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23366832

991 S Main St, Cheboygan, MI 49721

DD
MI 6504380495
SVN | Investment Property Advisors
Listed by SVN | Investment Property Advisors
$3,662,000
384 days on market
Updated 40 days ago

Cheboygan, MI Walgreens-NNN Leased to Feb, 2032

Details
APN 055-006-200-014-01
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 14,550
Net Rentable (SqFt) 14,550
Units 1
Cap Rate 10%
NOI $366,285
Occupancy 100%
Tenancy Single
Brand/Tenant Walgreens
Lease Type Absolute NNN
Lease Term 25
Lease Expiration 02/29/2032
Remaining Term 5.7
Lease Options 50 Years of 1 Year Evergreens
Price per SqFt $252
Broker Co-Op Yes
Class A
Year Built 2007
Buildings 1
Stories 1
Zoning Commercial
Parking Spaces 35 spaces
Parking Per SqFt 2.41
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 03/01/2007
Occupancy Date 03/01/2007
Ownership Fee Simple

High Visibility Signalized Location on Main Street / Next to McLaren Medical Center

Marketing description

SVN / Investment Property Advisors is pleased to present this large quality build to suit long-term NNN leased Walgreens with drive-thru on nearly 2 acres and just a quarter mile from McLaren Northern Michigan medical center and across from Cheboygan County Courthouse. Located at signalized intersection on primary commercial corridor (S. Main or M-27) with lots of nearby national retail including a Walmart Supercenter and Family Fare across the street. There are no CVS Pharmacy, Rite Aid or other Walgreen's competition within 30 miles.

Cheboygan is a city in Northern Michigan just 25 miles from Mackinac Bridge and famous Mackinaw Island. The store is located on the primary commercial corridor (over 13k VPD) which is Main St, aka M-27, around a quarter mile from McLaren Medical Center and across the street from Cheboygan County Courthouse. Area retailers include a Walmart Supercenter, Family Fare, Dollar Tree, AutoZone, Advance Auto Parts, Dunham's, Ace Hardware, McDonalds, Arbys, Burger King and many more. Next to Fleetwood Inn on Cheboygan River with quick access to Lake Huron, Mackinaw City, Mackinac Bridge and Mackinac Island.

Investment highlights

Lowered Price / High 10.0% Cap Rate

Absolute Net Lease to February, 2032

Zero Landlord Responsibilities

High Visibility Signalized Location on Main Street (M-27)

Next to McLaren Medical Center

Freestanding building with Drive-Through

Walgreens corporate guaranty

Listing Contacts

DD
MI 6504380495
SVN | Investment Property Advisors
Listed by SVN | Investment Property Advisors

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$366,285.00
$30,523.75/mo

Valuation Metrics

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DSCR
10%
Cap Rate
10%
ROI

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