NNN Leased Walgreens with
For Sale
$3,662,000
991 S Main St, Cheboygan, MI 49721
Long-term NNN leased Walgreens near McLaren Northern Michigan medical center.
Property Size14,550 SF
Price / SF$251.68
Days on Market273
Property Features for 991 S Main St
General Information
Standard status
Active
Size
14,550 SF
Property subtype
Retail
Building Details
Building Size
14,550 SF
Year Built
2007
Listing Agency:
(616) 566-5790
Listed By:
David De Maagd, CPA, MBA
(616) 566-5790
Source:
Svn
Added: Nov 21, 2025
Changed: Aug 12
Last Checked: Aug 20 at 5:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of David De Maagd, CPA, MBA
Investment Insights
Based on property information with market context.
This is a large, quality build-to-suit Walgreens property with a long-term NNN lease and drive-thru. The property is situated on nearly 2 acres and is located approximately a quarter mile from McLaren Northern Michigan medical center and across from the Cheboygan County Courthouse. The property benefits from a signalized intersection on the primary commercial corridor, South Main Street (M-27), with a traffic volume exceeding 13,000 vehicles per day. Nearby national retailers include a Walmart Supercenter and Family Fare. The property is a freestanding building with a drive-through, guaranteed by Walgreens corporate. The absolute net lease extends to February 2032, with zero landlord responsibilities. The property is located next to Fleetwood Inn on the Cheboygan River, providing quick access to Lake Huron, Mackinaw City, Mackinac Bridge, and Mackinac Island. The location is in Cheboygan, a city in Northern Michigan, approximately 25 miles from the Mackinac Bridge and Mackinac Island. Other area retailers include Dollar Tree, AutoZone, Advance Auto Parts, Dunham's, Ace Hardware, McDonalds, Arbys, and Burger King. There are no CVS Pharmacy, Rite Aid or other Walgreen's competition within 30 miles.
Key Highlights
- Long‑term NNN lease to Walgreens Corporate guaranteed through February 2032, providing stable income.
- High visibility location at a signalized intersection on Main Street (M‑27), a primary commercial corridor with 13k+ VPD.
- High 9.50% Cap Rate.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49721, MI
14,058
Population
8,535
Households
1.6
Avg Household Size
50
Median Age
22%
College-Educated
89%
High-School Grad
266.7 sq mi
ZIP Area
53
Density / Sq Mi
$60,840
Median Household Income
$30,807
Median Earnings
$753
Median Rent
$170,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- Walmart Pharmacy — 1150 S Main St, Cheboygan, MI 49721
- Family Fare Pharmacy — 992 S Main St, Cheboygan, MI 49721
- COVID-19 Drive-Thru Testing at Walgreens — 991 S Main St, Cheboygan, MI 49721
- Rechab Towne — 991 S Main St, Cheboygan, MI 497212219
- Heather Garst — 1150 S Main St, Cheboygan, MI 497212223
Frequently Asked Questions
What type of property is this?
Drug store - Long-term NNN leased Walgreens near McLaren Northern Michigan medical center.
Where is this drug store located?
The property is located at 991 S Main St Cheboygan, MI.
What is the asking price?
The asking price for this property is $3,662,000.
What are key features of this property?
This property features: Long‑term NNN lease to Walgreens Corporate guaranteed through February 2032, providing stable income.; High visibility location at a signalized intersection on Main Street (M‑27), a primary commercial corridor with 13k+ VPD.; High 9.50% Cap Rate.
