11635 13 Mile RdWarren, MI 48093

  • Retail properties
  • 13,833 SF
For Sale
$3,775,917 View listing

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 properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $4,229,281
    6.5%
    $3,903,952
    7%
    $3,625,098
  • Comparable approach

    Method
    Valuation
    Relative Method
    $3,260,726
    Geo Method
    $3,260,726
  • Alternative Use

    Use
    Valuation
    Residential
    $3,293,130
    Hospitality
    $3,016,489
    Educational
    $2,509,683
    Medical
    $2,595,995
    Retail
    $3,903,952
11635 13 Mile Rd, Warren, Michigan

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$56,887
-
-
$915,730
-
-
-
$1,831,460

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