Listed by CBRE - Atlanta, CBRE Atlanta, CBRE - Midtown Manhattan, CBRE - Dallas McKinney
$3,768,800
Walgreens: Lubbock, TX
Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 15,053
Cap Rate 8%
NOI $301,500
Occupancy 100%
Tenancy Single
Brand/Tenant Walgreens
Lease Type NN
Lease Term 31.7
Lease Expiration 10/31/2032
Remaining Term 6.3
Rent Bumps No
Lease Options Eight, 5-Year Options
Price per SqFt $250
Year Built 2000
Acreage 1.480
Parking Spaces 75 spaces
Parking per 1,000 SqFt 4.98
Investment Type Net Lease
Lease Commencement 03/08/2001
Retail | 8.00% CAP | 15,053 SqFt
Marketing description
CBRE is pleased to offer for sale the 15,053-square-foot Walgreens situated on 1.48 acres in Lubbock, Texas (MSA Population: 362,839). Originally set to expire in 2021, Walgreens’ net lease was previously extended through 2032 and currently features ±6.3 years of primary term remaining and eight, 5-year options to renew.
Investment highlights
- Extended Net Lease with Renewal Options: Originally set to expire in 2021, Walgreens’ net lease was previously extended through 2032 and currently features ±6.3 years of primary term remaining and eight, 5-year options to renew.
- Long-Term Operating History with Solid Reported Sales: This Walgreens store boasts a long-term operating history of nearly 25 years, demonstrating its commitment to the site. Additionally, Walgreens has solid reported sales.
- Excellent Access & Visibility: Walgreens is located with excellent access and visibility at the hard corner intersection of 82nd Street (20,851 VPD) and University Avenue (27,424). The site is less than 2 miles west from the on-ramp to Interstate 27 (47,598 VPD), which provides direct access to downtown Lubbock (5.4 miles north).
- Less Than 5 Miles to Texas Tech University: Walgreens is positioned less than 5 miles south of Texas Tech University’s (TTU) 1,839- acre campus. TTU is a major public research institution (R1) and the flagship of the Texas Tech University System, with an enrollment over more than 41,000 students. The university offers more than 150 degree programs, including law and medical schools, making it the only campus in Texas to house all three on one site. Texas Tech University has a massive economic impact on Lubbock and the surrounding South Plains region. Recent studies estimate that TTU contributes over $3 billion annually to the regional economy.
Listing Contacts
Listed by CBRE - Atlanta, CBRE Atlanta, CBRE - Midtown Manhattan, CBRE - Dallas McKinney
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$301,500.00
$25,125.00/mo
Valuation Metrics
0
DSCR
8%
Cap Rate
8%
ROI
Broker Selected Comps View More Comps
Property History
Similar Properties
Is there information that looks off?
