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Views: 232 DOM: 368 Updated: 11.07.24 Posted: 04.01.24 Status: Contract 11.07.24

Summary

Price $4,552,000
Built/Renov 2004
Tenant Walgreens
Cap Rate 7.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,490
Lease Start 12-01-2004
#Units 13,532
Price/SF $314.15
Expiration 11-30-2029
Tenant Type Pharmacy
NOI $330,020
R. Term 4.8
Ownership Fee Simple
Rent/SF $22.77
Increases 0.0%/0/yrs
Pop 5Mi 83,347
Lot/AC 3.82
Options 10/5yrs
AHHI 5Mi $109,074

Lease Highlights

  • Walgreens has 5+ years remaining on the current lease term with 10 (5-year) options to extend
  • Absolute NNN | Zero landlord responsibilities
  • Investment grade tenant (S&P: BBB-)
  • Corporate guaranteed lease (NASDAQ: WBA)

Location Description

Walgreens is strategically located on Long Hill Road, with access to 20,895 vehicles passing by daily. The property serves as the anchor tenant within the Lighthouse Square Shopping Center, which attracts over 332K visitors per year according to Placer.ai data. Moreover, it is conveniently situated just 2.5 miles from the General Dynamics Electric Boat manufacturing port, which employs...

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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 : 6,741 49,396 80,173
2023 Total Population : 6,902 50,123 81,327
2023 Employed Civilian Pop : 4,024 23,060 38,117
2023 Total Businesses : 384 2,204 3,528
2023 Average Household Income : $ 94,720 $ 78,865 $ 98,614
2023 Total Consumer Spending : $ 305 M $ 1439 M $ 2895 M
2023 Median Age : 39 34 38
2023 Total Households : 3,700 20,889 33,967
2023 Pop Age 25+: Bachelor's Degree : 1,107 5,781 11,294
2023 Average Home Value : $ 225,495 $ 287,854 $ 340,852
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Long Hill Road Maxson Rd 2022 1,224 0.06 mi
Long Hill Rd Wayne Rd 2002 22,700 0.08 mi
Long Hill Road Wayne Rd 2020 17,400 0.13 mi
Meridian Street Extension Clarence B Sharp Hwy 2020 3,200 0.16 mi
Wayne Road Bradford Cir 2020 400 0.21 mi
Clarence B Sharp Hwy Long Hill Rd 2020 700 0.31 mi
Clarence B Sharp Hwy Long Hill Rd 2020 800 0.32 mi
Long Hill Rd Clarence B Sharp Hwy 2005 24,800 0.35 mi
Long Hill Rd Sunnyside Park 2005 21,500 0.35 mi
Long Hill Rd Clarence B Sharp Hwy 2020 1,500 0.36 mi

Listing Broker

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Drew Olson

Lee & Associates

Contact
  • 16 Listings
  • 2706 Views
  • 7 Sold
Jake Neufeld

Lee & Associates

Contact
  • 12 Listings
  • 2491 Views
  • 4 Sold

Drew Olson is an Associate with Lee & Associates and a member of the Barr & Bennett Net Leased Investment Group, which assists clients in the acquisition and disposition of neighborhood shopping centers, strip shopping centers, freestanding pad buildings including multi-tenant pads, restaurant buildings, fast food buildings, gas station and convenience stores, ground lease investments, single tenant industrial and office properties, and sale leaseback transactions. The Barr & Bennet

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Jake Neufeld is a Associate with Lee & Associates and a member of the Barr & Bennett Net Leased Investment Group, which assists clients in the acquisition and disposition of neighborhood shopping centers, strip shopping centers, free-standing pad buildings including multi-tenant pads, restaurant buildings, fast food buildings, gas station and convenience stores, ground lease investments, single tenant industrial and office properties, and sale leaseback transactions nationwide. Jake foc

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Michael Golden

Lee & Associates

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  • 8 Listings
  • 1712 Views
  • 2 Sold
Ryan Bennett

Lee & Associates

Contact
  • 19 Listings
  • 3175 Views
  • 8 Sold

Mr. Michael Golden is a Principal with Lee & Associates in North San Diego County. He specializes in the sale of net leased investment properties nationwide. As part of the Barr & Bennett Net Leased Investments Group of Lee & Associates he uses a comprehensive and innovative approach in marketing initiatives, business strategy, and financing. Mr. Golden excels at growing and protecting the assets of his clients. The Barr & Bennett Net Leased Investments Group of Lee & As

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Ryan Bennett is a Principal with Lee & Associates. He represents buyers and sellers in commercial income producing properties, specializing in the sale of net leased investment properties nationwide. Prior to joining Lee & Associates, Mr. Bennett had a successful career in the technology sector of San Diego. He developed a multi-million dollar sales backlog working with Fortune 500 companies while moving on to eventually manage North American sales for a European manufacturer. Mr.

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