Listed by Matthews
$1,823,529
Walgreens
Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 13,450
Cap Rate 8.50%
Tenancy Single
Lease Type NN
Lease Expiration 12/31/2054
Lease Options Five, 5-Year
Price per SqFt $136
Year Built 1994
Acreage 1.430
Parking Spaces spaces
Investment Type Net Lease
Lease Commencement 12/30/1994
Ground Lease No
Ownership Fee Simple
Retail | 8.50% CAP | 13,450 SqFt
Investment highlights
- Low Rent Compared to Store Fleet - Walgreens typically pays between $280,000 and $320,000 in annual rent at comparable locations, while this store is only paying $155,000. This creates a highly attractive lease situation for the tenant and helps reinforce the long-term importance of the location.
- Established 30-Year Operating History - Walgreens has successfully operated at this location since 1994, demonstrating more than three decades of sustained performance, customer loyalty, and commitment to the trade area. That commitment has been reinforced through amendments in 2010 and 2020, where Walgreens agreed to waive two termination rights each time, resulting in long-term leases each time.
- Rare 21% Rent Increase - At the end of the current term and upon another waived termination option, Walgreens is set to pay a 21.2% rent increase that would increase the cap rate to 10.30%.
- Downside Protection - Walgreens assets with similar building size and lot size are commonly priced between $3 million and $6 million. This offering is priced below $2 million, specifically at $135.58 per square foot, providing investors with a lower basis and stronger downside protection.
- State Capital Economic Anchor - Springfield, the capital of Illinois, benefits from a stable, government-driven economy supported by approximately 72,500 jobs across more than 4,000 businesses. The region generates over $3.9 billion in annual payroll, providing a durable economic foundation that supports local consumer spending.
- Essential Tenant - Walgreens remains one of the most important retailers in the country, with approximately 8,000 locations, 211,000 team members, and 9 million daily customers. Prior to being taken private in 2025, Walgreens reported approximately $154.6 billion in trailing twelve month revenue, reinforcing its scale, national importance, and role as a critical provider of pharmacy access across the U.S.
Listing Contacts
Listed by Matthews
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