2131 Grand Riv St Meridian charter Township, MI 48864
- Retail properties
- 14,550 SF
- 1.32 lot acres
Current Use by Public Records
- Retail properties
Property Details for 2131 Grand Riv St
- Year built
- 2012
- Lot size
- 1.32 lot acres
- Property size
- 14,550 SF
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a freestanding Walgreens pharmacy located at 2131 W Grand River Street, Meridian Charter Township, MI 48864. The property boasts a 14,550 square foot building constructed in 2012 on a 1.32-acre lot. Benefitting from a highly desirable location, this property enjoys excellent visibility at a signalized four-way intersection with combined daily traffic counts exceeding 40,755 vehicles. The property is situated in a main retail corridor, less than a mile from Meridian Mall and surrounded by numerous national tenants including Chick-fil-A, Meijer, and Best Buy. The strong demographics are highlighted by an average household income of $95,098 within a 3-mile radius and a population exceeding 113,707 within 5 miles. The property is further enhanced by its proximity to Michigan State University, with over 50,000 students at the main campus. This absolute net lease investment features a corporate guarantee from Walgreens Boots Alliance (S&P rating "BBB"), minimizing landlord responsibilities. The original 25-year lease commenced June 15, 2012, and has 12.2 years remaining, expiring January 15, 2037. The property offers a compelling 8.00% cap rate, a $392,000 net operating income (NOI), and an asking price of $4,900,000 ($336.77 per square foot). The property includes a drive-thru for added convenience. 100% occupancy ensures a consistent income stream.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Meridian charter Township
- County
- Ingham
- State
- Michigan
- Longitude
- -84.4282
- Latitude
- 42.7217
