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Views: 531 DOM: 408 Updated: 11.07.24 Posted: 10.10.23 Status: Active

Summary

Price $4,991,304
Built/Renov 2017
Tenant Walgreens (GL)
Cap Rate 5.75%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 12,300
Lease Start 06-06-2017
#Units 13,532
Price/SF $405.80
Expiration 06-30-2042
Tenant Type Pharmacy
NOI $287,000
R. Term 17.7
Ownership Ground Lease
Rent/SF $23.33
Increases 10.0%/5/yrs
Pop 5Mi 845,436
Lot/AC 0.92
Options 2/5yrs/10%
AHHI 5Mi $92,310

Lease Highlights

  • Walgreens has 17+ years remaining on the current lease term with 2 (5-year) options to extend
  • The ground lease features 10% rent increases every 10 years
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease (NASDAQ: WBA)
  • Walgreens is an investment grade tenant (S&P: BBB-)

Location Description

Walgreens is ideally located with excellent frontage and visibility just off the intersection of Springfield Avenue and Grove Street, which has a combined daily traffic count of 30,000 vehicles. The subject property is located adjacent to the sprawling, 1,700+ unit Maple Gardens apartment complex, less than a mile away from 10 elementary schools, as well as Irvington High School and University...

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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 : 67,409 431,089 856,639
2023 Total Population : 67,942 426,223 847,080
2023 Employed Civilian Pop : 29,149 188,338 399,793
2023 Total Businesses : 1,043 10,068 22,142
2023 Average Household Income : $ 62,607 $ 80,627 $ 93,902
2023 Total Consumer Spending : $ 1339 M $ 10683 M $ 24849 M
2023 Median Age : 35 35 36
2023 Total Households : 24,585 152,832 307,074
2023 Pop Age 25+: Bachelor's Degree : 6,509 47,163 105,746
2023 Average Home Value : $ 355,651 $ 422,503 $ 469,156
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Springfield Ave Ellis Ave 2013 14,822 0.05 mi
Grove St Berkeley Ter 2013 5,968 0.10 mi
Madison Avenue 2019 9,560 0.20 mi
Eastern Parkway 2019 12,305 0.21 mi
Springfield Ave Bruen Ave 2006 22,055 0.21 mi
Springfield Avenue Bruen Ave 2019 22,736 0.21 mi
Eastern Pkwy Berkeley Ter 2017 4,344 0.23 mi
Garden State Pkwy Madison Ave 2011 9,970 0.24 mi
Garden State Parkway Garden State Pkwy 2017 235,003 0.25 mi
Western Pkwy W Avon Ave 2011 5,190 0.25 mi

Listing Broker

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