Walgreens | College Town | $515M Event Center 760 W Michigan Ave 14,550 SF Retail Building Kalamazoo, MI 49007 $5,916,723 CAD ($406.65 CAD/SF) 9% Cap Rate

Marcus and Millichap is pleased to present Walgreens, an absolute net lease investment located at 760 West Michigan Avenue in downtown Kalamazoo, Michigan, along a high traffic corridor with approximately 20,707 vehicles per day on West Michigan Avenue and 15,397 vehicles per day on nearby West Main Street. The 14,550 square foot building sits on approximately 1.49 acres and benefits from strong frontage, visibility, and convenient access near the I 94 Business Loop.
Walgreens operates under an absolute net lease with a corporate guarantee and approximately eight years remaining on the lease term, providing investors with stable passive income and no landlord responsibilities. The store features a convenient drive thru and offers beer and wine sales, further enhancing daily traffic and reinforcing its role as a necessity based retail destination serving both residents and commuters.
Kalamazoo is the largest city in Southwest Michigan and a well established college town positioned between Chicago and Detroit, benefiting from strong regional connectivity and access to major Midwest markets. The property is supported by strong surrounding demographics with 144,151 residents and an average household income of $82,766, reinforcing sustained consumer demand within this dense urban trade area. The local economy is anchored by higher education and healthcare, with Western Michigan University enrolling approximately 16,343 students and major medical institutions including Bronson Methodist Hospital and Beacon Kalamazoo Hospital supporting a stable employment base and consistent demand for nearby retail and service uses.
The property is located approximately 1.5 miles from Western Michigan University’s main campus and roughly one mile from Kalamazoo College, placing it near two of the region’s most influential institutional anchors. Together, these universities drive a younger median age, strong daytime population, and year round consumer traffic throughout the downtown core. Bronson Methodist Hospital is situated approximately 0.5 miles from the property and serves as one of the area’s largest employment centers, further supporting daily visitation and retail activity.
The surrounding area continues to benefit from significant public and private investment, led by the under construction Kalamazoo Event Center located less than one mile from the property. The approximately $515 million state of the art multipurpose venue is expected to span roughly 453,000 square feet, accommodate between 6,500 and 8,000 seats, and include 20,000 square feet of flexible flat floor space, with a projected public opening in Fall 2027. The Event Center is anticipated to attract approximately 700,000 attendees annually, serving as a major regional destination and driving sustained increases in downtown activity, regional visitation, and demand for nearby retail.
Positioned within a growing urban core supported by strong demographics, proximity to major institutional anchors, ongoing downtown revitalization, and proven store performance, this offering provides investors with durable long term income, minimal management responsibility, and sustained relevance backed by a nationally recognized tenant.