2489 Lk Lansing Rd East Lansing, MI 48823-9712

Property Details for 2489 Lk Lansing Rd

Year built

2008

Lot size

2.59 lot acres

Property size

14,520 SF

Zone code

B2

Property type

Drug stores

APN

33-20-02-09-101-010

APU

33200209101010

Description

This exceptional investment opportunity presents a 14,520 square foot, free-standing Rite Aid pharmacy in East Lansing, Michigan. Built in 2008 on a 2.29-acre lot, the property boasts a strong location at a highly visible, lighted intersection, adjacent to a newly developed Costco. The building survived a recent bankruptcy restructure, resulting in a new, significantly reduced lease (40% reduction) favorable to the buyer. The current lease is a triple-net (NNN) lease with three years remaining. The property enjoys 100% occupancy and generates a substantial net operating income (NOI) of $257,915, representing an 8.65% cap rate on the $2,980,000 asking price. The strong demographics of the area, with over 124,970 people within five miles and an average household income exceeding $134,389 within one mile, further enhance the investment potential. The property's strategic location near Michigan State University and Capital Region International Airport adds to its appeal. This is a rare opportunity to acquire a well-located, stabilized retail property with a national tenant and a compelling financial profile. The asking price is $2,980,000, with a price per square foot of $205.23.

Location Insight

City

East Lansing

County

Ingham

State

Michigan

Longitude

-84.4413

Latitude

42.7548

CBSA code

29620

CBSA name

LANSING-EAST LANSING, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments