STREAM Capital Partners > Properties > All Properties > Walgreens

Walgreens

Net Lease

32732 Michigan Ave, Wayne, Michigan
Ownership Type:
Fee Simple
Price:
$1,765,000
Cap Rate:
8.50%
Current Rent:
$150,000
Tenancy:
Single Tenant
Lease Type:
DoubleNet
Landlord Responsibilities:
Roof, Structure, Parking
Lease Expiration Date:
Approx. 5.7 years
Renewal Options:
6 x 5 Year Options
Building Sq. Ft.:
15,272 SF
Rent Increases:
Flat
Site Size:
1.47 Acres

Investment Highlights

  • Below-Market Rent: The property’s current contracted rent per square foot is positioned below current market rates for comparable freestanding retail properties in the trade area.
  • Strategic Hard-Corner Positioning & Premium Traffic Flow: Situated at the signalized hard corner of Michigan Ave and Venoy Rd, the property commands excellent visibility with combined traffic counts exceeding 35,000+ vehicles per day (VPD).
  • Proper Near Term Basis: The property features a generous 1.47-acre footprint with below-market rent, providing investors with strong underlying land value and long-term site-flexibility at a prime signalized intersection.
  • Capital Expenditures: In 2020, the roof was replaced and in September 2026 the parking lot was resurfaced and re-stripped.
  • Strong Corporate Credit: Lease guaranteed by Walgreens Co. providing an investor with predictable income for the next 5+ years.
  • Detroit Metropolitan Wayne County Airport: Asset is located less than 4.5 miles from DWT that sees over 30 million passengers annually
Ownership Type:
Fee Simple
Price:
$1,765,000
Cap Rate:
8.50%
Current Rent:
$150,000
Lease Type:
DoubleNet
Landlord Responsibilities:
Roof, Structure, Parking
Lease Expiration Date:
Approx. 5.7 years
Renewal Options:
6 x 5 Year Options
Building Sq. Ft.:
15,272 SF
Rent Increases:
Flat
Site Size:
1.47 Acres

Listing Agents

Connor Shell

Managing Director
407 913 9009[email protected]

Jordan Koeppel

Senior Vice President
561 789 5504[email protected]

Analyst

Hunter Shell

Analyst
832 671 6104[email protected]

Brian Brockman, Bang Realty | [email protected] | Lic: MI – 6502428679

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