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22762235
22763654

4210 N Roan Street, Johnson City, TN 37601

Colliers - Fort Lauderdale, Florida
Listed by Colliers - Fort Lauderdale, Florida
$3,953,757
427 days on market
Updated 3 days ago

8.65 cap Tax Free State Walgreens

Details
Property Type Retail
Sub Type Pharmacy/Drug, Storefront
Square Footage 14,744
Cap Rate 8.65%
NOI $342,000
Occupancy 100%
Tenancy Single
Brand/Tenant Walgreens
Lease Type Absolute NNN
Lease Term 25
Lease Expiration 09/01/2033
Remaining Term 8.5
Broker Co-Op Yes
Year Built 2008
Buildings 1
Stories 1
Acreage 2.040
Tenant Credit Credit Rated, Corporate Guarantee
Lease Commencement 09/01/2008
Ground Lease No

Absolute NNN Lease with 8.5 Year Remaining

Marketing description

Walgreens at 4210 N Roan Street, Johnson City, TN 37601 offers a compelling net-leased investment in one of North Johnson City’s most active retail corridors. This ±14,820 SF single-tenant drugstore sits on a ±2.04-acre signalized hard-corner site at N Roan Street and Carroll Creek Road, providing exceptional visibility, easy access, and strong consumer traffic. Built in 2008, the property features a modern Class B design, drive-thru convenience, 55 parking spaces, and 161 feet of frontage along Carroll Creek Road. The asset is leased to Walgreens under an absolute NNN structure, offering investors a passive ownership opportunity with no landlord responsibilities. With approximately 8.5 years of firm lease term remaining through September 2033 and fixed annual rent of $342,000, the property delivers durable cash flow backed by a nationally recognized pharmacy tenant. Surrounded by major retailers including Walmart, Target, Food City, Sam’s Club, Lowe’s, and Johnson City Crossing, the site is positioned within a growing trade area supported by strong regional demographics, healthcare employment, and East Tennessee State University. Tennessee’s no state income tax further enhances the appeal of this high-visibility retail investment.

Investment highlights

  • Absolute NNN Lease: With 8.5 years of firm lease term remaining under an absolute NNN lease structure, this property provides a reliable income stream with zero landlord responsibilities, offering investors a hassle-free ownership experience.

  • Prime Location in a Thriving Trade Area: Situated at the signalized hard corner of N. Roan Street and Carroll Creek Road, this property benefits from high visibility and accessibility in North Johnson City, Tennessee. The surrounding retail corridor is a bustling hub featuring prominent tenants such as Food City, Dollar General, Hardee’s, O’Reilly Auto Parts, and McDonald’s, driving consistent traffic and consumer activity.

  • Strategic Positioning in a Growing Market: Located in a key retail development zone along the I-26 corridor, the property is at the heart of North Johnson City’s expanding commercial landscape. Its proximity to major retailers like Walmart, Target, and Johnson City Crossings enhances its appeal as a high-traffic investment opportunity.

  • Exceptional Property Features: This 14,820 SF single-tenant retail asset sits on a spacious 2.04-acre lot, offering a well-designed layout with a drive-thru feature for added convenience. Built in 2008, the modern Class B building includes 55 parking spaces (3.73/1,000 SF ratio) and 161 feet of frontage along Carroll Creek Road, ensuring ease of access and ample customer capacity.

  • Long-Term Stability: With 8.5 years of firm lease term remaining, this property provides a reliable income stream for investors seeking durability and consistency in a dynamic market.

  • Tennessee Tax Advantage: Located in a state with no income tax, this investment offers enhanced financial benefits, maximizing returns by minimizing tax burdens for owners.

  • Strong Demographics and Economic Growth: Positioned within a 3-mile radius of 23,951 residents and a 10-mile radius of 164,610, the property serves a growing population with a projected annual growth rate of 0.46%-1.11% through 2027. Johnson City’s robust economy, fueled by East Tennessee State University and the “Med-Tech” corridor, further solidifies its status as a regional economic powerhouse.

Listing Contacts

Colliers - Fort Lauderdale, Florida
Listed by Colliers - Fort Lauderdale, Florida

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$342,000.00
$28,500.00/mo

Valuation Metrics

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DSCR
8.65%
Cap Rate
8.65%
ROI

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