Listed by CBRE Atlanta, CBRE - Chicago, CBRE - Atlanta
$3,454,317
Walgreens: Grand Bay, AL
Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 14,403
Cap Rate 6.95%
NOI $240,075
Tenancy Single
Brand/Tenant Walgreens
Lease Type NNN
Lease Expiration 05/30/2039
Remaining Term 12.9
Rent Bumps Yes
Lease Options Twelve 5-Year
Year Built 2007
Acreage 1.630
Investment Type Net Lease
Retail | 6.95% CAP | 14,403 SqFt
Marketing description
CBRE is pleased to exclusively offer for sale the 14,403-square-foot Walgreens situated on 1.63 acres in Grand Bay, AL - a component of the Mobile, AL MSA (MSA Population: 409,988). The site is subject to a ±12.9-year absolute NNN lease with a 5% rent increase every 5 years throughout the term and in each of the twelve 5-year renewal options.
Investment highlights
- NNN LEASE WITH RENEWAL OPTIONS: The site is subject to a ±12.9-year absolute NNN lease with a 5% rent increase every 5 years throughout the term and in each of the twelve 5-year renewal options.
- EXCELLENT ACCESS & VISIBILITY: Walgreens is positioned on a hard corner at the signalized intersection of Government Boulevard (5,683 VPD) and AL-188 (8,887 VPD), where it is 1.3 miles south of Interstate 10 (50,787 VPD).
- STRATEGIC LOCATION: Traffic drivers in the surrounding area include Grand Bay Middle School (794 students), Cora Castlen Elementary School (439 students), Greer’s CashSaver, Advance Auto Parts, Family Dollar, Dollar General, Century Bank, and The Roastery Coffee Co.
- MOBILE, AL MSA: The Mobile, Alabama Metropolitan Statistical Area (MSA), encompassing Mobile County and Baldwin County, is a significant economic and cultural hub in the southeastern United States. Its economy is diverse, driven by a strong port, aerospace industry, tourism, and healthcare sectors. The MSA boasts a significant population (MSA Population: 409,988), experiencing considerable growth in recent years, particularly in Baldwin County. While Mobile’s history is deeply rooted in maritime trade and industry, the region is also known for its rich cultural heritage, including historic architecture, museums, and festivals.
Listing Contacts
Listed by CBRE Atlanta, CBRE - Chicago, CBRE - Atlanta
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$240,075.00
$20,006.25/mo
Valuation Metrics
0
DSCR
6.95%
Cap Rate
6.95%
ROI
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