34899 Groesbeck Hwy Clinton Township, MI 48035
Property profile & analytics
34899 Groesbeck Hwy Clinton Township, MI 48035
- Drug stores
- 15,177 SF
- 1.98 lot acres
Property ID
US43-1647615
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Drug stores
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.
Value Estimations
based on Realmo’s proprietary methodology
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,885,000
- AI Estimate
- $1,885,000
Market price range: $869k - $2.54MMarket price range: $869k - $2.54M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $1,585,000 Current use
- RESTAURANT
- $2,150,000 Change: +36% Conversion: Easy
- MEDICAL BUILDING
- $1,865,000 Change: +18% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $1,560,000 Change: -1% Conversion: Easy
- OFFICE BUILDING
- $1,440,000 Change: -9% Conversion: Easy
- AUTO REPAIR, GARAGE
- $1,305,000 Change: -18% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- 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
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$41,360
$0.00
$0.00
$662,000
-
$0.00
$0.00
$1,324,000
