36567 Goddard Rd - Drug Store FOR SALE


Romulus, MI 48174
$1,689,082 USD
619-297-0055
36567 Goddard Rd, Romulus, MI for Sale
$1,689,082 USD
Drug Store - FOR SALE
1/2
null | 8.5% Cap Rate

36567 Goddard Rd
Romulus, MI 48174


HIGHLIGHTS

  • The lease allows for approximately five percent (5%) increases every five years in the option periods.
  • In 2018, CVS signed a 10 year lease for $11.42 per square foot.
  • CVS acquired Sav-on in 2018.Of the 22 Sav-ons in the Detroit MSA, they decided to keep 10 of the higher performing locations, including this location.
  • Only major drugstore within a 4 mile radius.
  • Located approximately 23 mi SW of downtown Detroit and in Wayne County, the most populated county in the Detroit MSA.

OVERVIEW

We are pleased to market for sale the CVS property located at 36567 Goddard Rd, Romulus, MI 48174 ("The Property"), within the Detroit MSA. CVS has been successfully operating at this location for 7 years and has over 2.5 years remaining in the primary term. The lease calls for 5 (5-year) options with 5% rental increases in each option period. This property offers investors the rare opportunity to purchase a national-brand pharmacy in an established in-fill location with replaceable rents (CVS is paying $11/sf in rent). The Romulus Location has been the main downtown pharmacy since the 1960s, when it was called Kidwells Retail Pharmacy. In 1990, it was purchased by Sav-on and moved to its current location. In 2018, CVS purchased the drugstore chain Sav-on and extended the new lease for 10 years. The Property is the only national chain drugstore within a 4-mile radius. The Romulus Trade Center, 2 miles NE of the Property, is a new 171-acre development featuring over 1 million square feet of Class A industrial space, expected to create approximately 1,500 jobs. Kroger also recently completed a new 606,000 square foot storage and distribution center 2 miles south of the Property, adding to the over 16.5 million square feet of existing industrial space within 3 miles of the Property. Listed in conjunction with Brian Brockman, Bang Realty - Michigan Inc, 513-898-1551, wg@bangrealty.com, MI DRE Lic. 6502428679.

FOR SALE DETAILS

PRICE

$1,689,082 USD

PRICE/SF

$134 USD /SF

CAP RATE

8.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Replaceable Rent Levels Detroit MSA 5% Incr

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2001

SPRINKLERS

-

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.35 AC

LAND SF

15,246 SF

ZONING

CBD-2

APN/PARCEL ID

80-078-01-0246-300

ASK ABOUT THIS PROPERTY

Jason PongsrikulPharma Property Group- Drugstore SpecialistsMore Info
619-297-0055

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Jason PongsrikulPharma Property Group- Drugstore SpecialistsMore Info
619-297-0055

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.