11635 13 Mile RdWarren, MI 48093

Property Details for 11635 13 Mile Rd

Year built

1999

Lot size

1.33 AC

Property size (Sq ft)

13,833 SF

Zone code

MZ

Property type

Retail space

APN

12-13-02-354-034

APU

121302354034

Description

This exceptional investment opportunity presents a fee-simple ownership of a Walgreens located at 11635 E Thirteen Mile Rd, Warren, MI 48093. The 13,836 square foot property sits on a 1.56-acre lot and boasts an absolute NNN lease with no landlord obligations, providing significant passive income. The current lease, with Walgreens, a credit-rated tenant with a corporate guarantee, commenced July 30, 2002, and expires December 31, 2034, offering a remaining term of 10.1 years. A rent increase to $350,768 is scheduled for January 1, 2035. The property features a drive-thru and benefits from a prime location at a signalized intersection with high visibility and traffic counts exceeding 54,300 daily. The surrounding area is densely populated, with over 306,504 residents within a 5-mile radius and an average household income exceeding $79,126 within a 1-mile radius. The property's proximity to major employers like the GM Tech Center (within 2 miles) and Macomb Community College (within 2.5 miles) further enhances its appeal. The property has a current NOI of $325,768, an 8.63% cap rate, and a price per square foot of $272.91. The lease includes ten 5-year options, ensuring long-term stability and potential for future growth. Built in 2002, this property represents a secure and lucrative investment opportunity in a thriving Michigan market.

• CAP approach

  CAP return

  Valuation

  6%

  $3,205,260

  6.5%

  $2,958,700

  7%

  $2,747,360

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,345,700

  Geo Method

  $1,345,700

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $5,673,450

  Mixed-Use / Specialty

  $2,987,060

  Hospitality / Lodging

  $2,242,180

  Office

  $3,009,850

  Institutional / Educational

  $3,119,250

  Residential Income

  $3,649,520

  Multifamily

  $4,161,310

  Automotive / Energy

  $2,673,640

  Parking / Income-Based Land

  $884,195

  Restaurant / Food Service

  $1,636,640

  Healthcare / Senior Housing

  $3,023,270

Location Insight

City

Warren

County

Macomb

State

Michigan

Latitude

42.5219

Longitude

-83.0069

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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