NNN Lease Retail Property

360 Martin Luther King Jr Blvd N, Pontiac, MI

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For Sale

Contact for pricing

Retail property with absolute NNN lease and zero landlord responsibilities.

Type:RETAIL

Property size:

11,207 SF

Lot size:

1.85 Acres

Price / SF:

$232/SF

HighLights

Absolute NNN Lease with Zero Landlord Responsibilities
11 Years Remaining in Term with Nine, 5‑Year Options
Lease Supports Rent Increases of 5% in Years 6 and 11, and in Each Option
Excellent Visibility with Frontage and Signage Along Martin Luther King Jr Blvd and University Drive with High Traffic Counts
NYSE: RAD | Third Largest Drugstore Chain in the U.S. with Over 2,245 Locations
Easily Accessible with Multiple Points of Access and Signalized Intersections

We can help!

Contact an agent

Brandon Hanna

For Sale

Contact for pricing

Retail property with absolute NNN lease and zero landlord responsibilities.

Type:RETAIL

Property size:

11,207 SF

Lot size:

1.85 Acres

Price / SF:

$232/SF

Added:: Apr 17, 2023
Days on Market:: 1168
Last Refresh:: May 20 at 9:23 pm

Property Features for 360 Martin Luther King Jr Blvd N

General Information

Standard status: Active
Size: 11,207 SF
Lot size: 1.85 Acres
Property subtype: RETAIL

We can help!

Contact an agent

Brandon Hanna

Listing office Encore Real Estate Investment Services

Listing date Apr 17, 2023

Source Moodyscre

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 Encore Real Estate Investment Services

HighLights

Absolute NNN Lease with Zero Landlord Responsibilities
11 Years Remaining in Term with Nine, 5‑Year Options
Lease Supports Rent Increases of 5% in Years 6 and 11, and in Each Option
Excellent Visibility with Frontage and Signage Along Martin Luther King Jr Blvd and University Drive with High Traffic Counts
NYSE: RAD | Third Largest Drugstore Chain in the U.S. with Over 2,245 Locations
Easily Accessible with Multiple Points of Access and Signalized Intersections

Overview

This retail property features an absolute NNN lease with zero landlord responsibilities and approximately 11 years remaining in the term, along with nine, 5-year options. The lease includes rent increases of 5% in years 6 and 11, and in each option period. The property benefits from excellent visibility with frontage and signage along Martin Luther King Jr Blvd, where traffic counts exceed 40,900 vehicles per day, and University Drive, with traffic counts over 21,500 vehicles per day. It is easily accessible via multiple points of access along Martin Luther King Jr Blvd, University Drive, and Featherstone Street. The location is strategically positioned with signalized intersections on two corners of the property. The property is located approximately 27 miles from the Detroit City Airport. The property features a drive-thru and ample parking. The property size is 11,207 square feet.

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$242.1k	$21.60
− Vacancy	−$16.5k	−$1.47
EGI	$225.6k	$20.13
− OpEx	−$56.4k	−$5.03
NOI	$169.2k	$15.10

11,207 SF · lease $21.60/SF/yr · vacancy 6.80% · expense 25.00%

Alternative Uses

Best Use

Specialty Retail

$2.42M

$2.12M – $2.82M (±1% cap)

NOI $169,208 @ 7.0% cap · market cap 6.49%

Second Best

Retail

$1.72M

$1.51M – $2.01M (±1% cap)

NOI $120,592 @ 7.0% cap · market cap 4.62%

Theoretical Best

—

same as Best Use

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Olaolu A. Akinbiyi, BPharm Pharmacy Ryan P. Browne, ... Pharmacy higi Physician Rite Aid Photo (Bike/Boat/Book/etc) Store Rite Aid #04301 Medical Laboratory

Suggested Use

Similar Places Nearby

Action Drugs — 640 Auburn Ave # B, Pontiac, MI 48342
Hershel B. Cohen, RPH — 640 Auburn Ave, Pontiac, MI 48342
Rite Aid Pharmacy — 360 N Ml, Martin Luther King Jr Blvd N, Pontiac, MI 48342
TheraMatrix Physical Therapy Network (TPTN) — 900 Auburn Ave, Pontiac, MI 48342
KTruese — Pontiac, MI 48342

Location Insight

Map
Local Demand

City: Pontiac
County: Oakland
State: Michigan
Longitude: -83.2702
Latitude: 42.6484

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For sale
Drug stores
MI
Pontiac
360 Martin Luther King Jr Blvd N

What type of property is this?

Drug store - Retail property with absolute NNN lease and zero landlord responsibilities.

Where is this drug store located?

The property is located at 360 Martin Luther King Jr Blvd N Pontiac, MI.

What is the asking price?

The asking price for this property is $2,608,600.

What are key features of this property?

This property features: Absolute NNN Lease with Zero Landlord Responsibilities; 11 Years Remaining in Term with Nine, 5‑Year Options; Lease Supports Rent Increases of 5% in Years 6 and 11, and in Each Option

360 Martin Luther King Jr Blvd N, Pontiac, MI

Retail property with absolute NNN lease and zero landlord responsibilities.

Property Features for 360 Martin Luther King Jr Blvd N

General Information

We can help!

HighLights

Overview

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Similar Places Nearby

Location Insight

Nearby Similar for Sale

Spacious Multifamily Investment Opportunity

Commercial C-3 Corridor Site

Turn-Key Multifamily Investment Opportunity

Turn-Key Pontiac Apartment Complex

Pontiac Vacant Commercial Building

Pontiac Multifamily Investment Opportunity

Pontiac Industrial Building with Apartment

Pontiac Multifamily Investment Opportunity

Waterford Commercial Building on Voorheis

M1 Concourse Private Garage

M1 Concourse Combined Units

Former YMCA Office and Recreation Building

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