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Views: 171 DOM: 197 Updated: 11.05.24 Posted: 06.07.24 Status: Active

Summary

Price $1,661,000
Built/Renov 2023
Tenant Walgreens
Cap Rate 6.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 2,500
Lease Start 06-22-2023
#Units 13,532
Price/SF $664.40
Expiration 06-30-2033
Tenant Type Pharmacy
NOI $103,800
R. Term 8.6
Ownership Fee Simple
Rent/SF $41.52
Increases 5.0%/5/yrs
Pop 5Mi 10,645
Lot/AC 0.72
Options 4/5yrs/7.5%
AHHI 5Mi $65,488

Lease Highlights

  • Brand-new construction | Cooper Prototype
  • Walgreens has 8+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features 5% rental increases throughout the initial term and 7.5% at the start of each option period
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located near the signalized, hard corner intersection of Lake Drive and State Highway 114, averaging 22,600 vehicles passing by daily. The property is surrounded by well-known national tenants including U.S. Bank, Yamato Steak House of Japan, ACE Hardware, KFC, Mr. Tire Auto, AutoZone, Wendy’s, and more. Furthermore, the site is near numerous single-family...

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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 : 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

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