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Views: 174 DOM: 618 Updated: 11.22.24 Posted: 04.13.23 Status: Active

Summary

Price $10,000,000
Built/Renov 2012
Tenant Walgreens (GL)
Cap Rate 5.14%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 13,961
Lease Start 02-11-2013
#Units 13,532
Price/SF $716.28
Expiration 02-28-2038
Tenant Type Pharmacy
NOI $514,250
R. Term 13.2
Ownership Ground Lease
Rent/SF $36.83
Increases 10.0%/5/yrs
Pop 5Mi 495,000
Lot/AC 0.72
Options 4/5yrs/10%
AHHI 5Mi $110,378

Lease Highlights

  • Walgreens has 13+ years remaining on base period with 4 (5-year) and 1 (4-year) option to extend
  • Lease features a rental increase of 10% throughout base and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Tenant pays below market rent of $36.83 PSF
  • Corporate guarantee | Investment grade tenant

Location Description

This property is located at the high profile corner location of Clove Rd. and Victory Blvd., featuring a traffic count of 31,874 cars passing by daily, and is within 1 mile of I-278 (Staten Island Expressway), with a traffic count of 162,000 cars per day. Visibility is further supported by the S53 Clove Road/Victory Blvd. bus stop at the intersection, which boasts an annual ridership of 1.7...

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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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Listing Broker

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