Walgreens

244 North Lake Drive, Prestonsburg, KY 41653

$1,621,900

Cap Rate 6.40%

Views: 65 Updated: 03.29.24 Posted: 11.22.23 Status: Inactive 03.20.24

Summary

Price $1,621,900	Built/Renov 2023	Tenant Walgreens
Cap Rate 6.40%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 2,500	Lease Start 06-22-2023	#Units 8,896
Price/SF $648.76	Expiration 06-30-2033	Tenant Type Pharmacy
NOI $103,800	R. Term 8.7	Ownership Fee Simple
Rent/SF $41.52	Increases 5.0%/6/yrs	Pop 5Mi 10,243
Lot/AC 0.70	Options 4/5yrs/5%	AHHI 5Mi $56,875

Lease Highlights

Brand-new 2023 construction
Walgreens has 9+ years remaining on the current lease term with 4 (5-year) options to extend
Lease features 5% rental increase every 5 years throughout the initial term and at the start of each option
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease | Investment grade tenant

Location Description

Walgreens is strategically located on North Lake Drive, immediately off of US-23, a major north-south state highway. The property is located directly beside Prestonsburg Health Care Center, Prestonsburg Fire Department, and Prestonsburg City Offices. Additionally, it is conveniently positioned in close proximity to various national retailers, including Walmart, Goodwill, Big Lots, KFC, Dairy...

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Key Features

New construction
New prototype
Dense retail corridor
Near major nationals
Strategically located
Freeway close
Absolute NNN
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Walgreens Wikipedia Walgreens Wikipedia Prestonsburg, Kentucky Zip Code 41653 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Walgreens
Guarantor:Corp T and Rated
Company:Walgreens Boots Alliance
# Units:8,896
Tenant S&P: BBB
Moody’s: Baa3
Stock: NASDAQ: WBA

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 :	1,715	4,913	10,206
2023 Total Population :	1,806	5,113	10,628
2023 Employed Civilian Pop :	624	1,750	3,576
2023 Total Businesses :	335	523	700
2023 Average Household Income :	$ 67,705	$ 67,699	$ 65,494
2023 Total Consumer Spending :	$ 50 M	$ 137 M	$ 271 M
2023 Median Age :	49	46	45
2023 Total Households :	842	2,251	4,584
2023 Pop Age 25+: Bachelor's Degree :	118	383	807
2023 Average Home Value :	$ 154,235	$ 195,289	$ 164,290

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
	Cr-2555	2018	3,379	0.25 mi
North Lake Drive	E Friend St	2022	6,963	0.27 mi
US Hwy 460	Cr-2555	2014	13,956	0.35 mi
Main Street	S Harkins Ave	2022	1,183	0.48 mi
Cr-2555	Archer PkRd	2014	1,050	0.49 mi
Cr-2555	S Harkins Ave	2017	1,221	0.50 mi
N Lake Dr	Black Cat Aly	2015	17,350	0.51 mi
Old State Hwy 114	Old Hwy 114	2021	240	0.76 mi
State Hwy 1428	University Dr	2014	5,961	0.77 mi
Old State Hwy 114	Old Hwy 11	2018	6,419	0.89 mi

Listing Broker

Chris Lind

Marcus & Millichap: NLAG

Contact

190 Listings
22883 Views
113 Sold

Mark Ruble

Marcus & Millichap: NLAG

Contact

191 Listings
22984 Views
114 Sold

Chris Lind

Chris Lind specializes in advising the Net Lease Advisory Group’s clients in the acquisition and disposition of net-leased investment properties nationally. Chris is solely committed to single-tenant and multi-tenant net leased assets as well as structuring sale/leasebacks and portfolio sales throughout the United States. Chris has been with Marcus & Millichap since 2007 and his experience includes selling hundreds of properties located throughout the country. Chris prides himself on act

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Mark Ruble

Mark Ruble is the co-founder of the Net Lease Advisory Group and a top producing Agent with Marcus & Millichap. Mark has been with Marcus & Millichap for 19 years (2004) and has received numerous accolades for his superior service and outstanding performance. Mark has successfully closed over 1,840 properties totaling in excess of $5.7 Billion in transaction volume across 46 states. The key to Mark’s success has been his dedication to providing clients with market leading information an

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