29200 6th Mile Rd Livonia, MI 48152-5010
- Retail space
- 13,833 SF
- 1.80 lot acres
Current Use by Public Records
- Walgreens Photo / Passport Photo Processor / Photo Lab
- COVID-19 Drive-Thru Testing at Walgreens / Pharmacy
- Walgreens / Drug Store / Greeting Card Shop
- Walgreens Pharmacy / Pharmacy
- FedEx OnSite / Mailing Service
Property Details for 29200 6th Mile Rd
- Year built
- 1997
- Lot size
- 1.80 lot acres
- Property size
- 13,833 SF
- Property type
- Retail space
- APN
- 46 047 99 0004 005
- APU
- 46047990004005
Description
This exceptional investment opportunity presents a fee-simple Walgreens located at 29200 Six Mile Road, Livonia, Michigan 48152. The property boasts 13,905 square feet on a 1.8-acre lot and is currently 100% occupied under a Net Lease (NN) agreement with Walgreens, a corporate guarantor. The lease commenced on May 23, 1998, and has a remaining term expiring October 31, 2028, representing a significant 30.4-year lease. The property generates a substantial net operating income (NOI) of $139,050 annually, resulting in an attractive 6.15% cap rate. Built in 1998, this single-tenant property offers a secure investment with a long-term, established tenant. The current annual rent is below market value, providing further upside potential. Walgreens' consistent operation at this location for over 25 years demonstrates a strong commitment to the site. This is a rare opportunity to acquire a well-performing, net-leased Walgreens with a corporate guarantee, offering stability and significant return on investment. The property is situated in Wayne County, within the city of Livonia, and features a convenient location with excellent visibility. The asking price for this exceptional investment is $2,260,976.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,435,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $2,265,000
- 6.5%
- $2,105,000
- 7%
- $2,215,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,370,000
- Geo Method
- $2,145,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,180,000
- Retail
- $2,050,000
- Mixed-Use
- $2,255,000
- Hospitality
- $2,220,000
- Educational
- $1,960,000
- Residential Income
- $2,055,000
- Energy
- $2,470,000
- Income-Based Land
- $2,110,000
- Food Service
- $2,255,000
Location Insight
- Map
- Local Demand
- City
- Livonia
- County
- Wayne
- State
- Michigan
- Longitude
- -83.3333
- Latitude
- 42.4127
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
