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507 S Telegraph Rd
Monroe, MI 48161 Downtown Monroe

$931,000 USD

Drugstore For Sale  •  11,180 SF

Property Details

  • Property Type Drugstore
  • Total Building Size 11,180 SF
  • Lot Size 1.15 AC
  • Building Class C
  • Year Built 1999
  • Cap Rate 6.00 %
  • Tenancy Single
  • Zoning C-2
0 Transit Score
75 Walk Score

Highlights

Exceptionally Low Rent – Current rent is only $5.00 PSF annually, well below market averages for retail in the region
Low Basis Price – Priced at just $83 PSF on the building, far under replacement cost for a modern 11,180 SF building
Recent Renovation – Property was fully renovated in 2023, minimizing near-term capital expenditure requirements
Corporate Guarantee – Lease backed by Family Dollar, one of the nation’s largest discount retailers with over 8,200 locations
Stable Income Stream – Net operating income of $55,900 annually with scheduled 10% rent increases every 5 years
Favorable Lease Economics – Double net lease with tenant covering HVAC, CAM, insurance, and tax reimbursements

Property Flyers

Cap Rate: 6.00 %

Major Tenants

Tenant SF Occupied Lease End Date
Family Dollar

Amenities

  • Corner Lot
  • Pylon Sign
  • Signage
  • Signalized Intersection
  • Drive Thru

Public Transportation

AirportDriveWalkDistance
Detroit Metro Wayne County 31 min - 23.6 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 52
Type: Surface
Included in Rent: Yes
Ayson Shammami 248-554-5709 APEX Commercial Real Estate Advisors
Ayson Shammami 248-554-5709 APEX Commercial Real Estate Advisors