Drug Store

Walgreens

Listing Price: $4,880,000

Cap Rate
6.15%
Tenant Name
Walgreens
Years Remaining On Lease
9.60
Gross SF
15,120
Guarantor
Corporate Guarantee
Rentable SF
15,120
Price/Gross SF
$322.75
Lease Type
Absolute Net
Rent Per Square Feet
$19.84

Investment Overview

The subject property measures 15,120-square feet and is situated on 1.60 acres. Walgreens was built-to-suit in 2000 and occupies a freestanding prototypical build with a drive-thru. The asset holds a corporate guarantee from Walgreens, a Standard and Poors BBB rated company. Walgreens is encumbered by a double net lease with minimal landlord obligations. This investment offers a prospective purchaser over 10 years of lease term remaining that includes six five-year options.

The subject property is located at the corner of 10th Street with ingress/egress access points to Oak Street, 11th Street and Griswold Street. The hard corner location sees over 14,000 vehicles traveling per day and is located in a dense residential area. Demographics are stable and mature with population counts of 31,229 in a three-mile radius and 55,803 in a five-mile radius. Numerous national retailers are in the immediate vicinity including Kroger, Sams Club, Big Lots, Dollar Tree, Taco Bell, Wendys, Arbys, McDonalds, Burger King, Tim Hortons, AutoZone. The investment is adjacent to Port Huron Schools which consists of over 660 faculty and staff. Walgreens is located only one half mile away from numerous sandy beaches, the Blue Water River Walk and the St. Clair River, a significant component of the Great Lakes Waterway.

Port Huron is the county seat of St. Clair County and adjacent to Port Huron Township. Located along the St. Clair River, it is connected to Point Edward, Ontario in Canada via the Blue Water Bridge. The city lies at the southern end of Lake Huron and is the easternmost point on land in Michigan. Port Huron is home to two paper mills, Mueller Brass, and many businesses related to tourism and the automotive industry. The city features a historic downtown area, boardwalk, marina, museum, lighthouse, and the McMorran Place arena and entertainment complex. The City of Port Huron owns and operates 17 waterfront areas containing 102 acres and 3.5 miles (of water frontage. This includes three public beaches and six parks with picnic facilities. The city also has nine scenic turnout sites containing over 250 parking spaces. Port Huron operates the largest municipal marina system in the state and has five separate locations for boat mooring.

Investment Highlights

  • New 10-Year Extension with Six Five-Year Options
  • Double Net Lease | Minimal Landlord Responsibilities
  • Corporate Guarantee | Standard and Poors BBB Rated
  • Multiple Points of Ingress/Egress | Hard Corner Location
  • Strong Demographics | Over 55,000 People in Five Miles
  • Fee-Simple Walgreens in Port Huron, MI (Part of Detroit MSA)

Exclusively Listed By

Listing Price: $4,880,000

Cap Rate
6.15%
Tenant Name
Walgreens
Years Remaining On Lease
9.60
Gross SF
15,120
Guarantor
Corporate Guarantee
Rentable SF
15,120
Price/Gross SF
$322.75
Lease Type
Absolute Net
Rent Per Square Feet
$19.84

Investment Highlights

  • New 10-Year Extension with Six Five-Year Options
  • Double Net Lease | Minimal Landlord Responsibilities
  • Corporate Guarantee | Standard and Poors BBB Rated
  • Multiple Points of Ingress/Egress | Hard Corner Location
  • Strong Demographics | Over 55,000 People in Five Miles
  • Fee-Simple Walgreens in Port Huron, MI (Part of Detroit MSA)

Investment Overview

The subject property measures 15,120-square feet and is situated on 1.60 acres. Walgreens was built-to-suit in 2000 and occupies a freestanding prototypical build with a drive-thru. The asset holds a corporate guarantee from Walgreens, a Standard and Poors BBB rated company. Walgreens is encumbered by a double net lease with minimal landlord obligations. This investment offers a prospective purchaser over 10 years of lease term remaining that includes six five-year options.

The subject property is located at the corner of 10th Street with ingress/egress access points to Oak Street, 11th Street and Griswold Street. The hard corner location sees over 14,000 vehicles traveling per day and is located in a dense residential area. Demographics are stable and mature with population counts of 31,229 in a three-mile radius and 55,803 in a five-mile radius. Numerous national retailers are in the immediate vicinity including Kroger, Sams Club, Big Lots, Dollar Tree, Taco Bell, Wendys, Arbys, McDonalds, Burger King, Tim Hortons, AutoZone. The investment is adjacent to Port Huron Schools which consists of over 660 faculty and staff. Walgreens is located only one half mile away from numerous sandy beaches, the Blue Water River Walk and the St. Clair River, a significant component of the Great Lakes Waterway.

Port Huron is the county seat of St. Clair County and adjacent to Port Huron Township. Located along the St. Clair River, it is connected to Point Edward, Ontario in Canada via the Blue Water Bridge. The city lies at the southern end of Lake Huron and is the easternmost point on land in Michigan. Port Huron is home to two paper mills, Mueller Brass, and many businesses related to tourism and the automotive industry. The city features a historic downtown area, boardwalk, marina, museum, lighthouse, and the McMorran Place arena and entertainment complex. The City of Port Huron owns and operates 17 waterfront areas containing 102 acres and 3.5 miles (of water frontage. This includes three public beaches and six parks with picnic facilities. The city also has nine scenic turnout sites containing over 250 parking spaces. Port Huron operates the largest municipal marina system in the state and has five separate locations for boat mooring.

Exclusively Listed By

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