Freestanding Pharmacy NNN
950 S Centerville Rd Sturgis, MI 49091
950 S Centerville Rd, Sturgis, MI, 49091
$3,030,000
For Sale
$3,030,000
Freestanding Walgreens pharmacy on an absolute NNN lease, built in 2005 and fully occupied with 20-year historical occupancy.
Property Size14,820 SF
Lot Size1.56 Acres
Price / SF$204.45
Days on Market29
Property Features for 950 S Centerville Rd
General Information
- Standard status
- Active
- Size
- 14,820 SF
- Lot size
- 1.56 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 2005
Listing agency
Altitude Commercial Real Estate
(248) 781-8076
Listed by
George Abro · License #6502432561
Source
Altitudecre
Added: Jun 25 Updated: Jul 22 at 10:22PM Checked: Jul 23 at 4:29AM
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 Altitude Commercial Real Estate
Investment Insights
Based on property information with market context.
This offering is for a freestanding Walgreens pharmacy building that is fully occupied under an absolute NNN lease structure. The property is built in 2005 and sits on a 1.56-acre site, with a total building size of 14,820 SF. Public remarks indicate 20-year historical occupancy.
The building is located at 950 S Centerville Rd in Sturgis, MI, positioned along S Centerville as the primary thoroughfare and retail corridor. The property also benefits from adjacent retail synergies, serving the immediate surrounding households.
The lease is described as “absolute NNN,” with zero landlord responsibilities noted in the remarks.
The building is located at 950 S Centerville Rd in Sturgis, MI, positioned along S Centerville as the primary thoroughfare and retail corridor. The property also benefits from adjacent retail synergies, serving the immediate surrounding households.
The lease is described as “absolute NNN,” with zero landlord responsibilities noted in the remarks.
Key Highlights
- Freestanding Walgreens pharmacy (14,820 SF) built in 2005
- Fully occupied on an absolute NNN lease structure
- Zero landlord responsibilities reported in the provided remarks
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 | $229.4k | $15.48 |
| − Vacancy | −$9.2k | −$0.62 |
| EGI | $220.2k | $14.86 |
| − OpEx | −$55.1k | −$3.72 |
| NOI | $165.2k | $11.15 |
14,820 SF · lease $15.48/SF/yr · vacancy 4.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.36M
$2.06M – $2.75M
NOI $165,178 @ 7.0% cap · market cap 5.45%
Second Best
Retail
$2.20M
$1.92M – $2.56M
NOI $153,845 @ 7.0% cap · market cap 5.08%
Theoretical Best
Multifamily LT 5
$184.66M
$161.58M – $215.44M
NOI $12,926,281 @ 7.0% cap · market cap 426.61%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Walgreens Photo
(Bike/Boat/Book/etc) Store
Walgreens Pharmacy
Pharmacy
Walgreens
Pharmacy
LibertyX Bitcoin ATM
Atm
Redbox
Cinema
Similar For Sale Nearby
Similar Off Market Nearby
- Walgreens Pharmacy — 950 S Centerville Rd, Sturgis, MI 49091
- Meijer Pharmacy — 408 W South St, Sturgis, MI 49091
- Walmart Pharmacy — 1500 S Centerville Rd, Sturgis, MI 49091
- Drew Leer — 1500 S Centerville Rd, Sturgis, MI 490918245
- CVS Pharmacy — 408 w south st, sturgis, mi 49091
FAQs
What type of property is this?
Drug store - Freestanding Walgreens pharmacy on an absolute NNN lease, built in 2005 and fully occupied with 20-year historical occupancy.
Where is this drug store located?
The property is located at 950 S Centerville Rd Sturgis, MI.
What is the asking price?
The asking price for this property is $3,030,000.
What are key features of this property?
This property features: Freestanding Walgreens pharmacy (14,820 SF) built in 2005; Fully occupied on an absolute NNN lease structure; Zero landlord responsibilities reported in the provided remarks
