Map of Property

Walgreens - Petoskey

For Sale

710 Spring Street, Petoskey, MI 49770

This Petoskey property for sale is located at 710 Spring Street. The current listed sale price for Walgreens - Petoskey is $7,000,000. Walgreens - Petoskey is situated on a lot that is 1.57 acre in size.

Contacts

broker
Eric Unatin

Mid-America

Property Details

  • Property Type Retail - Freestanding
  • Property Size 13,905 SF
  • Lot Size 1.57 Acre
  • Additional Rent Contact for pricing
  • Year Built 1999
  • Date Updated Dec 10, 2024
Opportunity to acquire 100% fee interest in the best corner in Petoskey, MI Walgreens has operated at the location since 1999 Located within 500 feet of McLaren Northern Michigan, a 202-bed hospital serving 22 counties across northern Michigan No competition: There isn't a drug store within 3.8 miles of this property, further enhancing the stores longevity Extended the lease for 10 years in 2020, demonstrating commitment to the property Irreplaceable Location: Hard corner site at the highest profile intersection in Petoskey, MI Stable Economic Region: Petoskey serves as the economic, retail, government, education and medical center for the central north region of Michigan Surrounded by Major Retailers: Situated on the primary retail corridor of Spring Street / U.S. Hwy 131. Retailers include Walmart, Meijer, Lowe's, The Home Depot, Marshalls, Hobby Lobby and many more Strong Traffic: The property is exposed to over 40,000 vehicles per day Rent Expiration: 4/30/2030 Property Size: 13,905 SF on 1.57-acres Net Operating Income: $420,000 Asking Price: $7,000,000 (6% CAP Rate) Minimal Landlord responsibilities
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Highlights

  • Opportunity to acquire 100% fee interest in the best corner in Petoskey, MI
  • Walgreens has operated at the location since 1999
  • Located within 500 feet of McLaren Northern Michigan, a 202-bed hospital serving 22 counties across northern Michigan
  • No competition: There isn't a drug store within 3.8 miles of this property, further enhancing the stores longevity
  • Extended the lease for 10 years in 2020, demonstrating commitment to the property
  • Irreplaceable Location: Hard corner site at the highest profile intersection in Petoskey, MI
  • Stable Economic Region: Petoskey serves as the economic, retail, government, education and medical center for the central north region of Michigan
  • Surrounded by Major Retailers: Situated on the primary retail corridor of Spring Street / U.S. Hwy 131. Retailers include Walmart, Meijer, Lowe's, The Home Depot, Marshalls, Hobby Lobby and many more
  • Strong Traffic: The property is exposed to over 40,000 vehicles per day
  • Rent Expiration: 4/30/2030
  • Property Size: 13,905 SF on 1.57-acres
  • Net Operating Income: $420,000
  • Asking Price: $7,000,000 (6% CAP Rate)
  • Minimal Landlord responsibilities

Getting around

  • 59/100

    Walk Score ®

  • 45/100

    Bike Score ®

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Location

  • City Petoskey, MI
  • Zip Code 49770

Points of Interest

  • Next Door Store

    0.06 miles

  • BP

    0.08 miles

  • Marathon

    0.38 miles

  • Petoskey Pacific Pride

    0.79 miles

  • JBJ Trucking

    1.56 miles

  • Meijer

    1.66 miles

  • Citgo

    2.46 miles

  • Mobil

    2.78 miles

  • D&W Quick Stop

    2.90 miles

  • Shell

    3.27 miles

  • Bear River Trail Sheridan Street Trailhead

    0.56 miles

  • Little Traverse Wheelway Trailhead

    4.92 miles

  • Krause Rd

    5.17 miles

  • Challenger lot

    7.39 miles

  • Tanton Family Reserve MTB Trailhead

    7.74 miles

  • Boyne City School Forest Trail

    7.79 miles

  • Boyne Forest Trails - East Trailhead Parking Lot

    7.80 miles

  • Boyne Forest Trails - West Trailhead Parking Lot

    8.35 miles

  • East Brutus Road Trailhead Parking

    9.40 miles

  • McDonald's

    0.07 miles

  • Big Boy

    0.08 miles

  • Wendy's

    0.08 miles

  • Subway

    0.11 miles

  • Villa Ristorante

    0.11 miles

  • JW Filmores

    0.15 miles

  • Burger King

    0.16 miles

  • B.C. Pizza

    0.23 miles

  • Arby's

    0.40 miles

  • Southwoods Pub & Grill

    0.45 miles

  • Gordon Food Service

    0.45 miles

  • Big Lots

    0.66 miles

  • Grain Train Natural Foods Market

    0.73 miles

  • Walmart Supercenter

    1.37 miles

  • ALDI

    1.57 miles

  • Meijer

    1.62 miles

  • Louie's Fresh Market

    2.47 miles

  • D&W Fresh Market

    2.99 miles

  • Oleson's

    4.52 miles

  • Harbor Springs IGA

    4.67 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

Contact Listing Broker
broker
Eric Unatin

Mid-America