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Views: 129 Updated: 08.12.24 Posted: 06.04.24 Status: Inactive 10.21.24

Summary

Price $3,358,000
Built/Renov 2008
Tenant Walgreens
Cap Rate 6.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,447
Lease Start 05-01-2024
#Units 13,532
Price/SF $232.44
Expiration 10-01-2035
Tenant Type Pharmacy
NOI $218,250
R. Term 10.10
Ownership Fee Simple
Rent/SF $15.11
Increases 5.0%/5/yrs
Pop 5Mi 8,993
Lot/AC 1.31
Options 12/5yrs/5%
AHHI 5Mi $71,642

Lease Highlights

  • Walgreens has 11+ years remaining on the current lease term with 12 (5-year) options to extend
  • The lease features 5% rental escalations throughout the initial term and option periods
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located at the signalized, hard corner intersection of South Jackson Street and West Main Street, the main thoroughfare, with access to a combined daily traffic count of 27,400 vehicles. The property is further enhanced as it is the only competition in town, and the nearest drug store is over 11 miles away. The immediate area is surrounded by well-known national...

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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 : 1,417 3,600 7,088
2024 Total Population : 1,423 3,646 7,208
2024 Employed Civilian Pop : 686 1,741 3,223
2024 Total Businesses : 134 179 235
2024 Average Household Income : $ 68,474 $ 75,174 $ 80,009
2024 Total Consumer Spending : $ 39 M $ 105 M $ 215 M
2024 Median Age : 45 44 43
2024 Total Households : 626 1,539 2,963
2024 Pop Age 25+: Bachelor's Degree : 165 462 763
2024 Average Home Value : $ 207,216 $ 215,657 $ 226,244
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
South Jackson Street E Main St 2018 6,900 0.04 mi
South Jackson Street E Main St 2019 6,800 0.04 mi
West Main Street N Grant St 2019 13,500 0.06 mi
North Jackson Street E Bostic St 2019 11,500 0.08 mi
North Jackson Street E Bostic St 2018 11,500 0.08 mi
NC 41;NC 111 E Church St 2022 7,039 0.09 mi
NC 24 N Grant St 2022 13,109 0.10 mi
South Railroad Avenue W Main St 2022 1,484 0.13 mi
North Jackson Street E Quinn St 2022 10,837 0.14 mi
N Railroad Ave W Bostic St 2008 780 0.15 mi

Listing Broker

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