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Drug Store

Walgreens

3040 E Michigan Ave, Jackson, MI 49202

Listing Price: $5,080,650

Cap Rate
6.10%
Tenant Name
Walgreens
Years Remaining On Lease
7.5
Gross SF
15,120
Guarantor
Corporate Guarantee
Rentable SF
15,120
Price/Gross SF
$336.02
Lease Type
Double Net
Rent Per Square Feet
$20.50

Investment Overview

This Standard & Poor’s BBB rated, credit worthy, essential retailer offers a passive investor the opportunity to purchase a truly long-term lease. The original 20 year lease, which commenced in 2000 upon completion of construction, has been a staple in the community ever since. The lease was recently extended for 10 years with a new base term expiration date of March 2030, followed by five 5-year options thereafter. The extension exemplifies the Tenant’s desire to remain at the location. The site sits on an oversized lot on a signalized-hard corner in an area with several barriers to entry further contributing to the appeal of the site. Michigan Ave is a main retail corridor in the area. The site is strategically situated less then a mile from a major U.S. Route 127 and the area’s largest hospital, Henry Ford Allegiance Health.

Investment Highlights

  • Original 20 year lease was recently extended for an additional 10 years. Tenant is a staple in the community having been at this location for 22 years and initially opened as a build-to-suit.
  • Essential retailer, providing crucial necessities to the community with a convenient drive-thru
  • Limited competition in immediate area, the nearest Walgreens is located 3 miles away and directly adjacent to a large senior living community
  • Site got a newly paved parking lot in 2020
  • The site is strategically situated less then a mile from a major U.S. Route 127 and the area's largest hospital, Henry Ford Allegiance Health.
  • Location possesses a beer and wine license which contributes to additional patronage

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Financing By

Listing Price: $5,080,650

Cap Rate
6.10%
Tenant Name
Walgreens
Years Remaining On Lease
7.5
Gross SF
15,120
Guarantor
Corporate Guarantee
Rentable SF
15,120
Price/Gross SF
$336.02
Lease Type
Double Net
Rent Per Square Feet
$20.50

Investment Highlights

  • Original 20 year lease was recently extended for an additional 10 years. Tenant is a staple in the community having been at this location for 22 years and initially opened as a build-to-suit.
  • Essential retailer, providing crucial necessities to the community with a convenient drive-thru
  • Limited competition in immediate area, the nearest Walgreens is located 3 miles away and directly adjacent to a large senior living community
  • Site got a newly paved parking lot in 2020
  • The site is strategically situated less then a mile from a major U.S. Route 127 and the area's largest hospital, Henry Ford Allegiance Health.
  • Location possesses a beer and wine license which contributes to additional patronage

Investment Overview

This Standard & Poor’s BBB rated, credit worthy, essential retailer offers a passive investor the opportunity to purchase a truly long-term lease. The original 20 year lease, which commenced in 2000 upon completion of construction, has been a staple in the community ever since. The lease was recently extended for 10 years with a new base term expiration date of March 2030, followed by five 5-year options thereafter. The extension exemplifies the Tenant’s desire to remain at the location. The site sits on an oversized lot on a signalized-hard corner in an area with several barriers to entry further contributing to the appeal of the site. Michigan Ave is a main retail corridor in the area. The site is strategically situated less then a mile from a major U.S. Route 127 and the area’s largest hospital, Henry Ford Allegiance Health.

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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