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Walgreens
3221 Fort Street, Wyandotte, MI 48192
$4,337,560
Cap Rate 6.15%
Summary
| Price $4,337,560 | Built/Renov 2004 | Tenant Walgreens |
| Cap Rate 6.15% | Lease Type
Abs NNN | Guarantor Corp T and Rated |
| Size/SF
14,820
| Lease Start
04-01-2024
| #Units
8,896
|
| Price/SF $292.68 | Expiration
03-31-2039
| Tenant Type Pharmacy |
| NOI $266,760 | R. Term 15.3 | Ownership Fee Simple |
| Rent/SF
$18.00
| Increases 5.0%/5/yrs | Pop 5Mi 200,870 |
| Lot/AC 1.44 | Options 12/5yrs/5% | AHHI 5Mi $69,509 |
| | |
Lease Highlights
- Walgreens will be signing a brand-new 15-year lease with 12 (5-year) options to extend at close of escrow
- Lease features 5% rental increase every 5 years throughout the initial term and at the start of each option
- Top performing location with reported store sales of $3.7M
- Absolute NNN | Zero landlord responsibilities
- Corporate guarantee by Walgreens Boots Alliance (NASDAQ: WBA)
Location Description
Walgreens is strategically located at the signalized, hard corner intersection of Fort Street and Eureka Road, with access to a combined traffic count of 50,889 vehicles passing by daily. The property has excellent visibility with two points of ingress and egress, along with a dedicated turn lane for access into the adjoining shopping center. This prime location is situated in a densely...
...Features
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Signalized intersection
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Hard corner intersection
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High traffic 50M+ VPD
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Major thoroughfare
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Dense 200M+ pop 5 mi
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Top 100 MSA
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Brand new lease
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Long 15+ yr lease
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Traded and rated company
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Investment grade tenant
...
Maps
Tenant
- Tenant: Walgreens
- Guarantor:Corp T and Rated
- Company:Walgreens Boots Alliance
- # Units:8,896
- Tenant S&P: BBB
- Moody’s: Baa3
- 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...
...
Demographics
| 1 Miles | 3 Miles | 5 Miles | |
| 2028 Total Population : | 17,203 | 89,049 | 201,331 |
| 2023 Total Population : | 17,611 | 90,841 | 204,501 |
| 2023 Employed Civilian Pop : | 8,998 | 45,014 | 96,862 |
| 2023 Total Businesses : | 498 | 2,424 | 5,273 |
| 2023 Average Household Income : | $ 79,187 | $ 85,696 | $ 85,296 |
| 2023 Total Consumer Spending : | $ 546 M | $ 2977 M | $ 6404 M |
| 2023 Median Age : | 42 | 43 | 43 |
| 2023 Total Households : | 7,831 | 39,577 | 85,731 |
| 2023 Pop Age 25+: Bachelor's Degree : | 1,818 | 9,598 | 21,212 |
| 2023 Average Home Value : | $ 182,974 | $ 182,980 | $ 184,168 |
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| Eureka Rd | Eureka Ave | 2004 | 27,796 | 0.04 mi |
| Fort St | Sycamore St | 2012 | 42,643 | 0.06 mi |
| Fort St | Orange St | 2012 | 35,357 | 0.10 mi |
| Fort St | Phelps St | 2004 | 15,765 | 0.23 mi |
| Fort St | Chestnut St | 2004 | 39,425 | 0.28 mi |
| Fort St | Orchard St | 2017 | 38,239 | 0.33 mi |
| Eureka Rd | James St | 2003 | 21,790 | 0.37 mi |
| Fort St | Commonwealth St | 2008 | 46,600 | 0.42 mi |
| Superior Ave | Fort St | 2004 | 1,330 | 0.47 mi |
| Fort St | Superior Ave | 2017 | 46,793 | 0.48 mi |
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