Listed by Marcus & Millichap - Washington, D.C.
$7,071,428
Walgreens | Easton, MD
Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 14,469
Units 1
Cap Rate 7.00%
NOI $495,000
Tenancy Single
Lease Type NNN
Lease Expiration 08/31/2031
Rent Bumps No
Lease Options Ten; Five-Year Options
Year Built 2006
Acreage 1.690
Investment Type Net Lease
Lease Commencement 08/26/2006
Ground Lease Yes
Upscale Easton Location | 7.00% CAP | 14,469 SqFt
Investment highlights
- Corporate NNN Lease: Walgreens (S&P: private) has ~5 years remaining with ten, 5-year renewal options at flat rent, ensuring a favorable long-term cost of occupancy for the tenant. High-quality red brick construction in 14,469 SF prototype with drive-thru and rare red brick perimeter wall matching Easton’s attractive historical charm.
- Signalized Hard Corner | Established Retail Corridor: Positioned at Ocean Gateway (31.9K VPD) & Dover Rd (10.9K VPD) with points of access and unmatched visibility. Surrounded by national retailers including Aldi, Wawa, McDonalds, Popeyes, AutoZone, and Walmart and Giant anchored centers generating 2.1M+ annual visits.
- Top-Performing Store | Proven Sales & Traffic: Location ranks in the top 25% nationwide with 356K annual visits, significantly outperforming nearby CVS with 127K visits annually. $10.46M in extrapolated sales supports a low 4.7% rent-to-sales ratio (in accordance with industry standard 4x multiplier of reported sales).
- Limited Pharmacy Competition | High Barriers to Entry: One of only two national pharmacies in Easton. Strong performance signals high probability of lease renewal.
- Affluent Eastern Shore Demographics: Located in Talbot County (avg. HH income $135K+), the wealthiest county on Maryland’s Eastern Shore. Regional draw from Easton and nearby St. Michaels supports sustained consumer demand.
- National Pharmacy Leader: Walgreens operates ~8,000 locations nationwide serving ~9M customers daily. Backed by Sycamore Partners ($10B acquisition), positioning the platform for long-term operational focus.
Listing Contacts
Listed by Marcus & Millichap - Washington, D.C.
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$495,000.00
$41,250.00/mo
Valuation Metrics
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DSCR
7%
Cap Rate
7%
ROI
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