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Drug Store

Walgreens Portfolio

6189 NY-31, Cicero, NY 13039

Listing Price: $5,420,000

Cap Rate
6.25%
Tenant Name
Walgreens
Years Remaining On Lease
9.6
Guarantor
Corporate Guarantee
Rentable SF
14,820
Lease Type
Absolute Net
Rent Per Square Feet
$22.87

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the fee-simple interest in three single-tenant, corporate guaranteed, Walgreens locations in Houston Texas, White Bear Lake, Minnesota, and Cicero New York. All properties are leased to and guaranteed by Walgreens Boots Alliance, an “essential-use” and recession-resilient tenant. Walgreens is considered “investment grade” credit and is publicly traded on the New York Stock Exchange (NYSE: WAG) Moodys Baa2 / S&P BBB. The portfolio has an average lease term of eight years plus remaining on an absolute NNN fee simple basis with zero landlord responsibilities, providing consistent and reliable long-term cash-flow. This portfolio also provides investors with the unique opportunity to assume an existing loan with 6.5+ years remaining until the maturity date, with a fixed interest rate of 4.70 percent, which is well below the current market-average borrowing rate. With the attractive rate and terms on the assumable loan, investors can maximize cashflow without the need for loan origination, making this an ideal opportunity for 1031-exchange buyers with limited closing timelines. The three Walgreens locations have excellent real estate fundamentals, situated on high-traffic arterial roads with proximity to housing, employment, education, and other attractions. All three Walgreens locations feature FedEx Onsite and drive-through pharmacy windows. The Houston location features Village Medical clinic, offering a suite of additional medical services to the local community.

Investment Highlights

  • Over 9.9 Year Remaining on Absolute NNN Lease with Zero Landlord Responsibilities
  • Corporate Guarantee with Options Through 2082 - Tenant has Right to Renew every 30 Days During Option Period
  • Essential Use – Pandemic and Recession Resilient Tenant with Drive Thru, FedEx Onsite
  • Situated on Highway-31 with 12,842 Vehicles Per Day Proximity to Freeway-81 with 42,837 Vehicles Per Day
  • Strong Area Demographics –Population of 53,143 People within a Five-Mile Radius with Household Income of $93,939 Annually
  • Nearby Tenants – Cicero North Syracuse High School 1,879 Students, Rite Aid, Circle K, Dunkin' McDonald's, Arby's, Speedway, Fedex, Dollar Tree, Aldi

Exclusively Listed By

Broker of Record

  • John Horowitz

    Broker of Record

    (718) 475-4300

    License(s) NY: 10311204479

    New York

Drug Store

Walgreens Portfolio

Listing Price: $5,420,000

Cap Rate
6.25%
Tenant Name
Walgreens
Years Remaining On Lease
9.6
Guarantor
Corporate Guarantee
Rentable SF
14,820
Lease Type
Absolute Net
Rent Per Square Feet
$22.87

Investment Highlights

  • Over 9.9 Year Remaining on Absolute NNN Lease with Zero Landlord Responsibilities
  • Corporate Guarantee with Options Through 2082 - Tenant has Right to Renew every 30 Days During Option Period
  • Essential Use – Pandemic and Recession Resilient Tenant with Drive Thru, FedEx Onsite
  • Situated on Highway-31 with 12,842 Vehicles Per Day Proximity to Freeway-81 with 42,837 Vehicles Per Day
  • Strong Area Demographics –Population of 53,143 People within a Five-Mile Radius with Household Income of $93,939 Annually
  • Nearby Tenants – Cicero North Syracuse High School 1,879 Students, Rite Aid, Circle K, Dunkin' McDonald's, Arby's, Speedway, Fedex, Dollar Tree, Aldi

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the fee-simple interest in three single-tenant, corporate guaranteed, Walgreens locations in Houston Texas, White Bear Lake, Minnesota, and Cicero New York. All properties are leased to and guaranteed by Walgreens Boots Alliance, an “essential-use” and recession-resilient tenant. Walgreens is considered “investment grade” credit and is publicly traded on the New York Stock Exchange (NYSE: WAG) Moodys Baa2 / S&P BBB. The portfolio has an average lease term of eight years plus remaining on an absolute NNN fee simple basis with zero landlord responsibilities, providing consistent and reliable long-term cash-flow. This portfolio also provides investors with the unique opportunity to assume an existing loan with 6.5+ years remaining until the maturity date, with a fixed interest rate of 4.70 percent, which is well below the current market-average borrowing rate. With the attractive rate and terms on the assumable loan, investors can maximize cashflow without the need for loan origination, making this an ideal opportunity for 1031-exchange buyers with limited closing timelines. The three Walgreens locations have excellent real estate fundamentals, situated on high-traffic arterial roads with proximity to housing, employment, education, and other attractions. All three Walgreens locations feature FedEx Onsite and drive-through pharmacy windows. The Houston location features Village Medical clinic, offering a suite of additional medical services to the local community.

Exclusively Listed By

Broker of Record

  • John Horowitz

    Broker of Record

    (718) 475-4300

    License(s): NY: 10311204479

    New York

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