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Walgreens - Cheboygan 991 S Main St 14,550 SF Retail Building Cheboygan, MI 49721 $3,855,000 ($264.95/SF) 9.50% Cap Rate
Investment Highlights
- Price Just Reduced to High 9.50% Cap Rate
- High Visibility Signalized Location on Main Street (M-27)
- Freestanding building with Drive-Through
- Absolute Net Lease to February, 2032
- Next to McLaren Medical Center
- Zero Landlord Responsibilities
Executive Summary
SVN / Investment Property Advisors is pleased to present this large quality build to suit long-term NNN leased Walgreens with drive-thru on nearly 2 acres and just a quarter mile from McLaren Northern Michigan medical center and across from Cheboygan County Courthouse. Located at signalized intersection on primary commercial corridor (S. Main or M-27) with lots of nearby national retail including a Walmart Supercenter and Family Fare across the street. There are no CVS Pharmacy, Rite Aid or other Walgreen's competition within 30 miles.
Cheboygan is a city in Northern Michigan just 25 miles from Mackinac Bridge and famous Mackinaw Island. The store is located on the primary commercial corridor (over 13k VPD) which is Main St, aka M-27, around a quarter mile from McLaren Medical Center and across the street from Cheboygan County Courthouse. Area retailers include a Walmart Supercenter, Family Fare, Dollar Tree, AutoZone, Advance Auto Parts, Dunham's, Ace Hardware, McDonalds, Arbys, Burger King and many more. Next to Fleetwood Inn on Cheboygan River with quick access to Lake Huron, Mackinaw City, Mackinac Bridge and Mackinac Island.
Cheboygan is a city in Northern Michigan just 25 miles from Mackinac Bridge and famous Mackinaw Island. The store is located on the primary commercial corridor (over 13k VPD) which is Main St, aka M-27, around a quarter mile from McLaren Medical Center and across the street from Cheboygan County Courthouse. Area retailers include a Walmart Supercenter, Family Fare, Dollar Tree, AutoZone, Advance Auto Parts, Dunham's, Ace Hardware, McDonalds, Arbys, Burger King and many more. Next to Fleetwood Inn on Cheboygan River with quick access to Lake Huron, Mackinaw City, Mackinac Bridge and Mackinac Island.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,550 SF
Building Class
C
Year Built
2007
Price
$3,855,000
Price Per SF
$264.95
Cap Rate
9.50%
NOI
$366,282
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Lot Size
1.84 AC
Frontage
380’ on S Main Street
Amenities
- Pylon Sign
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- 14,550 SF
- $25.17
- Triple Net
- Feb 2032
Walgreens is a U.S.-based retail pharmacy operator providing prescription drugs, health services, and consumer goods through neighborhood drugstores and digital platforms. The company was founded in 1901 by Charles Rudolph Walgreen in Chicago, Illinois. Over time, Walgreens expanded nationwide and became one of the largest pharmacy chains in the United States. In 2014, Walgreens became part of the newly formed holding company Walgreens Boots Alliance following the acquisition of Alliance Boots.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | 14,550 SF | $25.17 | Triple Net | Feb 2032 |
Nearby Major Retailers
Property Taxes
| Parcel Number | 055-006-200-014-01 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,291,100 |
Property Taxes
Parcel Number
055-006-200-014-01
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,291,100
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Walgreens - Cheboygan | 991 S Main St
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