base. Garden City is 10 miles west of Detroit and is part of the Detroit MSA.
The Property is situated at the signalized intersection of Merriman Road and Ford Road (MI Route 153), the area’s primary commercial and commuter corridor connecting downtown Detroit (14 miles to the east) and Ann Arbor (18 miles to the west). The Property benefits from excellent visibility and frontage as well as two points of access. The Property is located in the center of a strong trade area with numerous national and local retailers and restaurants, businesses, and several area schools that drive traffic to the area. The trade area is surrounded by densely populated residential neighborhoods, providing a strong consumer base. Garden City is 10 miles west of Detroit and is part of the Detroit MSA.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,560 SF
Building Class
B
Year Built
2005
Price
$5,288,889
Price Per SF
$363.25
Cap Rate
9%
NOI
$476,000
Tenancy
Single
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.21
Lot Size
1.62 AC
Zoning
CR - Commercial Retail
Parking
23 Spaces (1.58 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Signage
- Drive Thru
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- -
- -
- Jan 2030
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 End | ||
|
|
Retailer | - | - | Jan 2030 |
Moderately walkable
60/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 35-020-01-0768-300 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $917,200 |
Property Taxes
Parcel Number
35-020-01-0768-300
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$917,200
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