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Drug Store

Walgreens

197 Main St, Great Barrington, MA 01230

Listing Price: $1,732,000

Cap Rate
6.35%
Tenant Name
Walgreens
Years Remaining On Lease
6.4
Guarantor
Corporate Guarantee
Rentable SF
6,624
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$16.61

Investment Overview

Marcus & Millichap is pleased to present the Walgreens location located at 197 Main Street in Great, Barrington, MA. The site has been operating as a pharmacy since the 1960s and began as a local drug store, before being purchased by Rite Aid. The property remained as a Rite Aid until the Walgreens acquisition, where it was then rebranded as a Walgreens location. Walgreens choosing to continue operating this location, instead of shutting off the lights, is a strong indicator of the strength of this site and location for them as a brand. Walgreens recently extended their lease early, the initial lease had about a year and a half remaining on the lease, however Walgreens opted to sign an early 5-year extension, which extends the current term of the lease through 2029, with two five-year options to extend, and a 4.5% rent increase at the beginning of the first option period, uncommon for a tenant whose leases normally contain no rent escalations. The NNN lease features minimal landlord responsibilities, with the landlord only responsible for roof & structure. The roof was replaced just over a decade ago and has been maintained by the owner, fixing any normal wear and tear that has occurred over time. The 6,624 square foot building sits on a 0.38-acre lot along Main St in Great Barrington. Main St is the primary retail corridor of the town, and the site is passed by more than 17,000 vehicles per day. The property is in a highly walkable area and experiences increased foot traffic during much of the year as tourists flock to the Berkshires to experience the natural beauty of the region in the Summer, take in the fall Foliage in Autumn, and hit the slopes of the Catamount and Butternut ski resorts in the Winter. The subject property is surrounded by many national tenants, including Marshall’s Tractor Supply Co, Dunkin, Subway and more, as well as many local and regional tenants, attracting many customers to the area.

Investment Highlights

  • NNN Lease with Minimal Landlord Responsibilities
  • 7 Years Remaining with 2 (5) Year Options to Extend
  • 6,624 SF Building on a 0.38-Acre Lot
  • Over 17,000 Vehicles Passing the Site Daily
  • Heavy Additional Foot Traffic Passing the Site During the Summer Tourism Months
  • Early Lease Extension, Showing Commitment to the Site
  • Low Rent Compared to National Walgreens Average Rent PSF
  • Long History of Occupancy, the Site has been Operated as a Pharmacy Since the 1960s

Exclusively Listed By

Financing By

Listing Price: $1,732,000

Cap Rate
6.35%
Tenant Name
Walgreens
Years Remaining On Lease
6.4
Guarantor
Corporate Guarantee
Rentable SF
6,624
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$16.61

Investment Highlights

  • NNN Lease with Minimal Landlord Responsibilities
  • 7 Years Remaining with 2 (5) Year Options to Extend
  • 6,624 SF Building on a 0.38-Acre Lot
  • Over 17,000 Vehicles Passing the Site Daily
  • Heavy Additional Foot Traffic Passing the Site During the Summer Tourism Months
  • Early Lease Extension, Showing Commitment to the Site
  • Low Rent Compared to National Walgreens Average Rent PSF
  • Long History of Occupancy, the Site has been Operated as a Pharmacy Since the 1960s

Investment Overview

Marcus & Millichap is pleased to present the Walgreens location located at 197 Main Street in Great, Barrington, MA. The site has been operating as a pharmacy since the 1960s and began as a local drug store, before being purchased by Rite Aid. The property remained as a Rite Aid until the Walgreens acquisition, where it was then rebranded as a Walgreens location. Walgreens choosing to continue operating this location, instead of shutting off the lights, is a strong indicator of the strength of this site and location for them as a brand. Walgreens recently extended their lease early, the initial lease had about a year and a half remaining on the lease, however Walgreens opted to sign an early 5-year extension, which extends the current term of the lease through 2029, with two five-year options to extend, and a 4.5% rent increase at the beginning of the first option period, uncommon for a tenant whose leases normally contain no rent escalations. The NNN lease features minimal landlord responsibilities, with the landlord only responsible for roof & structure. The roof was replaced just over a decade ago and has been maintained by the owner, fixing any normal wear and tear that has occurred over time. The 6,624 square foot building sits on a 0.38-acre lot along Main St in Great Barrington. Main St is the primary retail corridor of the town, and the site is passed by more than 17,000 vehicles per day. The property is in a highly walkable area and experiences increased foot traffic during much of the year as tourists flock to the Berkshires to experience the natural beauty of the region in the Summer, take in the fall Foliage in Autumn, and hit the slopes of the Catamount and Butternut ski resorts in the Winter. The subject property is surrounded by many national tenants, including Marshall’s Tractor Supply Co, Dunkin, Subway and more, as well as many local and regional tenants, attracting many customers to the area.

Exclusively Listed By

Financing By

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