2131 Grand Riv StMeridian charter Township, MI 48864

Property Details for 2131 Grand Riv St

Year built

2012

Lot size

1.32 AC

Property size (Sq ft)

14,550 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a freestanding Walgreens pharmacy located at 2131 W Grand River Street, Meridian Charter Township, MI 48864. The property boasts a 14,550 square foot building constructed in 2012 on a 1.32-acre lot. Benefitting from a highly desirable location, this property enjoys excellent visibility at a signalized four-way intersection with combined daily traffic counts exceeding 40,755 vehicles. The property is situated in a main retail corridor, less than a mile from Meridian Mall and surrounded by numerous national tenants including Chick-fil-A, Meijer, and Best Buy. The strong demographics are highlighted by an average household income of $95,098 within a 3-mile radius and a population exceeding 113,707 within 5 miles. The property is further enhanced by its proximity to Michigan State University, with over 50,000 students at the main campus. This absolute net lease investment features a corporate guarantee from Walgreens Boots Alliance (S&P rating "BBB"), minimizing landlord responsibilities. The original 25-year lease commenced June 15, 2012, and has 12.2 years remaining, expiring January 15, 2037. The property offers a compelling 8.00% cap rate, a $392,000 net operating income (NOI), and an asking price of $4,900,000 ($336.77 per square foot). The property includes a drive-thru for added convenience. 100% occupancy ensures a consistent income stream.

Location Insight

City

Meridian charter Township

County

Ingham

State

Michigan

Latitude

42.7217

Longitude

-84.4282

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