Established Walgreens Location for
For Sale
$1,986,500
29200 Six Mile Rd, Livonia, MI 48152
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 Market160
Property Features for 29200 Six Mile Rd
General Information
Standard status
Active
Size
13,905 SF
Lot size
1.79 Acres
Property subtype
Retail
Zoning
RUF
Building Details
Building Size
13,905 SF
Listing Agency:
Encore Real Estate Investment Services
Listed By:
Michael Gaggo · License #6501381426
(248) 702-0287
Source:
Cpix.resimplifi
Added: Mar 30
Changed: Aug 21
Last Checked: Sep 5 at 3:44AM
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.
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
$180,209
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
9.07%
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%
$3,604,180
$3.6M
Cap Rate 7%
$2,574,414
$2.6M
Cap Rate 9%
$2,002,322
$2.0M
Market Conditions
NOI Build-Up for 13,905 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
$250.3K $18.00/SF
− Vacancy
−$10.0K −$0.72/SF
EGI
$240.3K $17.28/SF
− OpEx
−$60.1K −$4.32/SF
NOI
$180.2K $12.96/SF
Area
Wayne County, MI
Vacancy
4.00%
Lease Rate
$18.00 /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%
$3,604,180
Cap Rate 7%
$2,574,414
Cap Rate 9%
$2,002,322
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
33k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 61%
Dining 19%
Electronics 11%
Shops & Services 8%
Gordon Food Service
Groceries
20,193 visits/mo
0.0 miles
Tim Hortons
Dining
6,255 visits/mo
0.2 miles
T-Mobile
Electronics
3,716 visits/mo
0.1 miles
BP
Shops & Services
2,527 visits/mo
0.1 miles
Fantastic Sams
Beauty & Spa
562 visits/mo
0.3 miles
Demographics for 48152, MI
31,098
Population
12,922
Households
2.4
Avg Household Size
47
Median Age
41%
College-Educated
95%
High-School Grad
12.0 sq mi
ZIP Area
2,592
Density / Sq Mi
$89,019
Median Household Income
$50,614
Median Earnings
$1,293
Median Rent
$284,300
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
- Livonia Family Pharmacy — 15983 Middlebelt Rd, Livonia, MI 48154
- MOTOR CITY INTERCONNECT, LLC — 16008 Oak Dr, Livonia, MI 48154
- Blooms Pharmacy — 16347 Middlebelt Rd, Livonia, MI 48154
- Kimberly Hathaway — 29200 Six Mile Rd, Livonia, MI 481525010
- Nisha Rushton — 29200 Six Mile Rd, Livonia, MI 481525010
Frequently Asked Questions
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.
