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Views: 169 DOM: 338 Updated: 10.06.24 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 13,532
Price/SF $813.35
Expiration 09-30-2033
Tenant Type Pharmacy
NOI $125,000
R. Term 8.9
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 lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

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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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 : 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

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