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Views: 102 Updated: 04.19.24 Posted: 04.13.23 Status: Inactive 04.19.24

Summary

Price $9,530,240
Built/Renov 1940
Tenant Walgreens
Cap Rate 5.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,482
Lease Start 02-01-2023
#Units 8,896
Price/SF $658.07
Expiration 01-31-2038
Tenant Type Pharmacy
NOI $476,512
R. Term 13.4
Ownership Fee Simple
Rent/SF $32.90
Increases 5.0%/5/yrs
Pop 5Mi 1,941,024
Lot/AC 0.47
Options 12/5yrs/5%
AHHI 5Mi $47,341

Lease Highlights

  • Walgreens has 14+ years remaing on lease with 12 (5-year) options to extend
  • Lease features 5% rental increases every 5 years throughout the initial term and at each option period Absolute NNN features zero landlord responsibilities
  • This location grosses $9.0 Million in revenue
  • Corporate guarantee by Walgreens Boots Alliance (NASDAQ: WBA)
  • Walgreens is an investment grade tenant (S&P: BBB)

 

Location Description

Walgreens is strategically located along Broadway with easy access to bus, rail, subway and the Major Deegan Expressway (I87) with traffic counts of 189,000 vehicles passing per day. The property is situated directly beneath the 1 subway platform which has a 1.1 million weekday ridership and next to MTA bus station on Broadway that has a 1.8 million weekday ridership. Located along a major...

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Maps

  • 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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Listing Broker

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