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Walgreens - Cheboygan 991 S Main St 14,550 SF Retail Building Cheboygan, MI 49721 $5,157,890 CAD ($354.49 CAD/SF) 10% Cap Rate
Investment Highlights
- Price Just Reduced to High 10.0% Cap Rate
- High Visibility Signalized Location on Main Street (M-27)
- Freestanding building with Drive-Through
- Absolute Net Lease to February, 2032
- Next to McLaren Medical Center
- Zero Landlord Responsibilities
Executive Summary
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.
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.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,550 SF
Building Class
C
Year Built
2007
Price
$5,157,890 CAD
Price Per SF
$354.49 CAD
Cap Rate
10%
NOI
$515,905 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Lot Size
1.84 AC
Frontage
380’ on S Main Street
Amenities
- Pylon Sign
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- 14,550 SF
- $35.45 CAD
- Triple Net
- Feb 2032
Walgreens began in Chicago in 1901, after pharmacist Charles R. Walgreen Sr. purchased the drugstore where a pharmacy career began. The company grew from a neighborhood drugstore into a broad retail health business offering prescription services, health and wellness products, photo services, home delivery, specialty pharmacy, and virtual healthcare. Walgreens serves customers through a wide network of community pharmacies and digital platforms, with a focus on accessible medicine, everyday essentials, and healthcare support.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | 14,550 SF | $35.45 CAD | Triple Net | Feb 2032 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 055-006-200-014-01 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,568,494 CAD |
Property Taxes
Parcel Number
055-006-200-014-01
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,568,494 CAD
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Walgreens - Cheboygan | 991 S Main St
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