Walgreens: Muskegon, MI 840 W Sherman Blvd 15,567 SF Retail Building Muskegon, MI 49441 £2,814,112 (£180.77/SF) 6.30% Net Initial Yield

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INVESTMENT HIGHLIGHTS

Brand New NNN Lease
Hard Corner Location at the Signalized Intersection of W. Sherman Blvd. (20,789 VPD) & Henry Street (20,517 VPD)
4.8 MSF Retail, 3.1 MSF Office, 8.7 MSF Industrial & 3,976 Multifamily Units Within 3-Miles

5% Increases Every 5 Years Throughout Term & in Each of the Twelve, 5-Year Renewal Options
Less Than 3 Miles West of US-31 (56,104 VPD)
2 Miles Southwest of Downtown Muskegon, MI | MSA Population: 177,164

EXECUTIVE SUMMARY

CBRE is pleased to exclusively offer for sale the 15,567-square-foot Walgreens situated on 2.03 acres in Muskegon, MI (MSA Population: 177,164). Walgreens’ NNN lease recently commenced in November 2023 and features ±13.8 years of term remaining with 5% rent increases every 5 years throughout the term and in each of the twelve 5-year renewal options.

PROPERTY FACTS

Sale Type

Investment NNN

Property Type

Retail

Property Subtype

Freestanding

Building Size

15,567 SF

Building Class

Year Built

1999

Price

£2,814,112

Price Per SF

£180.77

Net Initial Yield

6.30%

NOI

£177,289

Tenancy

Single

Number of Floors

Building FAR

0.18

Lot Size

2.03 AC

Zoning

Retail

Parking

4.24 Spaces per 1,000 SF Leased

Frontage

122 ft on Henry St

Bus Route

Pylon Sign

Signage

Drive Thru

Retailer
99,999 SF
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Lorem Ipsum
Jan 0000

Walgreens is a trusted and convenient local health destination that millions of Americans rely on every day. Their founder, Charles R. Walgreen Sr., was known for finding new ways to connect with customers on a personal level and treating each person like a guest in his own home. For over a century, they have expanded that personal connection through their network of neighborhood pharmacies and their innovative health services and products. The foundation for all of this is their trusted pharmacy expertise, and their team members who provide essential care that helps people achieve better health outcomes at an affordable cost.