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Views: 48 DOM: 92 Updated: 08.05.24 Posted: 06.07.24 Status: Active

Summary

Price $1,810,000
Built/Renov 2023
Tenant Walgreens
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 2,500
Lease Start 02-09-2023
#Units 13,532
Price/SF $724.00
Expiration 02-28-2033
Tenant Type Pharmacy
NOI $108,600
R. Term 8.5
Ownership Fee Simple
Rent/SF $43.44
Increases 5.0%/5/yrs
Pop 5Mi 4,645
Lot/AC 0.70
Options 4/5yrs/5%
AHHI 5Mi $50,152

Lease Highlights

  • Brand-new construction | Cooper Prototype
  • Walgreens has 8+ years remaining on the current lease term with 4 (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 near the signalized, hard-corner intersection of Stockton Street and Main Street, major retail corridors, with access to a combined daily traffic count of 15,900 vehicles. The property is surrounded by well-known national tenants, including Dollar General Market, ACE Hardware, Minnie’s Southern Café, South Central Bank, and more. Moreover, it is...

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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
2028 Total Population : 1,396 2,509 4,544
2023 Total Population : 1,429 2,565 4,572
2023 Employed Civilian Pop : 458 874 1,682
2023 Total Businesses : 128 164 183
2023 Average Household Income : $ 49,532 $ 50,255 $ 50,125
2023 Total Consumer Spending : $ 28 M $ 48 M $ 84 M
2023 Median Age : 45 44 43
2023 Total Households : 648 1,083 1,892
2023 Pop Age 25+: Bachelor's Degree : 32 64 229
2023 Average Home Value : $ 110,934 $ 109,308 $ 117,028
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
W Stockton St Rogers St 2003 10,183 0.16 mi
S Main St E Hamilton St 2002 5,093 0.29 mi
E Stockton St East St 2002 1,419 0.33 mi
North Main Street Old Columbia St 2021 5,668 0.33 mi
N Main St Old Columbia St 2015 5,734 0.33 mi
West Stockton Street Skyline Dr 2021 6,925 0.47 mi
W Stockton St Skyline Dr 2015 6,662 0.48 mi
East St Scott Dr 2014 1,933 0.60 mi
N Main St Pinewood Rd 2003 2,456 0.74 mi
W Stockton St Love St 2003 9,508 0.75 mi

Listing Broker

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