Drug Store with
For Sale
Contact for pricing
360 Martin Luther King Jr Blvd N, Pontiac, MI 48342
Absolute NNN drugstore with ample parking and prominent signage along MLK Jr Blvd and University Drive.
Property Size11,207 SF
Price / SF$232.77
Days on Market1203
Property Features for 360 Martin Luther King Jr Blvd N
General Information
Standard status
Active
Size
11,207 SF
Property subtype
RETAIL
Additional Details
Road Access
Yes
Amenities
drive thru
signage
Building Details
Tenancy
Single
Listing Agency:
Encore Real Estate Investment Services
(248) 702-0280
Listed By:
Brandon Hanna · License #6502375353
(248) 702-0280
Source:
Moodyscre
Added: Apr 17, 2023
Changed: Jul 30
Last Checked: Jul 31 at 1:06PM
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.
This drugstore offering is structured as an absolute NNN lease with zero landlord responsibilities. The lease has 11 years remaining in the term, along with nine, 5-year options. Rent increases are supported by scheduled 5% increases in years 6 and 11, and in each option period.
The site is positioned for strong visibility, with frontage and signage along Martin Luther King Jr Blvd carrying traffic counts over 40,900 vehicles per day. University Drive also benefits from heavy traffic of over 21,500 vehicles per day. Access is convenient with multiple points along Martin Luther King Jr Blvd, University Drive, and Featherstone Street, and the property sits at signalized intersections on two corners.
The location includes a drive-thru and ample parking, supporting customer convenience and repeat visits. It is located 27 miles from the Detroit City Airport.
The site is positioned for strong visibility, with frontage and signage along Martin Luther King Jr Blvd carrying traffic counts over 40,900 vehicles per day. University Drive also benefits from heavy traffic of over 21,500 vehicles per day. Access is convenient with multiple points along Martin Luther King Jr Blvd, University Drive, and Featherstone Street, and the property sits at signalized intersections on two corners.
The location includes a drive-thru and ample parking, supporting customer convenience and repeat visits. It is located 27 miles from the Detroit City Airport.
Key Highlights
- Absolute NNN lease with zero landlord responsibilities
- 11 years remaining in term plus nine, 5‑year options
- 5% rent increases in years 6 and 11, and in each option period
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 | $242.1k | $21.60 |
| − Vacancy | −$16.5k | −$1.47 |
| EGI | $225.6k | $20.13 |
| − OpEx | −$56.4k | −$5.03 |
| NOI | $169.2k | $15.10 |
11,207 SF · lease $21.60/SF/yr · vacancy 6.80% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.42M
$2.12M – $2.82M
NOI $169,208 @ 7.0% cap · market cap 6.49%
Second Best
Retail
$1.72M
$1.51M – $2.01M
NOI $120,592 @ 7.0% cap · market cap 4.62%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
241
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48342, MI
18,685
Population
7,559
Households
2.5
Avg Household Size
33
Median Age
10%
College-Educated
76%
High-School Grad
5.2 sq mi
ZIP Area
3,593
Density / Sq Mi
$33,750
Median Household Income
$29,970
Median Earnings
$851
Median Rent
$90,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Rite Aid Pharmacy — 360 N Ml, Martin Luther King Jr Blvd N, Pontiac, MI 48342
- Olaolu A. Akinbiyi, BPharm — 360 Martin Luther King Jr Blvd N, Pontiac, MI 48342
- Ryan P. Browne, PharmD — 360 Martin Luther King Jr Blvd N, Pontiac, MI 48342
- KINGS MEDICAL PHARMACY — 681 University Dr, Pontiac, MI 48342
- KTruese — Pontiac, MI 48342
Frequently Asked Questions
What type of property is this?
Drug store - Absolute NNN drugstore with ample parking and prominent signage along MLK Jr Blvd and University Drive.
Where is this drug store located?
The property is located at 360 Martin Luther King Jr Blvd N Pontiac, MI.
What is the asking price?
The asking price for this property is $2,608,600.
What are key features of this property?
This property features: Absolute NNN lease with zero landlord responsibilities; 11 years remaining in term plus nine, 5‑year options; 5% rent increases in years 6 and 11, and in each option period
