11635 13th Mile Rd Warren, MI 48093-3021
- Retail space
- 13,833 SF
- 1.33 lot acres
Feb 19, 2025
Current Use by Public Records
- Retail space
Property Details for 11635 13th Mile Rd
- Year built
- 1999
- Lot size
- 1.33 lot acres
- Property size
- 13,833 SF
- Zone code
- MZ
- Property type
- Retail space
- APN
- 12-13-02-354-034
- APU
- 121302354034
Description
This exceptional investment opportunity presents a fee-simple ownership of a Walgreens located at 11635 E Thirteen Mile Rd, Warren, MI 48093. The 13,836 square foot property sits on a 1.56-acre lot and boasts an absolute NNN lease with no landlord obligations, providing significant passive income. The current lease, with Walgreens, a credit-rated tenant with a corporate guarantee, commenced July 30, 2002, and expires December 31, 2034, offering a remaining term of 10.1 years. A rent increase to $350,768 is scheduled for January 1, 2035. The property features a drive-thru and benefits from a prime location at a signalized intersection with high visibility and traffic counts exceeding 54,300 daily. The surrounding area is densely populated, with over 306,504 residents within a 5-mile radius and an average household income exceeding $79,126 within a 1-mile radius. The property's proximity to major employers like the GM Tech Center (within 2 miles) and Macomb Community College (within 2.5 miles) further enhances its appeal. The property has a current NOI of $325,768, an 8.63% cap rate, and a price per square foot of $272.91. The lease includes ten 5-year options, ensuring long-term stability and potential for future growth. Built in 2002, this property represents a secure and lucrative investment opportunity in a thriving Michigan market.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Warren
- County
- Macomb
- State
- Michigan
- Longitude
- -83.0069
- Latitude
- 42.5219
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
