Listed by CBRE - Atlanta, CBRE Atlanta, CBRE - Detroit
$3,233,800
Walgreens: Fremont, MI
Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 13,547
Cap Rate 7.65%
NOI $247,380
Tenancy Single
Brand/Tenant Walgreens
Lease Type Absolute NNN
Lease Expiration 06/30/2038
Remaining Term 11.9
Lease Options Eleven 5-year options
Price per SqFt $239
Year Built 2008
Acreage 20.000
Retail | 7.65% CAP | 13,547 SqFt
Marketing description
CBRE is pleased to exclusively offer for sale the 13,547-square-foot Walgreens situated on 2.00 acres in Fremont, MI - a component of the Grand Rapids–Wyoming–Kentwood, MI MSA (Population: 1.17M+).
Investment highlights
- Originally set to expire in 2034, Walgreens’ absolute NNN lease was extended through 2038 and now features ±12.0 years of primary term remaining with eleven, 5-year options to renew.
- The property is located with access and visibility along West Main Street (13,738 VPD), which is the main retail artery in Fremont.
- Walgreens is surrounded by 1.1 MSF of retail within a 3-mile radius. Retailers with a presence in the immediate area include Walmart Supercenter, Mejier, ALDI, Family Farm & Home, Anytime Fitness, Tractor Supply Co., Dunham’s Sports, Ace Hardware, Goodwill, Rent-A-Center, Dollar Tree, Family Dollar, O’Reilly Auto Parts, Advance Auto Parts, McDonald’s, Taco Bell, Burger King and a Chevrolet dealership, to name a few.
- The site is immediately west of the Gerber/Nestlé’s Fremont campus, which is the original and primary manufacturing hub of the Gerber baby food brand, now part of Nestlé Nutrition. The campus houses the original Gerber factory, a Nestlé Research & Development Center and multiple corporate and operational offices. Gerber has invested $36 million into upgrading and expanding the Fremont manufacturing campus, and serves as one of the largest employers in the area and provides hundreds of local jobs.
- The Grand Rapids–Wyoming–Kentwood, MI MSA (Population: 1.17M+) is a thriving West Michigan region anchored by Grand Rapids, known for its strong economy, diverse job market—especially in healthcare and manufacturing—and high quality of life.
Listing Contacts
Listed by CBRE - Atlanta, CBRE Atlanta, CBRE - Detroit
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$247,380.00
$20,615.00/mo
Valuation Metrics
0
DSCR
7.65%
Cap Rate
7.65%
ROI
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