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Views: 175 DOM: 154 Updated: 10.09.24 Posted: 06.20.24 Status: Active

Summary

Price $3,837,575
Built/Renov 2007
Tenant Walgreens
Cap Rate 8.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,550
Lease Start 06-01-2007
#Units 13,532
Price/SF $263.75
Expiration 05-31-2032
Tenant Type Pharmacy
NOI $316,600
R. Term 7.6
Ownership Fee Simple
Rent/SF $21.76
Increases 3.0%/1/yrs
Pop 5Mi 186,985
Lot/AC 1.63
Options 50/1yrs/3%
AHHI 5Mi $72,179

Lease Highlights

  • Subleased to JenCare Senior Medical Center 
  • Tenant has 7+ years of firm term remaining with 50 (1-year) options to extend
  • The lease features 3% rental increases annually
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

The subject property is strategically located at the signalized, hard corner intersection of Portsmouth Blvd. and Turnpike Road, with access to a combined daily traffic count of 14,500 vehicles. It features prominent signage and excellent visibility, with frontage and access at the confluence of several major roadways. Additionally, this prime location is just 1 mile from Tidewater Community...

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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
2029 Total Population : 10,961 87,814 190,603
2024 Total Population : 11,040 87,849 189,296
2024 Employed Civilian Pop : 4,928 38,998 89,413
2024 Total Businesses : 390 2,123 6,735
2024 Average Household Income : $ 65,094 $ 76,687 $ 90,916
2024 Total Consumer Spending : $ 250 M $ 2373 M $ 6173 M
2024 Median Age : 37 38 37
2024 Total Households : 4,348 35,028 77,192
2024 Pop Age 25+: Bachelor's Degree : 869 8,713 23,735
2024 Average Home Value : $ 251,182 $ 302,564 $ 357,988
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Portsmouth Boulevard I- 264 2021 13,000 0.05 mi
Portsmouth Boulevard Airline Blvd 2018 13,000 0.05 mi
Portsmouth Blvd Airline Blvd 2016 14,000 0.05 mi
Portsmouth Boulevard McLean St 2018 13,000 0.06 mi
Portsmouth Boulevard McLean St 2021 13,000 0.06 mi
Portsmouth Blvd TpkeRd 2016 11,000 0.09 mi
Portsmouth Blvd TpkeRd 2016 11,000 0.12 mi
Portsmouth Boulevard Delaware Rd 2021 13,000 0.19 mi
Portsmouth Boulevard Delaware Rd 2018 13,000 0.19 mi
Portsmouth Blvd Delaware Rd 2016 13,000 0.19 mi

Listing Broker

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