9.50 CAP | $3.2 M | Only Drugstore 15 Miles | 950 S Centerville Rd
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9.50 CAP | $3.2 M | Only Drugstore 15 Miles 950 S Centerville Rd
14,820 SF Retail Building Sturgis, MI 49091 $4,520,982 CAD ($305 CAD/SF) 9.50% Cap Rate
Investment Highlights
- Only free-standing national chain drugstore in Sturgis and only Walgreens for over 15 miles.
- Over 16 million square feet of industrial space within a 3-mile radius and 2.3 million square feet of retail space within a 2-mile radius.
- Walgreens has been operating at this location for over 19 years.
- This is the closest national pharmacy to Sturgis Hospital, an 84-bed health center located 1.6 miles from the property.
- Located with frontage on Centerville Road, with over 16,000 VPD, serving as Sturgis's main North/South thoroughfare.
Executive Summary
We are pleased to market for sale the Walgreens property located at 950 South Centerville Road in Sturgis, Michigan ("The Property"). Walgreens has been successfully operating at this location for 19 years and has over 5 years of firm term remaining before 10 (5-year) option periods. The tenant is operating on an absolute triple net lease which provides for no landlord obligations whatsoever.
The Property benefits from limited competition as it is the only free-standing national chain drugstore in Sturgis with the next nearest Walgreens over 15-miles away. Walgreens is also conveniently located just 1.5 Miles from Sturgis Hospital, an 84-bed facility which provides a strong prescription base for the pharmacy.
Walgreens is positioned in a dense retail corridor with over 850,000 square feet of retail space within a half mile. National retail tenants in the immediate surrounding area include Walmart, ALDI, Meijer and Dollar Tree. Additionally, the property has frontage along Centerville Road (MI Route 66), which is the main thoroughfare in Sturgis with over 16,000 vehicles per day.
Listed in association with Brian Brockman, Bang Realty, 513-898-1551, wg@bangrealty.com, MI DRE Lic. 6502428679.
The Property benefits from limited competition as it is the only free-standing national chain drugstore in Sturgis with the next nearest Walgreens over 15-miles away. Walgreens is also conveniently located just 1.5 Miles from Sturgis Hospital, an 84-bed facility which provides a strong prescription base for the pharmacy.
Walgreens is positioned in a dense retail corridor with over 850,000 square feet of retail space within a half mile. National retail tenants in the immediate surrounding area include Walmart, ALDI, Meijer and Dollar Tree. Additionally, the property has frontage along Centerville Road (MI Route 66), which is the main thoroughfare in Sturgis with over 16,000 vehicles per day.
Listed in association with Brian Brockman, Bang Realty, 513-898-1551, wg@bangrealty.com, MI DRE Lic. 6502428679.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,820 SF
Building Class
B
Year Built
2005
Price
$4,520,982 CAD
Price Per SF
$305 CAD
Cap Rate
9.50%
NOI
$429,493 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.22
Lot Size
1.56 AC
Zoning
CM - Commercial Medium Format
Parking
58 Spaces (3.91 Spaces per 1,000 SF Leased)
Frontage
125 ft on S. Centerville
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 052-640-052-00 | Improvements Assessment | $1,576,931 CAD |
| Land Assessment | $34,866 CAD | Total Assessment | $1,611,797 CAD |
PROPERTY TAXES
Parcel Number
052-640-052-00
Land Assessment
$34,866 CAD
Improvements Assessment
$1,576,931 CAD
Total Assessment
$1,611,797 CAD
(619) 297-0055
x302
Contacts
-
Jason Pongsrikul -
Chris Barry -
Pharma Property Group- Drugstore Specialists
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9.50 CAP | $3.2 M | Only Drugstore 15 Miles | 950 S Centerville Rd
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