Established Walgreens Location for
29200 Six Mile Rd Livonia, MI 48152
29200 Six Mile Rd, Livonia, MI, 48152
$1,986,500
For Sale
$1,986,500
Long-term Walgreens with low rent in a dense retail area.
Property Size13,905 SF
Lot Size1.79 Acres
Price / SF$142.86
Days on Market114
Property Features for 29200 Six Mile Rd
General Information
- Standard status
- Active
- Size
- 13,905 SF
- Lot size
- 1.79 Acres
- Property subtype
- Retail
Listing agency
Encore Real Estate Investment Services
(248) 702-0287
Listed by
Michael Gaggo · License #6501349119
(248) 702-0287
Source
Cpix.resimplifi
Added: Mar 30 Updated: Jul 10 at 1:16PM Checked: Jul 21 at 3:11AM
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
Investment Insights
Based on property information with market context.
The property features a 13,905 square foot building on a 1.79-acre parcel. Walgreens has operated at this location for 28 years. The current rent is $10 per square foot. The property is positioned at the signalized intersection of Six Mile Road and Middlebelt Road, with traffic counts exceeding 46,460 vehicles per day. It benefits from four points of ingress and egress. The average household income within a 1-mile radius exceeds $100,388, and the population within a 5-mile radius exceeds 234,651 people. The property is surrounded by national retailers including Gordon Food Service, Dairy Queen, Lefty's, T-Mobile, Tim Horton's, McDonald's, Burger King, Little Caesars, CVS Pharmacy, Walmart Supercenter, Petco, Kohl's, Advance Auto Parts, and NAPA Auto Parts.
Key Highlights
- Established Walgreens Location: Operating successfully for 28 years.
- Prime Hard Corner Location: Signalized intersection with high traffic counts and excellent visibility.
- Attractive Low Rent: Current rent of $10 per square foot, offering rent stability.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $250.3k | $18.00 |
| − Vacancy | −$10.0k | −$0.72 |
| EGI | $240.3k | $17.28 |
| − OpEx | −$60.1k | −$4.32 |
| NOI | $180.2k | $12.96 |
13,905 SF · lease $18.00/SF/yr · vacancy 4.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.57M
$2.25M – $3.00M
NOI $180,209 @ 7.0% cap · market cap 9.07%
Second Best
Retail
$1.88M
$1.65M – $2.20M
NOI $131,753 @ 7.0% cap · market cap 6.63%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Walgreens Photo
(Bike/Boat/Book/etc) Store
COVID-19 Drive-Thru Testing ...
Pharmacy
Walgreens
Cosmetic Store
Walgreens Pharmacy
Pharmacy
FedEx OnSite
Postal Service
Similar For Sale Nearby
Similar Off Market Nearby
- Livonia Family Pharmacy — 15983 Middlebelt Rd, Livonia, MI 48154
- Blooms Pharmacy — 16347 Middlebelt Rd, Livonia, MI 48154
- MOTOR CITY INTERCONNECT, LLC — 16008 Oak Dr, Livonia, MI 48154
- Kimberly Hathaway — 29200 Six Mile Rd, Livonia, MI 481525010
- Nisha Rushton — 29200 Six Mile Rd, Livonia, MI 481525010
FAQs
What type of property is this?
Drug store - Long-term Walgreens with low rent in a dense retail area.
Where is this drug store located?
The property is located at 29200 Six Mile Rd Livonia, MI.
What is the asking price?
The asking price for this property is $1,986,500.
What are key features of this property?
This property features: Established Walgreens Location: Operating successfully for 28 years.; Prime Hard Corner Location: Signalized intersection with high traffic counts and excellent visibility.; Attractive Low Rent: Current rent of $10 per square foot, offering rent stability.
