Listed by Stream Capital Partners
$3,661,375
Walgreens
Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 13,199
Cap Rate 8%
NOI $292,910
Occupancy 100%
Tenancy Single
Brand/Tenant Walgreens
Lease Type Absolute NNN
Lease Expiration 05/31/2035
Rent Bumps Yes
Lease Options 12, 5-year plus 1, 2-year option
Year Built 1999
Acreage 3.590
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 05/16/2022
Retail | 8.00% CAP | 13,199 SF
Marketing description
LONG TERM COMMITMENT: Walgreens executed a brand new 13 Year lease in 2022
INCREASES THROUGHOUT LEASE TERM: Lease calls for 5% rental increases every 5 years throughout the base term providing a hedge against inflation.
Investment highlights
ESTABLISHED CUSTOMER BASE: The subject location has over 25 years of drugstore operating history allowing for an established customer base.
MEDICAL FACILITIES NEARBY: 1.5 miles N of Pelican Pointe Nursing Center that offers 24-hr Nursing Care, Rehab Therapy, Post Hospital & Surgical Care.
HIGH INCOME MARKET: Excellent Demographics with an Average Household Income over $98,000.
WELL SITUATED: Positioned on an oversized hard corner parcel along Bayshore Rd.
LIMITED COMPETITION: Only 3 drug stores within a 4-mile radius
Listing Contacts
Listed by Stream Capital Partners
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Loan Amount
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Annual Debt Service
$--
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Annual Cash Flow
$292,910.00
$24,409.17/mo
Valuation Metrics
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DSCR
8%
Cap Rate
8%
ROI
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