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Walgreens Sells Retail Property In Muskegon MI For $3.5 Million With Boulder Group's Representation
SOLD
$3,500,000
Michigan
See Similar DealsRetail15,567 SF
Sold 05/06/2025
SOLD
Walgreens Sells Retail Property In Muskegon MI For $3.5 Million With Boulder Group's Representation
840 West Sherman Boulevard
See Similar DealsRetail15,567 SF
Sold 05/06/2025
Summary
MICHIGAN
Asset Type:Retail
Price Per Square Foot:$224
Total Square Footage:15,567 SF
Transaction Type:Sale
The property involved in this transaction is a 15,567-square-foot net-leased retail asset located at 840 West Sherman Boulevard in Muskegon, MI. The sale price for this property was $3,500,000, which translates to a price per square foot of $225.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $3,500,000
- Square Footage: 15,567
- Address: 840 West Sherman Boulevard
- Market: Muskegon, MI
- Price per Square Foot: $225
Randy Blankstein and Jimmy Goodman from The Boulder Group represented the Florida-based seller in this transaction. The buyer is associated with a Michigan-based commercial real estate firm.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$186,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$12,434.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$16,591.79
Annual Debt Service$199,101.43
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