Walgreens | Dover, PA | 10% Cap Rate!
NNN Walgreens | 10% Cap | 2+ Acre Signalized Corner | Avg. HHI $111K+
Marketing description
CBRE IS PLEASED TO EXCLUSIVELY PRESENT FOR SALE this Walgreens located in Dover, Pennsylvania, represents a rare opportunity to acquire a fee simple, absolute NNN-leased asset occupied by Walgreens (Walgreen Eastern Co., Inc.), one of the nation's most recognized retail pharmacy operators. The property features a long-term, corporately guaranteed lease structure, offering passive ownership with no landlord responsibilities, capital expenditures, or maintenance obligations.
Originally constructed in 2006, the property is subject to a 25-year lease with approximately five (5) years of term remaining, providing near-term income stability. The lease includes nine (9) additional five-year renewal/termination options, offering long-term occupancy potential and helping to reduce rollover risk compared to Walgreens leases with one (1)-year renewal/termination rights.
The property is positioned on a 2.13-acre parcel at the signalized intersection of Carlisle Road and Davidsburg Road, benefiting from strong visibility, multiple points of access, and combined traffic counts exceeding 27,000 vehicles per day. Carlisle Road serves as the primary retail corridor connecting Dover and York and is home to national and regional retailers, including Starbucks, Royal Farms, McDonald's, CVS, Wawa, Weis Markets, AutoZone, Advance Auto Parts, and more.
The site is strategically located within the greater York County trade area, approximately six (6) miles from downtown York and near the interchange of two major regional thoroughfares: Route 30 and Interstate 83. Dover is in close proximity to several major cities, including Harrisburg (25 miles), Lancaster (31 miles), and Baltimore (60 miles), providing access to a broad regional consumer base.
The surrounding trade area is supported by strong demographics, including a population of 90,242 residents within a five (5)-mile radius and an average household income of $111,571 within a three (3)-mile radius—indicative of a stable and established consumer base. The market is also projected to experience continued population growth through 2030, reinforcing long-term retail and pharmacy demand fundamentals.
Investment highlights
- ABSOLUTE NNN LEASE WITH CORPORATE GUARANTY - Originally constructed in 2006, the property is subject to a 25-year lease with approximately five (5) years remaining and is secured by a long-term, corporately guaranteed lease with Walgreens, one of the nation's leading pharmacy operators. The absolute NNN structure offers a passive ownership experience with no landlord responsibilities, capital expenditures, or maintenance obligations.
- STRONG REAL ESTATE FUNDAMENTALS - Walgreens, a necessity-based tenant, occupies a 14,820 SF high-end, block-on-block/brick construction prototype with a drive-thru, situated on a sizable 2.13-acre parcel that lends itself to long-term optionality and upside in the future. The site configuration and frontage along a primary retail corridor provide strong residual value and long-term flexibility, while the build-to-suit structure offers tax shelter through depreciation.
- HIGHLY VISIBLE, SIGNALIZED CORNER LOCATION - Strategically located at the intersection of Carlisle Road and Davidsburg Road, the property benefits from multiple points of access, excellent visibility, and exposure to combined traffic counts exceeding 27,000 vehicles per day.
- POSITIONED ALONG THE MAIN RETAIL CORRIDOR - Carlisle Road is the primary commercial thoroughfare connecting Dover and York and is home to national and regional retailers, including Starbucks, Wawa, McDonald's, CVS, Truist, Giant, Royal Farms, Mavis Discount Tire, Weis Markets, AutoZone, Advance Auto Parts, Pizza Hut, Dunkin', and more.
- REGIONALLY ACCESSIBLE SUBMARKET - The subject property in Dover, PA, is located just six (6) miles outside of downtown York and near the interchange of two major regional thoroughfares: Route 30 and Interstate 83. Dover is in close proximity to several major cities, including Harrisburg (25 miles), Lancaster (31 miles), and Baltimore (60 miles).
- DENSE AND AFFLUENT DEMOGRAPHICS - The surrounding trade area features a population of 90,242 residents within a five (5)-mile radius, supported by strong household incomes, including an average household income of $111,571 within a three (3)-mile radius—indicative of a stable and desirable consumer base.
- POSITIVE POPULATION GROWTH TRENDS - The immediate and surrounding trade areas have experienced positive annual population growth and are projected to continue growing through 2030, reinforcing long-term demand fundamentals.
- FAVORABLE RENEWAL STRUCTURE - The lease includes nine (9) additional five-year renewal/termination options, offering long-term occupancy potential and helping to reduce rollover risk compared to Walgreens leases with one (1)-year renewal/termination rights.
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