Single-Tenant Walgreens
For Sale
Contact for pricing
31415 FORD RD, Garden City, MI 48135
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 Market81
Property Features for 31415 FORD RD
General Information
Standard status
Active
Size
14,560 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$476,000
Additional Details
Road Access
Yes
Building Details
Year Built
2005
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Horvath & Tremblay
Listed By:
Bob Horvath · License #CT 756500
Source:
Crexi
Added: Jun 17
Changed: Aug 13
Last Checked: Sep 3 at 3:21AM
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
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
$188,698
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
3.57%
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%
$3,773,960
$3.8M
Cap Rate 7%
$2,695,686
$2.7M
Cap Rate 9%
$2,096,644
$2.1M
Market Conditions
NOI Build-Up for 14,560 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
$262.1K $18.00/SF
− Vacancy
−$10.5K −$0.72/SF
EGI
$251.6K $17.28/SF
− OpEx
−$62.9K −$4.32/SF
NOI
$188.7K $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%
$3,773,960
Cap Rate 7%
$2,695,686
Cap Rate 9%
$2,096,644
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
45k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 66%
Dining 32%
Electronics 2%
BP
Shops & Services
14,636 visits/mo
0.5 miles
7-Eleven
Shops & Services
8,738 visits/mo
0.0 miles
Checkers
Dining
6,770 visits/mo
0.0 miles
A&W Restaurant
Dining
4,386 visits/mo
0.4 miles
Mobil
Shops & Services
3,677 visits/mo
0.5 miles
Demographics for 48135, MI
27,380
Population
11,395
Households
2.4
Avg Household Size
41
Median Age
15%
College-Educated
91%
High-School Grad
5.9 sq mi
ZIP Area
4,641
Density / Sq Mi
$64,396
Median Household Income
$39,987
Median Earnings
$991
Median Rent
$162,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
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
