8706 Telegraph Rd Dearborn Heights, MI 48127-1457

Property Details for 8706 Telegraph Rd

Year built

1998

Lot size

1.45 lot acres

Property size

13,836 SF

Property type

Drug stores

APN

33 001 02 0108 300

APU

33001020108300

Description

This exceptional investment opportunity presents a 13,905-square-foot Walgreens pharmacy, strategically located at 8706 N Telegraph Rd, Dearborn Heights, MI 48127. The property, built in 1997 and boasting a brand new roof (2022), sits on a 1.45-acre lot in a high-traffic area with over 346,000 residents within a 5-mile radius. The hard corner location at a signalized intersection on Telegraph and Joy Road ensures exceptional visibility, benefiting from traffic counts exceeding 53,000 vehicles. This single-tenant, net-lease property features a corporate guarantee from an investment-grade tenant (S&P rated "BBB"). The current lease, with a remaining term of 9.3 years, includes five 5-year options, and a significant 33% rent increase in the first option. The property's strong performance is reflected in its 7.50% cap rate and a Net Operating Income (NOI) of $289,312. The lease commenced February 7, 1997, and expires February 28, 2034. The asking price is $3,857,493, translating to a price per square foot of $277.42. The property is situated in the Detroit MSA, less than 17 miles from downtown, and is surrounded by other national tenants, including Aldi, CVS, and Starbucks, further solidifying its prime location and investment potential. This is a rare opportunity to acquire a well-established, high-performing Walgreens property with a long-term lease and significant upside potential.

Location Insight

City

Dearborn Heights

County

Wayne

State

Michigan

Longitude

-83.2733

Latitude

42.3562

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments