Dearborn Walgreens For
For Sale
Contact for pricing
13601 W Warren Ave, Dearborn, MI 48126
Walgreens property with ±3 years of guaranteed lease term.
Property Size13,816 SF
Price / SF$384.16
Days on Market316
Property Features for 13601 W Warren Ave
General Information
Standard status
Active
Size
13,816 SF
Property subtype
Retail
Zoning
BB
Building Details
Year Built
1999
Listing Agency:
Pharma Property Group
(619) 297-0055
Listed By:
Jason Pongsrikul · License #CA 01918332
Source:
Crexi
Added: Sep 30, 2025
Changed: Aug 8
Last Checked: Aug 8 at 3:21PM
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 Pharma Property Group
Investment Insights
Based on property information with market context.
The Walgreens property, situated at 13601 West Warren Avenue, Dearborn, Michigan 48126, is available for sale. The property has approximately 3 years of guaranteed lease term remaining before option periods. The lease includes 5% rental increases every five years, with the next increase scheduled for May 2029. According to Placer.ai, this Walgreens location ranks in the top 10% of the highest-trafficked stores in Michigan. The property benefits from its location on the signalized hard corner of Schafer Road and Warren Avenue, which experiences a combined daily traffic count of 46,091 vehicles. It is also located near the I-94 interstate, which connects Dearborn to Detroit and sees over 131,000 vehicles per day. The surrounding area is densely populated, with over 154,000 residents and 51,000 households within a 3-mile radius. The Ford Global Headquarters, including a new 2.1 million square foot building that will house 14,000 employees, is located approximately 4 miles southwest. The property size is 13,816 square feet.
Key Highlights
- High‑traffic Walgreens location, ranking in the top 10% in Michigan.
- Located on a signalized hard corner with a high combined daily traffic count of 46,091 vehicles per day.
- Dense surrounding population with over 154,000 residents and 51,000 households within a 3‑mile radius.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$189,003
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,780,060
$3.8M
Cap Rate 7%
$2,700,043
$2.7M
Cap Rate 9%
$2,100,033
$2.1M
Market Conditions
NOI Build-Up for 13,816 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$265.3K $19.20/SF
− Vacancy
−$13.3K −$0.96/SF
EGI
$252.0K $18.24/SF
− OpEx
−$63.0K −$4.56/SF
NOI
$189.0K $13.68/SF
Area
Dearborn, MI
Vacancy
5.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,780,060
Cap Rate 7%
$2,700,043
Cap Rate 9%
$2,100,033
Alternative Uses
Best Use
Specialty Retail
$2.70M
$2.36M – $3.15M
NOI $189,003 @ 7.0% cap · market cap 3.56%
Second Best
Retail
$2.43M
$2.13M – $2.84M
NOI $170,171 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$3.05M
$2.67M – $3.56M
NOI $213,350 @ 7.0% cap · market cap 4.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
927
Businesses Nearby
60k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 83%
Dining 14%
Electronics 3%
Mobil
Shops & Services
14,191 visits/mo
0.4 miles
BP
Shops & Services
13,132 visits/mo
0.1 miles
Shell
Shops & Services
12,844 visits/mo
0.5 miles
Jet's Pizza
Dining
4,820 visits/mo
0.3 miles
Comerica Bank
Shops & Services
4,755 visits/mo
0.4 miles
Demographics for 48126, MI
55,863
Population
16,919
Households
3.3
Avg Household Size
28
Median Age
24%
College-Educated
74%
High-School Grad
8.4 sq mi
ZIP Area
6,650
Density / Sq Mi
$42,353
Median Household Income
$27,724
Median Earnings
$1,222
Median Rent
$200,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- New Schaefer Pharmacy — 6635 Schaefer Rd, Dearborn, MI 48126
- Nour Pharmacy — 6500 Schaefer Rd, Dearborn, MI 48126
- My Care Pharmacy — 6200 Chase Rd, Dearborn, MI 48126
- Access Pharmacy — 6450 Maple St, Dearborn, MI 48126
- US Fast Power — 7000 Chase Rd, Dearborn, MI 48126
Frequently Asked Questions
What type of property is this?
Drug store - Walgreens property with ±3 years of guaranteed lease term.
Where is this drug store located?
The property is located at 13601 W Warren Ave Dearborn, MI.
What is the asking price?
The asking price for this property is $5,307,525.
What are key features of this property?
This property features: High‑traffic Walgreens location, ranking in the top 10% in Michigan.; Located on a signalized hard corner with a high combined daily traffic count of 46,091 vehicles per day.; Dense surrounding population with over 154,000 residents and 51,000 households within a 3‑mile radius.
