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Views: 12 DOM: 20 Updated: 04.26.24 Posted: 04.26.24 Status: Active

Summary

Price $1,950,000
Built/Renov 1999
Tenant Walgreens
Cap Rate 7.72%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 13,905
Lease Start 05-01-1998
#Units 13,532
Price/SF $140.24
Expiration 10-31-2024
Tenant Type Pharmacy
NOI $150,453
R. Term 0.5
Ownership Fee Simple
Rent/SF $10.82
Increases 0.0%/0/yrs
Pop 5Mi 353,952
Lot/AC 1.14
Options 0/0yrs
AHHI 5Mi $64,882

Lease Highlights

  • Walgreens has been operating in this location since 1998
  • The tenant has 6 months remaining on the current lease term
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located at the signalized, hard-corner intersection of Van Dyke Avenue and 9 Mile Road, with access to a substantial combined daily traffic count of 65,076 vehicles. The property boasts multiple points of ingress and egress, enhancing its accessibility. Additionally, it is surrounded by well-known national tenants, including Family Dollar, Burger King, McDonald's,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Walgreens
  • Guarantor:Corp T and Rated
  • Company:Walgreens Boots Alliance
  • # Units:13,532
  • Tenant S&P: BBB-
  • Moody’s: Baa2
  • Stock: NASDAQ: WBA

About Tenant

Walgreens is an American company that operates the second-largest pharmacy store chain in the United States. It specializes in filling prescriptions, health and wellness products, health...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 17,200 121,671 359,249
2023 Total Population : 17,429 122,603 361,611
2023 Employed Civilian Pop : 7,609 52,689 155,629
2023 Total Businesses : 418 3,100 9,378
2023 Average Household Income : $ 51,267 $ 60,235 $ 64,840
2023 Total Consumer Spending : $ 297 M $ 2506 M $ 7948 M
2023 Median Age : 34 38 38
2023 Total Households : 6,552 47,191 139,539
2023 Pop Age 25+: Bachelor's Degree : 593 7,952 30,522
2023 Average Home Value : $ 140,782 $ 151,363 $ 167,665
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Van Dyke Ave Dodge Ave 2013 23,795 0.04 mi
9 Mile Rd Automobile Blvd 2013 12,330 0.06 mi
Van Dyke Ave 9 Mile Rd 2013 24,505 0.06 mi
9 MILE RD Van Dyke Ave 2020 14,957 0.07 mi
9 Mile Road Van Dyke Ave 2022 17,059 0.07 mi
9 Mile Rd Federal Ave 2000 21,498 0.20 mi
9 Mile Rd Federal Ave 2013 13,160 0.23 mi
Federal Ave 9 Mile Rd 2013 1,515 0.25 mi
Federal Ave 9 Mile Rd 2013 1,225 0.25 mi
9 Mile Rd Federal Ave 2013 12,920 0.26 mi

Listing Broker

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