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Views: 117 DOM: 594 Updated: 08.14.24 Posted: 01.22.23 Status: Active

Summary

Price $2,011,911
Built/Renov 1996
Tenant Walgreens
Cap Rate 6.75%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 11,220
Lease Start 11-21-1996
#Units 13,532
Price/SF $179.31
Expiration 10-01-2027
Tenant Type Pharmacy
NOI $135,804
R. Term 3.0
Ownership Fee Simple
Rent/SF $12.10
Increases 0.0%/4/yrs
Pop 5Mi 35,123
Lot/AC 0.99
Options 6/5yrs/20%
AHHI 5Mi $60,582

Lease Highlights

  • Walgreens has been operating in this location since 1996
  • The tenant signed a 10-year lease extension in 2017, showing their long-term commitment to this location
  • The lease features 6 (5-year) options to extend with a 20% rental increase in 2027
  • The Landlord replaced the roof in 2017 which shall provide the future landlord with limited ongoing maintenance
  • Rare opportunity to acquire a Walgreens at a low basis ($180/SF)
  • Walgreens is an investment grade tenant (S&P: BBB)

Location Description

Walgreens is strategically located at the signalized, hard corner intersection of S Hill Street, and W College Street which averages a combined 14,610 vehicles passing by daily. It benefits from no immediate competition from other large pharmacies such as CVS or Rite Aid as the nearest competitor is 1 mile away. The property is in downtown Griffin, GA and less than 2 blocks from Wellstar...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

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 : 7,470 32,627 49,656
2023 Total Population : 7,403 32,355 48,542
2023 Employed Civilian Pop : 2,888 12,962 19,550
2023 Total Businesses : 718 1,563 1,823
2023 Average Household Income : $ 47,979 $ 62,264 $ 69,189
2023 Total Consumer Spending : $ 125 M $ 682 M $ 1131 M
2023 Median Age : 37 38 39
2023 Total Households : 2,957 12,458 18,668
2023 Pop Age 25+: Bachelor's Degree : 540 2,431 3,901
2023 Average Home Value : $ 173,534 $ 183,440 $ 205,777
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
South Hill Street E Taylor St 2019 11,100 0.14 mi
S Hill St W Oak St 2013 8,590 0.14 mi
West Poplar Street S 8th St 2021 6,820 0.16 mi
West College Street S Collins St 2021 980 0.16 mi
West College Street S 9th St 2019 990 0.16 mi
West College Street S 9th St 2018 1,140 0.16 mi
S 8th St W Poplar St 2005 2,440 0.17 mi
South 8th Street W Bank St 2021 6,510 0.17 mi
South 8th Street Graefe St 2019 6,600 0.17 mi
South 6th Street E Poplar St 2019 3,780 0.21 mi

Listing Broker

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