2985 Crooks RdRochester Hills, MI 48309

Property Details for 2985 Crooks Rd

Year built

2005

Lot size

2.09 AC

Property size (Sq ft)

14,825 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a single-tenant, freestanding Walgreens pharmacy located at 2985 Crooks Rd, Rochester Hills, MI 48309. The property boasts a 14,825 square foot building on a 2.09-acre lot, constructed in 2005. It features an absolute NNN lease with Walgreens, a credit-rated tenant, ensuring minimal landlord responsibilities. The current lease, commencing July 31, 2005, and expiring July 31, 2035, has a remaining term of approximately 10.7 years. The property enjoys a strong financial performance, with a net operating income (NOI) of $339,000 and a cap rate of 6.40%. The asking price is $5,300,000, translating to a price per square foot of $357.50. The property benefits from its location in a high-traffic area, with over 16,000 vehicles passing daily on W Auburn Rd and over 32,000 on Crooks Rd. Situated in a prosperous community, Rochester Hills, known for its high average household income (exceeding $123,000 within a 3-mile radius) and strong demographics (5,000+ residents within 1 mile, 60,000+ within 3 miles), this Walgreens enjoys exceptional visibility and accessibility. The property is strategically positioned on a signalized hard corner, further enhancing its appeal. Owner financing is available at 5% for the full lease term. This is a rare opportunity to acquire a stable, high-performing retail investment in a prime location.

Location Insight

City

Rochester Hills

County

Oakland

State

Michigan

Latitude

42.6356

Longitude

-83.1695

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