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    1710 West John Beers Road Stevensville, MI 49127

    • Drug stores
    • 14,737 SF
    • 2.06 lot acres
    For Sale
    View listing
    $4,319,527
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-3649862
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Walgreens Photo / Passport Photo Processor / Photo Lab
    • Walgreens Pharmacy / Pharmacy
    • Walgreens / Perfume Store / Stationery Store
    • COVID-19 Drive-Thru Testing at Walgreens / Medical Laboratory
    • Labcorp at Walgreens / Medical Laboratory / Diagnostic Center

    Property Details for 1710 West John Beers Road

    Year built
    2007
    Lot size
    2.06 lot acres
    Property size
    14,737 SF
    Zone code
    CMU
    Property type
    Drug stores
    APN
    12-0027-0008-17-6
    APU
    1200270008176

    Description

    This exceptional investment opportunity features a 14,820-square-foot Walgreens pharmacy in Stevensville, Michigan, situated on a 2.06-acre lot. The property boasts a strong absolute triple-net (NNN) lease with zero landlord responsibilities, backed by a corporate guarantee from Walgreens (NASDAQ:WBA). The asking price is $4,319,527, representing a compelling $291.47 per square foot and an attractive 8.45% capitalization rate. The property generates a net operating income (NOI) of $365,000 with 100% occupancy. Benefiting from a high-traffic location at a signalized intersection of W John Beers Rd & Cleveland Ave, experiencing 7,495 vehicles per day, the property enjoys excellent visibility and accessibility. Its proximity to Lakeshore High School (872 students) and Lakeshore Middle School (619 students) further enhances its strategic position. The lease includes a substantial initial term with fifty (50) years of options, each with 12-month cancellation rights, providing long-term stability and predictable cash flow for the investor. This is a rare opportunity to acquire a well-established, high-performing Walgreens property in a desirable Michigan location.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Stevensville
    County
    Berrien
    State
    Michigan
    Longitude
    -86.4955
    Latitude
    42.0141
    CBSA code
    35660
    CBSA name
    NILES-BENTON HARBOR, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $29,615
    $0.00
    $0.00
    $689,400
    -
    $0.00
    $0.00
    $1,378,800

    Comparable in this City

    • Value Estimation by Request
      15,018 SF

      2485 Glenlord Rd

      DRUG STORE, PHARMACY • 15,018 SF
      2485 Glenlord Rd, Stevensville, MI 49127-9557
      View Details
    • Value Estimation
      $90,000
      2,592 SF

      4157 Red Arrow Hwy

      DRUG STORE, PHARMACY • 2,592 SF
      4157 Red Arrow Hwy, Stevensville, MI 49127-9392
      View Details
    • Value Estimation by Request
      1,700 SF

      5729 Saint Joseph Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,700 SF
      5729 Saint Joseph Ave, Stevensville, MI 49127-1239
      View Details
    • Value Estimation by Request
      600 SF

      5113 Red Arrow Hwy

      RETAIL STORES (PERSONAL SERVICES) • 600 SF
      5113 Red Arrow Hwy, Stevensville, MI 49127-1072
      View Details
    • Value Estimation by Request
      7,364 SF

      1733 John Beers Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,364 SF
      1733 John Beers Rd, Stevensville, MI 49127-9470
      View Details
    • Value Estimation by Request
      18,040 SF

      1545 John Beers Rd

      STORE, RETAIL OUTLET • 18,040 SF
      1545 John Beers Rd, Stevensville, MI 49127-9408
      View Details

    Similar Nearby for Sale

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      Stevensville Commercial Building with Drive-Through

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    • $4,319,527
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      Walgreens Investment Opportunity

      Stevensville, MI: NNN Lease, Strong Tenant
      1710 West John Beers Road, Stevensville, MI 49127
      View Details
    • $4,319,527
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      Walgreens Investment Property, MI

      Stevensville Walgreens: NNN Lease, High Traffic
      1710 West John Beers Road |, Stevensville, MI 49127
      View Details
    • New
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      Established Restaurant with Drive-Through

      Freestanding Subway restaurant on Red Arrow Highway in Stevensville, MI.
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    • $555,500
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      Stevensville Commercial Land - I-94

      5-Acre Commercial Lot, High Traffic Area
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      Quiet neighborhood lot in Stevensville, Michigan.
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    Similar Nearby for Lease

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      Former Restaurant with Drive-Thru

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      Retail space available on Red Arrow Hwy for lease.
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    • $6 SF/Yr
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      Industrial Space Available for Lease

      8,776 SF industrial space for lease in Stevensville, Michigan.
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    Stevensville, MI 49127
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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