Description

4300 Dixie Highway is a fully occupied CVS Pharmacy retail property for sale in Waterford Township, MI. The 12,900 SF building sits on 2.42 acres in the Waterford submarket, offering investors an established pharmacy tenancy under an absolute net lease.

Built in 2009, the Property pairs its retail footprint with 71 parking spaces and a drive-through pharmacy. The parking ratio is 5.50 per 1,000 SF. CVS operates under a corporate-guaranteed lease with 8 years of weighted average lease term. The tenant is responsible for property taxes, insurance, utilities, maintenance, and the roof and structure, defining the expense allocation for a buyer focused on leased retail income.

The Property stands at Dixie Highway and Sashabaw Road, with multiple points of ingress and egress and dedicated left-turn lanes. Traffic on Dixie Highway is 44,000 AADT, putting the pharmacy in view of a substantial passing audience. Downtown Waterford Township is 2.1 miles away, while downtown Detroit is 34 miles away. Nearby retailers include Kroger and ALDI, placing CVS among other destinations serving the Waterford trade area.

At an asking price of $5,070,560, the offering presents a 7.50% in-place cap rate on $380,292 of in-place NOI. The combination of full occupancy, corporate lease guaranty, and defined tenant expense responsibilities gives an investor a clear basis for reviewing the income stream. CVS holds a right of first refusal to purchase the Property. Review the Offering Materials for the full investment presentation.