950 Centerville RdSturgis, MI 49091

Property Details for 950 Centerville Rd

Lot size

1.58 AC

Property type

Commercial real estate

APN

052-640-052-00

APU

5264005200

Description

This exceptional investment opportunity presents a freestanding Walgreens pharmacy in Sturgis, Michigan, offering a compelling 9.5% cap rate. The property, located at 950 S Centerville Rd, boasts a 14,820 square foot building on a 1.58-acre lot, constructed in 2005. The Walgreens tenant operates under an absolute triple-net (NNN) lease, expiring January 31, 2030, with ten 5-year renewal options. This provides significant long-term stability and minimal landlord responsibilities. The property enjoys a prime location, benefiting from high visibility on Centerville Road (MI Route 66), a major thoroughfare with over 16,000 vehicles per day. Its strategic position as the only freestanding national chain drugstore within a 15-mile radius of Sturgis, and its proximity (1.5 miles) to the 84-bed Sturgis Hospital, ensures a strong and consistent customer base. The surrounding area features a dense retail corridor with over 850,000 square feet of retail space within a half-mile radius, including major national retailers like Walmart, ALDI, Meijer, and Dollar Tree. The property's strong tenant history (over 19 years of operation at this location) and favorable lease terms make this a highly attractive investment opportunity with a Net Operating Income (NOI) of $300,000. The asking price is $3,189,473.

• Alternative Use

  Use

  Valuation

  Residential

  $14,816,674

  Hospitality

  $13,571,994

  Educational

  $11,291,739

  Medical

  $11,680,080

  Retail

  $17,564,928

Location Insight

City

Sturgis

County

St. Joseph

State

Michigan

Latitude

41.7891

Longitude

-85.4277

CBSA code

44780

CBSA name

STURGIS, MI MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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