Walgreens

1011 Hwy 411, Etowah, TN 37331

$2,035,000

Cap Rate 6.14%

Views: 31 DOM: 119 Updated: 05.16.24 Posted: 01.18.24 Status: Active

Summary

Price $2,035,000	Built/Renov 2023	Tenant Walgreens
Cap Rate 6.14%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 2,502	Lease Start 10-01-2023	#Units 8,896
Price/SF $813.35	Expiration 09-30-2033	Tenant Type Pharmacy
NOI $125,000	R. Term 9.4	Ownership Fee Simple
Rent/SF $49.96	Increases 5.0%/19/yrs	Pop 5Mi 11,008
Lot/AC 0.98	Options 4/5yrs/5%	AHHI 5Mi $82,060

Lease Highlights

Walgreens recently executed a brand new 10-year lease with 4 (5-year) options to extend
Lease features 5% rental increases at the start of options 3 & 4
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Walgreens is strategically located on Highway 411, with access to 12,900 vehicles passing by daily. This location features Walgreens "Cooper" small format pharmacy and includes a drive-thru. The property is directly opposite Starr Regional Medical Center and encompasses half an acre of excess land, separately parceled and ready for development. The immediate area is surrounded by key...

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Key Features

New construction
New prototype
Strategically located
Hospital close
Income tax free state
Brand new lease
Absolute NNN
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Walgreens Wikipedia Walgreens Wikipedia Etowah, Tennessee Zip Code 37331 Broker Site Page

Maps

Local Information

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: Baa3
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 :	3,322	7,574	11,205
2023 Total Population :	3,237	7,293	10,783
2023 Employed Civilian Pop :	1,271	2,756	4,036
2023 Total Businesses :	96	193	230
2023 Average Household Income :	$ 71,275	$ 78,591	$ 80,678
2023 Total Consumer Spending :	$ 84 M	$ 208 M	$ 318 M
2023 Median Age :	45	47	47
2023 Total Households :	1,323	2,963	4,396
2023 Pop Age 25+: Bachelor's Degree :	214	549	930
2023 Average Home Value :	$ 171,507	$ 182,286	$ 200,094

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
EIGHT ST.	Scott Ave	2021	1,959	0.66 mi
8th Street	Scott Ave	2022	2,014	0.66 mi
Mecca Pike	Tennessee Ave	2022	2,521	0.86 mi
Old Mecca Pike Spr	Luther Jack Rd	2022	91	0.90 mi
US 411;SR 30	Toomey St	2021	11,955	0.93 mi
Tennessee Avenue	David W Lillard Memorial Hwy	2022	12,806	0.93 mi
Mecca Pike	Tennessee Ave	2003	4,990	0.93 mi
	Parkstown Church Rd	2022	7,369	0.98 mi
	Parkstown School Rd	2021	7,421	0.98 mi
TENNESSEE AVE.	Toomey St	2020	11,257	1.01 mi

Listing Broker

Jereme Snyder

Colliers NNN Group

Contact

138 Listings
6793 Views
40 Sold

Eric Carlton

Colliers NNN Group

Contact

149 Listings
7369 Views
42 Sold

Jereme Snyder

Jereme S. Snyder is a Executive Vice President within the Retail Services Group in Greater Los Angeles and a Director of Colliers NNN Group for Colliers International nationwide. The Colliers Retail Services Team is an integrated team of professionals with specialties in representing landlords and tenants with leasing needs, managing the acquisitions and dispositions of retail properties, enhancing values through asset management and assisting in debt solutions. Colliers NNN Group is a national

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Eric Carlton

Eric Carlton serves as Executive Vice President within the Retail Capital Markets Group of Greater Los Angeles, Partner of the Colliers NNN Group, and Co-Founder of the Snyder/Carlton Team for Colliers International nationwide. The Colliers Retail Services Group is an integrated team of professionals with specialties in representing landlords and tenants with leasing needs, managing the acquisitions and dispositions of retail properties, enhancing values through asset management and assisting i

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