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Views: 90 DOM: 275 Updated: 08.19.24 Posted: 11.17.23 Status: Sold 08.19.24

Summary

Price $5,223,881
Built/Renov 2015
Tenant Walgreens
Cap Rate 6.70%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,550
Lease Start 10-26-2015
#Units 13,532
Price/SF $359.03
Expiration 10-31-2035
Tenant Type Pharmacy
NOI $350,000
R. Term 11.1
Ownership Fee Simple
Rent/SF $24.05
Increases 0.0%/0/yrs
Pop 5Mi 20,245
Lot/AC 1.44
Options 11/5yrs
AHHI 5Mi $81,984

Lease Highlights

  • Walgreens currently has 11+ years remaining on the primary lease term
  • Beginning after the 20th lease year, lease with auto renew for 11 (5-year) terms unless tenant terminates
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease
  • Investment grade tenant (S&P: BBB)

Location Description

Walgreens is strategically located on Memorial Road, with access to 13,203 vehicles passing by daily. The property is surrounded by well-known national tenants, including Pizza Hut, Burger King, Taco Bell, Dairy Queen, O’Reilly Auto Parts, and more. The 5-mile trade area is supported by a population of 20,245 residents, with an average household income of $81,984. Houghton, located on the...

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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 : 3,246 15,863 20,162
2023 Total Population : 3,223 15,886 20,209
2023 Employed Civilian Pop : 1,714 7,173 9,207
2023 Total Businesses : 283 807 923
2023 Average Household Income : $ 82,400 $ 74,297 $ 80,011
2023 Total Consumer Spending : $ 92 M $ 359 M $ 501 M
2023 Median Age : 34 25 27
2023 Total Households : 1,293 5,496 7,114
2023 Pop Age 25+: Bachelor's Degree : 504 1,886 2,440
2023 Average Home Value : $ 266,524 $ 224,944 $ 228,297
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
M 26 W Sharon Ave 2021 15,018 0.09 mi
West Sharon Avenue Razorback Dr 2022 8,717 0.11 mi
Memorial Road PkAve 2022 18,852 0.22 mi
Razorback Drive Razorback Dr 2022 7,785 0.25 mi
Brickyard Lane Razorback Dr 2022 2,147 0.26 mi
M 26 Razorback Dr 2021 13,829 0.27 mi
Memorial Road 5th St 2022 13,511 0.35 mi
Calverley Avenue W Edwards Ave 2022 1,865 0.43 mi
Houghton Canal Road Memorial Rd 2022 3,089 0.58 mi
West Sharon Avenue State Hwy 26 2022 5,662 0.59 mi

Listing Broker

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