Single-Tenant Walgreens
31415 FORD RD Garden City, MI 48135
31415 FORD RD, Garden City, MI, 48135
Contact for pricing
For Sale
Contact for pricing
Absolute triple-net leased Walgreens has been in place since 2005 with multiple 5-year renewal options remaining.
Property Size14,560 SF
Price / SF$363.25
Days on Market35
Property Features for 31415 FORD RD
General Information
- Standard status
- Active
- Size
- 14,560 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2005
Listing agency
Horvath & Tremblay
Listed by
Bob Horvath · License #CT 756500
Source
Crexi
Added: Jun 17 Updated: Jul 21 at 3:15AM Checked: Jul 21 at 3:15AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This offering features a single-tenant Walgreens property operating under an absolute triple-net lease. The building has been occupied by Walgreens since its construction in 2005, and the lease includes 3+ years remaining with ten (10), 5-year renewal options.
The property is positioned at the signalized intersection of Merriman Road and Ford Road (MI Route 153), serving as part of a primary commercial and commuter corridor between downtown Detroit and Ann Arbor. The site offers excellent visibility and frontage and includes two points of access.
With the property located within a strong local trade area supported by nearby retailers, restaurants, businesses, and several area schools, the location is positioned to draw consistent activity from surrounding residential neighborhoods in the Detroit MSA.
The property is positioned at the signalized intersection of Merriman Road and Ford Road (MI Route 153), serving as part of a primary commercial and commuter corridor between downtown Detroit and Ann Arbor. The site offers excellent visibility and frontage and includes two points of access.
With the property located within a strong local trade area supported by nearby retailers, restaurants, businesses, and several area schools, the location is positioned to draw consistent activity from surrounding residential neighborhoods in the Detroit MSA.
Key Highlights
- Single‑tenant Walgreens at 31415 Ford Road in Garden City, MI (Detroit MSA)
- Built in 2005 and leased to Walgreens since construction
- Absolute triple‑net lease with 3+ years remaining and ten (10) 5‑year renewal options
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 | $262.1k | $18.00 |
| − Vacancy | −$10.5k | −$0.72 |
| EGI | $251.6k | $17.28 |
| − OpEx | −$62.9k | −$4.32 |
| NOI | $188.7k | $12.96 |
14,560 SF · lease $18.00/SF/yr · vacancy 4.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.70M
$2.36M – $3.14M
NOI $188,698 @ 7.0% cap · market cap 3.57%
Second Best
Retail
$1.97M
$1.72M – $2.30M
NOI $137,959 @ 7.0% cap · market cap 2.61%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Walgreens
Pharmacy
Walgreens Photo
(Bike/Boat/Book/etc) Store
Redbox
Cinema
COVID-19 Drive-Thru Testing ...
Pharmacy
FedEx OnSite
Postal Service
Similar For Sale Nearby
Similar Off Market Nearby
- COVID-19 Drive-Thru Testing at Walgreens — 31415 Ford Rd, Garden City, MI 48135
- Ali Sabbagh — 31415 Ford Rd, Garden City, MI 481351821
- Radhika Yalamanchi — 31415 Ford Rd, Garden City, MI 481351821
- Sonal Amin — 31415 Ford Rd, Garden City, MI 48135
- Maria Iacoban — 31415 Ford Rd, Garden City, MI 481351821
FAQs
What type of property is this?
Drug store - Absolute triple-net leased Walgreens has been in place since 2005 with multiple 5-year renewal options remaining.
Where is this drug store located?
The property is located at 31415 FORD RD Garden City, MI.
What is the asking price?
The asking price for this property is $5,288,889.
What are key features of this property?
This property features: Single‑tenant Walgreens at 31415 Ford Road in Garden City, MI (Detroit MSA); Built in 2005 and leased to Walgreens since construction; Absolute triple‑net lease with 3+ years remaining and ten (10) 5‑year renewal options
