11635 13 Mile RdWarren, MI 48093
- Retail properties
- 13,833 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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