840 Sherman Blvd Muskegon, MI 49441-3533

Property Details for 840 Sherman Blvd

Year built

1999

Lot size

1.58 lot acres

Property size

15,582 SF

Zone code

B-2

Property type

Commercial real estate

APN

61-24-036-400-0032-00

APU

6124036400003200

Description

This exceptional investment opportunity presents a 15,567-square-foot Walgreens pharmacy located in Muskegon, Michigan, on a 2.03-acre lot. The property boasts a prominent corner location at the signalized intersection of West Sherman Boulevard (20,789 vehicles per day) and Henry Street (20,517 vehicles per day), offering excellent visibility and accessibility. The NNN lease with Walgreens commenced in November 2023 and has approximately 14 years remaining, featuring 5% rent increases every five years and in each of the twelve five-year renewal options. The current asking price is $3,733,333, representing a 6.30% capitalization rate and a net operating income (NOI) of $235,200. Built in 1999, the property benefits from its position within Muskegon's primary retail and commercial corridor, surrounded by a variety of national retailers and close proximity to a large student population (over 2,400 students within two miles). The surrounding area includes significant retail, office, and industrial space, along with substantial multifamily housing. Muskegon's strategic location on Lake Michigan, three hours north of Chicago, and its diverse economy further enhance the investment potential. The property's strong tenant, long-term lease, and favorable location make it an attractive addition to any portfolio. The site is less than three miles west of US-31 (56,104 vehicles per day) and is near other businesses including Lee's Famous Recipe Chicken, Family Dollar, Boost Mobile, Supermercado San Jose, Gordon Food Service, and LMCU. It is also diagonally across from the West Village Mall, a 119,831-square-foot shopping center. The Muskegon MSA population is 177,164.

Location Insight

City

Muskegon

County

Muskegon

State

Michigan

Longitude

-86.2636

Latitude

43.2057

CBSA code

34740

CBSA name

MUSKEGON-NORTON SHORES, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments