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Drug Store

Walgreens | Absolute Net Lease | 9+YR Term

6421 W Saginaw Hwy, Lansing, MI 48917

Listing Price: $6,340,500

Cap Rate
6.05%
Tenant Name
Walgreens
Years Remaining On Lease
9.4
Gross SF
14,559
Guarantor
Corporate Guarantee
Rentable SF
14,559
Price/Gross SF
$435.50
Lease Type
Absolute Net
Rent Per Square Feet
$26.35

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in an absolute net leased Walgreens Drug Store in Lansing, Michigan. The lease has over nine years of firm term remaining, protects the landlord from all maintenance responsibilities and is backed by investment grade credit. With currently available financing options, at list price, the investment produces positive leverage and will cash flow at over 6% on a cash on cash basis. Positioned at a hard corner, signalized intersection, this Walgreens has exposure to over 40,000 vehicles per day. Across the street is a Kroger and Kohl's retail center, and a number of other dominant national tenants are located within a mile of the subject property, including Walmart, Menard's, Target, Lowe's and ALDI. The exit and on ramp of I-96 and I-69 (combined 60,000 vehicles per day) is located a mile west of this location. This is an outstanding opportunity to purchase a long term net leased property with no landlord responsibilities at a cash on cash return at which comparable options cannot compete . Please reach out to Marcus & Millichap with additional questions about this absolute net leased Walgreens.

Investment Highlights

  • Irreplaceable Location at a Signalized Intersection With Exposure to Over 40,000 Vehicles Per Day
  • Across the Street From a Kroger Grocery Store | One Mile From the On and Off Ramp to I-69 and I-96
  • Absolute Net Lease With Zero Landlord Responsibilities
  • 6.09% Cash on Cash Return With Currently Available Debt | S&P Rated "BBB" - Investment Grade Credit Tenant
  • Limited Drug Store Competition, Nearest Competitor is Two Miles Away
  • Drive-Thru Location on a 1.64 AC Parcel

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Financing By

Drug Store

Walgreens | Absolute Net Lease | 9+YR Term

Listing Price: $6,340,500

Cap Rate
6.05%
Tenant Name
Walgreens
Years Remaining On Lease
9.4
Gross SF
14,559
Guarantor
Corporate Guarantee
Rentable SF
14,559
Price/Gross SF
$435.50
Lease Type
Absolute Net
Rent Per Square Feet
$26.35

Investment Highlights

  • Irreplaceable Location at a Signalized Intersection With Exposure to Over 40,000 Vehicles Per Day
  • Across the Street From a Kroger Grocery Store | One Mile From the On and Off Ramp to I-69 and I-96
  • Absolute Net Lease With Zero Landlord Responsibilities
  • 6.09% Cash on Cash Return With Currently Available Debt | S&P Rated "BBB" - Investment Grade Credit Tenant
  • Limited Drug Store Competition, Nearest Competitor is Two Miles Away
  • Drive-Thru Location on a 1.64 AC Parcel

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in an absolute net leased Walgreens Drug Store in Lansing, Michigan. The lease has over nine years of firm term remaining, protects the landlord from all maintenance responsibilities and is backed by investment grade credit. With currently available financing options, at list price, the investment produces positive leverage and will cash flow at over 6% on a cash on cash basis. Positioned at a hard corner, signalized intersection, this Walgreens has exposure to over 40,000 vehicles per day. Across the street is a Kroger and Kohl's retail center, and a number of other dominant national tenants are located within a mile of the subject property, including Walmart, Menard's, Target, Lowe's and ALDI. The exit and on ramp of I-96 and I-69 (combined 60,000 vehicles per day) is located a mile west of this location. This is an outstanding opportunity to purchase a long term net leased property with no landlord responsibilities at a cash on cash return at which comparable options cannot compete . Please reach out to Marcus & Millichap with additional questions about this absolute net leased Walgreens.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

Financing By

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