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Views: 89 DOM: 141 Updated: 08.06.24 Posted: 06.27.24 Status: Active

Summary

Price $6,383,000
Built/Renov 2011
Tenant Walgreens
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,103
Lease Start 08-01-2024
#Units 13,532
Price/SF $452.60
Expiration 07-31-2039
Tenant Type Pharmacy
NOI $383,000
R. Term 14.8
Ownership Fee Simple
Rent/SF $27.16
Increases 5.0%/5/yrs
Pop 5Mi 75,733
Lot/AC 1.13
Options 12/5yrs/5%
AHHI 5Mi $74,568

Lease Highlights

  • Brand-new 15-year lease with 12 (5-year) options to extend
  • The lease features 5% rental escalations throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located at the signalized, hard-corner intersection of Olive Avenue and S. Jaye Street, with access to 38,600 vehicles passing by daily. The property benefits from excellent visibility and access via significant street frontage, multiple points of ingress/egress, and a large pylon sign. Additionally, it is directly across from Porterville High School and near...

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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 : 19,028 70,389 76,169
2024 Total Population : 19,043 69,995 75,764
2024 Employed Civilian Pop : 7,129 27,167 29,247
2024 Total Businesses : 829 1,612 1,742
2024 Average Household Income : $ 60,822 $ 80,009 $ 81,119
2024 Total Consumer Spending : $ 300 M $ 1450 M $ 1592 M
2024 Median Age : 30 31 32
2024 Total Households : 5,539 20,376 22,064
2024 Pop Age 25+: Bachelor's Degree : 1,155 4,012 4,395
2024 Average Home Value : $ 322,068 $ 318,859 $ 323,787
*ESRI data is presented for informational purposes only

Listing Broker

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