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Drug Store

Walgreens | Strong Store Sales | Attractive Assumable Financing | 10% Cash-on-Cash Return

2205 Broadway, Everett, WA 98201

Listing Price: $6,370,370

Cap Rate
6.75%
Tenant Name
Walgreens
Years Remaining On Lease
4.8
Guarantor
Corporate Guarantee
Rentable SF
13,896
Lease Type
Absolute Net
Rent Per Square Feet
$30.94

Investment Overview

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale a corporate guaranteed Absolute NNN Walgreens located in rapidly growing Everett, WA. The Absolute NNN lease is guaranteed by Walgreens (Walgreens Boots Alliance Inc., NYSE: WBA), with nearly 9,000 stores. This location boasts strong reported store sales north of $3,000,000/year and has recently experienced a further increase in sales and prescriptions after the recent closing of the Bartell Drugs (Rite Aid) location roughly 0.3 miles to the north. The Property is strategically located at a signalized hard corner with four ingress/egress points and a drive-thru providing excellent visibility and access. The location is roughly a 10 minute drive from Paine Field, an international airport with total economic impact/business revenue of nearly $60 billion annually and 158,227 jobs (direct and indirect, per Snohomish County). The Property is located less than 5 minutes away from The Commons Naval Station Everett (NSE), which is the home port of Carrier Strike Group 11, claimed “as the single most powerful mobile force in the world,” and at the moment, home to approximately 6,000 Navy personnel. Within a 5-mile radius of the Subject Property, there are over 117,000 residents with average household incomes in excess of $96,000/year. Since 2010, the surrounding area has grown by nearly 13%.

Investment Highlights

  • Strong, Growing Store Sales
  • Limited Drug Store Competition
  • Attractive Assumable Financing, 10% Cash-on-Cash Return
  • Absolute Net Lease / Corporate Guarantee (NASDAQ: WBA)
  • Signalized Hard Corner with High Traffic Counts (25,000+ VPD)
  • Located in High-Growth Sub-Market with Affluent Demographics
  • Located Adjacent to High-Volume Safeway Grocery Store
  • Located Near Paine Field International Airport and The Commons Naval Station Everett

Exclusively Listed By

Financing By

Drug Store

Walgreens | Strong Store Sales | Attractive Assumable Financing | 10% Cash-on-Cash Return

Listing Price: $6,370,370

Cap Rate
6.75%
Tenant Name
Walgreens
Years Remaining On Lease
4.8
Guarantor
Corporate Guarantee
Rentable SF
13,896
Lease Type
Absolute Net
Rent Per Square Feet
$30.94

Investment Highlights

  • Strong, Growing Store Sales
  • Limited Drug Store Competition
  • Attractive Assumable Financing, 10% Cash-on-Cash Return
  • Absolute Net Lease / Corporate Guarantee (NASDAQ: WBA)
  • Signalized Hard Corner with High Traffic Counts (25,000+ VPD)
  • Located in High-Growth Sub-Market with Affluent Demographics
  • Located Adjacent to High-Volume Safeway Grocery Store
  • Located Near Paine Field International Airport and The Commons Naval Station Everett

Investment Overview

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale a corporate guaranteed Absolute NNN Walgreens located in rapidly growing Everett, WA. The Absolute NNN lease is guaranteed by Walgreens (Walgreens Boots Alliance Inc., NYSE: WBA), with nearly 9,000 stores. This location boasts strong reported store sales north of $3,000,000/year and has recently experienced a further increase in sales and prescriptions after the recent closing of the Bartell Drugs (Rite Aid) location roughly 0.3 miles to the north. The Property is strategically located at a signalized hard corner with four ingress/egress points and a drive-thru providing excellent visibility and access. The location is roughly a 10 minute drive from Paine Field, an international airport with total economic impact/business revenue of nearly $60 billion annually and 158,227 jobs (direct and indirect, per Snohomish County). The Property is located less than 5 minutes away from The Commons Naval Station Everett (NSE), which is the home port of Carrier Strike Group 11, claimed “as the single most powerful mobile force in the world,” and at the moment, home to approximately 6,000 Navy personnel. Within a 5-mile radius of the Subject Property, there are over 117,000 residents with average household incomes in excess of $96,000/year. Since 2010, the surrounding area has grown by nearly 13%.

Exclusively Listed By

Financing By

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