760 Michigan Ave Kalamazoo, MI 49007-4538

Property Details for 760 Michigan Ave

Lot size

1.49 lot acres

Property size

14,550 SF

Zone code

CCBD

Property type

Commercial real estate

APN

06-16-459-010

APU

616459010

Description

This exceptional investment opportunity presents a fee-simple ownership of a 14,550-square-foot Walgreens pharmacy located at 760 W Michigan Ave, Kalamazoo, MI 49006. Built in 2014, this newer prototype store sits on a 1.49-acre lot and boasts a strong 7.75% cap rate with a current NOI of $375,000. The property benefits from a long-term, absolute NNN lease with Walgreens, expiring March 31, 2034, providing over 9.4 years of remaining lease term and eleven 5-year renewal options. This ensures a passive income stream with no landlord responsibilities. The strategic location at the intersection of Michigan Avenue and Main Street, two major thoroughfares with approximately 42,000 vehicles passing daily, provides exceptional visibility and accessibility. The property is less than half a mile from the future Kalamazoo Event Center, a $300 million development projected to attract significant foot traffic and boost the local economy. Its proximity to Western Michigan University (approximately 22,500 students), Kalamazoo College, and major employers like Pfizer, Stryker, and Zoetis further enhances its value and long-term potential. The asking price for this prime retail investment is $4,838,709.