34899 Groesbeck Hwy Clinton Township, MI 48035

Property Details for 34899 Groesbeck Hwy

Year built

2001

Lot size

1.98 lot acres

Property size

15,177 SF

Zone code

B-3

Property type

Drug stores

APN

16-11-33-102-028

APU

161133102028

Description

This exceptional investment opportunity presents a net-leased Walgreens located at 34899 Groesbeck Hwy, Clinton Township, MI 48035. The 15,120 square foot property sits on a 1.98-acre lot and enjoys a prominent hard corner location on a major commercial thoroughfare, boasting exposure to 30,448 vehicles per day. The building, which received a new roof in 2019, benefits from a strong tenant in Walgreens, a publicly traded company (NASDAQ:WBA), providing a corporate guarantee. The current lease, with a remaining term of 13 years, extends to 2037 and includes built-in rental increases: 2.5% in 2029 and 2034, followed by 5% increases every five years thereafter, ensuring consistent income growth. The property's high performance and massive sales are further supported by desirable demographics, with 103,152 residents within a 3-mile radius. This location is surrounded by other national brands including Burger King, Wendy's, Captain D's, Taco Bell, KFC, Tim Horton's, and 7-Eleven, creating a vibrant commercial environment. The asking price is $2,376,000, representing a 7.00% cap rate and a price per square foot of $157.14. The property's Net Operating Income (NOI) is $166,320, offering a compelling return on investment. This is a rare opportunity to acquire a high-performing, net-leased Walgreens with significant long-term growth potential.

Location Insight

City

Clinton Township

County

Macomb

State

Michigan

Longitude

-82.925

Latitude

42.5537

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments