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Views: 93 DOM: 143 Updated: 07.31.24 Posted: 07.31.24 Status: Active

Summary

Price $5,665,000
Built/Renov 2010
Tenant Walgreens
Cap Rate 8.65%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,550
Lease Start 08-02-2010
#Units 13,532
Price/SF $389.35
Expiration 08-31-2035
Tenant Type Pharmacy
NOI $490,000
R. Term 10.8
Ownership Fee Simple
Rent/SF $33.68
Increases 0.0%/0/yrs
Pop 5Mi 23,092
Lot/AC 1.66
Options 50/1yrs
AHHI 5Mi $72,046

Lease Highlights

  • Walgreens has been operating in this location since 2010
  • The tenant has 11+ years remaining on the current lease term with 50 (1-year) options to extend
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located on South Main Street, the main retail corridor, with access to 21,800 vehicles passing by daily. The property is situated one mile south of McLaren Lapeer Region Hospital and is surrounded by well-known national tenants, including Home Depot, Meijer, Kohl’s, Kroger, ALDI, Marshalls, Dunham’s Sports, and more. Additionally, it is less than one mile from Lapeer...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Walgreens
  • Guarantor:Corp T and Rated
  • Company:Walgreens Boots Alliance
  • # Units:13,532
  • Tenant S&P: BBB-
  • Moody’s: Baa2
  • 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
2029 Total Population : 5,076 16,388 23,759
2024 Total Population : 5,110 16,372 23,817
2024 Employed Civilian Pop : 2,540 6,965 10,344
2024 Total Businesses : 562 970 1,105
2024 Average Household Income : $ 72,962 $ 80,884 $ 88,607
2024 Total Consumer Spending : $ 146 M $ 482 M $ 758 M
2024 Median Age : 39 43 44
2024 Total Households : 2,228 6,664 9,637
2024 Pop Age 25+: Bachelor's Degree : 416 1,375 2,172
2024 Average Home Value : $ 157,272 $ 212,913 $ 240,449
*ESRI data is presented for informational purposes only

Listing Broker

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