Walgreens/Dollar Tree Investment
For Sale
Contact for pricing
Pending
13901 Metro Pkwy, Sterling Heights, MI 48312
14,490 SF building on 3.66 acres, 100% occupied.
Property Size14,490 SF
Lot Size3.66 Acres
Days on Market209
Property Features for 13901 Metro Pkwy
General Information
Standard status
Pending
Size
14,490 SF
Lot size
3.66 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$377,000
Building Details
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
AQRE Advisors
(248) 776-6001
Listed By:
John Yousif · License #6501464032
Source:
Crexi
Added: Jan 14
Changed: Aug 8
Last Checked: Aug 9 at 8:40AM
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 AQRE Advisors
Investment Insights
Based on property information with market context.
The subject property, a single-tenant building, is available for sale. Located at 13901 Metropolitan Pkwy, Sterling Heights, MI 48312, the property consists of approximately 14,490 square feet. Situated on a 3.66-acre lot, the building is 100% occupied by Walgreens, which is subleased by Dollar Tree.
Key Highlights
- 100% occupied by Walgreens, subleased by Dollar Tree, providing stable income.
- Located on a large 3.66‑acre lot.
- Single tenant building, simplifying management.
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
$174,133
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
6.22%
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%
$3,482,660
$3.5M
Cap Rate 7%
$2,487,614
$2.5M
Cap Rate 9%
$1,934,811
$1.9M
Market Conditions
NOI Build-Up for 14,490 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
$269.5K $18.60/SF
− Vacancy
−$20.8K −$1.43/SF
EGI
$248.8K $17.17/SF
− OpEx
−$74.6K −$5.15/SF
NOI
$174.1K $12.02/SF
Area
Sterling Heights, MI
Vacancy
7.70%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
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%
$3,482,660
Cap Rate 7%
$2,487,614
Cap Rate 9%
$1,934,811
Alternative Uses
Best Use
Retail
$2.49M
$2.18M – $2.90M
NOI $174,133 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.20M
$2.80M – $3.73M
NOI $223,759 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
201
Businesses Nearby
17k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar Tree
Shops & Services
17,030 visits/mo
0.1 miles
Demographics for 48312, MI
34,854
Population
14,282
Households
2.4
Avg Household Size
42
Median Age
31%
College-Educated
87%
High-School Grad
11.1 sq mi
ZIP Area
3,140
Density / Sq Mi
$71,266
Median Household Income
$40,488
Median Earnings
$1,176
Median Rent
$253,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Dodge Park Plaza Shopping Center — Sterling Heights, MI 48312
Frequently Asked Questions
What type of property is this?
Shopping center - 14,490 SF building on 3.66 acres, 100% occupied.
Where is this shopping center located?
The property is located at 13901 Metro Pkwy Sterling Heights, MI.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 100% occupied by Walgreens, subleased by Dollar Tree, providing stable income.; Located on a large 3.66‑acre lot.; Single tenant building, simplifying management.
