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Views: 25 DOM: 42 Updated: 04.23.24 Posted: 04.05.24 Status: Active

Summary

Price $7,638,888
Built/Renov 2005
Tenant Walgreens (GL)
Cap Rate 3.60%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 13,800
Lease Start 01-01-2005
#Units 8,896
Price/SF $553.54
Expiration 12-31-2030
Tenant Type Pharmacy
NOI $275,000
R. Term 6.7
Ownership Ground Lease
Rent/SF $19.93
Increases 10.0%/1/yrs
Pop 5Mi 409,197
Lot/AC 1.50
Options 10/5yrs/10%
AHHI 5Mi $79,073

Lease Highlights

  • Walgreens has been operating in this location since 2005
  • The tenant has 6+ years remaining on the current ground lease term with 10 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located at the signalized, hard corner intersection of Long Beach Blvd. and 6th Street, with access to a combined daily traffic count of 70,000 vehicles. The property is surrounded by dense residential housing and well-known national tenants including McDonald's, Subway, Walmart, Rite Aid, CVS Pharmacy, and more. Additionally, essential medical facilities such as...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Walgreens
  • Guarantor:Corp T and Rated
  • Company:Walgreens Boots Alliance
  • # Units:8,896
  • Tenant S&P: BBB-
  • Moody’s: Baa2
  • Stock: NASDAQ: WBA

About Tenant

Walgreens is an American company that operates the second-largest pharmacy store chain in the United States. It specializes in filling prescriptions, health and wellness products, health...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 73,882 233,323 398,609
2023 Total Population : 72,659 234,530 402,566
2023 Employed Civilian Pop : 36,162 118,498 198,948
2023 Total Businesses : 3,458 9,399 16,926
2023 Average Household Income : $ 79,226 $ 92,217 $ 104,920
2023 Total Consumer Spending : $ 2176 M $ 7318 M $ 13582 M
2023 Median Age : 33 34 35
2023 Total Households : 31,304 91,538 150,589
2023 Pop Age 25+: Bachelor's Degree : 10,719 36,183 62,864
2023 Average Home Value : $ 682,796 $ 806,861 $ 855,411
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
E 7th St Footes Aly 2005 15,876 0.07 mi
Long Beach Blvd 2005 18,276 0.09 mi
E 6th St N Locust Ave 2001 17,000 0.11 mi
E 7th St N Locust Ave 2001 17,000 0.12 mi
E 4th St Elm Ave 2001 6,100 0.20 mi
Long Beach Blvd 2001 15,600 0.20 mi
W 6th St Pine Ave 2001 7,300 0.22 mi
Pacific Ave W Maple Way 2001 10,400 0.28 mi
E 3rd St Elm Ave 2001 11,500 0.28 mi
Atlantic Ave E Cypress Ct 2001 14,100 0.30 mi

Listing Broker

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