Drug Store

Walgreens | 24-7 Urban Location | Baltimore, MD

19 E Fayette St, Baltimore, MD 21202

Listing Price: $2,857,143

Cap Rate
7.00%
Tenant Name
Walgreens
Years Remaining On Lease
7.0
Guarantor
Corporate Guarantee
Rentable SF
11,270
Lease Type
Double Net
Rent Per Square Feet
$17.75

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer for sale this rare urban net leased Walgreens, only blocks from Baltimore’s Inner Harbor waterfront. Prominently located at the corner of East Fayette and Saint Paul Streets, this ground floor condominium unit provides an exceptional location for the tenant’s business. It offers 24-hour-per-day pedestrian and vehicular traffic as it is situated in the City’s Central Business District (CBD). The property is surrounded by numerous residential developments, dozens of class “A” office buildings, hotels, and is merely 50 yards from a subway stop. Walgreens has occupied this location since 2000 and most recently recommitted to this location by extending for an additional seven years of term. Further, Walgreens acquired the Rite Aid location located at 125 East Baltimore Street, one block southeast and subsequently closed the Rite Aid. The former Rite Aid store sales should partially flow to the subject location and help boost sales moving forward. Store sales in this location have increased by over 20% the past two years as a result and are indicated below. When coupled with the 2,100+ apartment units that are planned to open in a one-quarter-mile radius of this site, it is unlikely Walgreens will ever close this location.

Investment Highlights

  • Recent Term Extension by Walgreens
  • Strong and Upwards Reported Store Sales
  • Mass Transit-Oriented and Surrounded by Over 900 New Apartment Units in a Half Mile

Exclusively Listed By

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

Drug Store

Walgreens | 24-7 Urban Location | Baltimore, MD

Listing Price: $2,857,143

Cap Rate
7.00%
Tenant Name
Walgreens
Years Remaining On Lease
7.0
Guarantor
Corporate Guarantee
Rentable SF
11,270
Lease Type
Double Net
Rent Per Square Feet
$17.75

Investment Highlights

  • Recent Term Extension by Walgreens
  • Strong and Upwards Reported Store Sales
  • Mass Transit-Oriented and Surrounded by Over 900 New Apartment Units in a Half Mile

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer for sale this rare urban net leased Walgreens, only blocks from Baltimore’s Inner Harbor waterfront. Prominently located at the corner of East Fayette and Saint Paul Streets, this ground floor condominium unit provides an exceptional location for the tenant’s business. It offers 24-hour-per-day pedestrian and vehicular traffic as it is situated in the City’s Central Business District (CBD). The property is surrounded by numerous residential developments, dozens of class “A” office buildings, hotels, and is merely 50 yards from a subway stop. Walgreens has occupied this location since 2000 and most recently recommitted to this location by extending for an additional seven years of term. Further, Walgreens acquired the Rite Aid location located at 125 East Baltimore Street, one block southeast and subsequently closed the Rite Aid. The former Rite Aid store sales should partially flow to the subject location and help boost sales moving forward. Store sales in this location have increased by over 20% the past two years as a result and are indicated below. When coupled with the 2,100+ apartment units that are planned to open in a one-quarter-mile radius of this site, it is unlikely Walgreens will ever close this location.

Exclusively Listed By

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

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