Listed by CBRE - Madison, CBRE - Atlanta, CBRE Atlanta
$2,845,600
Walgreens: Beloit, WI
Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 14,405
Cap Rate 7.75%
NOI $220,534
Occupancy 100%
Tenancy Single
Brand/Tenant Walgreens
Lease Type Absolute NNN
Lease Term 24.3
Lease Expiration 06/30/2038
Remaining Term 12
Rent Bumps No
Lease Options Eleven, 5-Year Options
Price per SqFt $198
Year Built 2008
Buildings 1
Acreage 1.910
Parking Spaces 72 spaces
Parking per 1,000 SqFt 5.00
Investment Type Net Lease
Lease Commencement 03/14/2014
Ground Lease No
Retail | 7.75% CAP | 14,405 SqFt
Marketing description
CBRE is pleased to offer for sale the 14,405-square-foot Walgreens situated on 1.91 acres in Beloit, Wisconsin—part of the Janesville-Beloit, WI MSA (Population: 164,616). Originally set to expire in 2034, Walgreens’ absolute NNN lease was extended through 2038 and now features ±12.0 years of primary term remaining with eleven, 5-year options to renew.
Investment highlights
- Originally set to expire in 2034, Walgreens’ absolute NNN lease was extended through 2038 and now features ±12.0 years of primary term remaining with eleven, 5-year options to renew.
- Walgreens is positioned with excellent access and visibility along South Madison Road (6,200 VPD), feet from it’s signalized intersection with Liberty Avenue (10,700 VPD).
- Walgreens is within 3.5 MSF of retail, 1.3 MSF of office, 3,092 multifamily units and 794 hotel rooms within 5-miles. Retail synergies in the area include Woodman’s Food Market, Dollar Tree, Family Dollar, Dollar General, Advance Auto Parts, NAPA Auto Parts, Subway, Pizza Hut, adding a consistent consumer draw.
- Additionally, the property is within a heavy industrial corridor (11.0 MSF of industrial within 5-miles), championed by historic employers like Fairbanks Morse and Beloit Corporation, contributing to consistent local economic activity.
- Walgreens is proximate to both Rockford, IL (19 miles south) and Madison, WI (45 miles north), placing the site between two strong economic hubs. Additionally, the property is within the Janesville-Beloit, WI MSA (Population: 164,616).
Listing Contacts
Listed by CBRE - Madison, CBRE - Atlanta, CBRE Atlanta
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$220,534.00
$18,377.83/mo
Valuation Metrics
0
DSCR
7.75%
Cap Rate
7.75%
ROI
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