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Drug Store

Walgreens

300 West Merrick Road, Valley Stream, NY 11580

Listing Price: $14,800,000

Cap Rate
5.00%
Tenant Name
Walgreens
Years Remaining On Lease
19.4
Guarantor
Corporate Guarantee
Rentable SF
13,235
Lease Type
Absolute Net
Rent Per Square Feet
$55.91

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% interest in build-to-suit Walgreens with Drive-Thru, absolute net leased investment located at 300 West Merrick Road, Valley Stream, New York 11580 (the “Property”). Built in 2016, subject to a 25 year lease expiring 10/31/2040, the Property comprises a +/- 13,235 SF building on a highly visible +/- 0.90-acre parcel, that is strategically positioned to be easy to access nearly 45,000 vehicles per day at the intersection of West Merrick Road and South Central Avenue, surrounded by retail, residential and other commercial development. The Property benefits from it’s highly visible location with a drive-thru, easy accessibility, and convenient location in a strong commercial and residential area located in Nassau County, Long Island. The area is dense, located within five miles of John F. Kennedy Intercontinental Airport, half a mile off Sunrise Highway, 22 miles to Manhattan, eight miles to Brooklyn, and only a mile from Queens. The population within 5 miles of the subject is 740,000 people, the average household income within five miles of subject is over $122,000 with over 243,000 households.

Investment Highlights

  • Subject is a Prime 13,235 Square-Foot Build-to-Suit Walgreens on a 0.908-Acre Lot with Ample Parking | Newly Constructed in 2016
  • Absolute NNN Lease with a 25-Year Base Term and Zero Landlord Responsibility | Flat Rental Increases in Ten, Five-Year Options
  • Tenant Walgreens Boots Alliance (NASDAQ: WBA) Currently Features a Stable Credit Rating of Baa2 (Stable) from Moody's and BBB (Stable) from S&P
  • Robust Traffic Counts on Merrick Road (19,997) and S Central Avenue (24,149 VPD), a Half Mile off of Sunrise Highway (62,000 VPD) (Source: LandVision, 2017)
  • Nearby National Retailers Include King Kullen, CVS, TD Bank, Extra Space Storage, Subway, Dunkin', Popeyes, Burger King, Chase Bank, Dominos and More
  • Affluent Long Island Community with an Average Household Income of Over $122K within Five Miles of the Subject Asset, as of 2020
  • Strategically Located on a Hard Corner Across from South Nassau Communities Hospital, an Award-Winning, 45-Bed Acute Care, Not-For-Profit Teaching Hospital
  • Subject is Five Miles from John F. Kennedy International Airport, the Fifth Busiest Airport in the United States Serving 60 Million Passengers Annually | 34,611 Flights Since January 2020 (jfkairport.net)

Exclusively Listed By

Financing By

Listing Price: $14,800,000

Cap Rate
5.00%
Tenant Name
Walgreens
Years Remaining On Lease
19.4
Guarantor
Corporate Guarantee
Rentable SF
13,235
Lease Type
Absolute Net
Rent Per Square Feet
$55.91

Investment Highlights

  • Subject is a Prime 13,235 Square-Foot Build-to-Suit Walgreens on a 0.908-Acre Lot with Ample Parking | Newly Constructed in 2016
  • Absolute NNN Lease with a 25-Year Base Term and Zero Landlord Responsibility | Flat Rental Increases in Ten, Five-Year Options
  • Tenant Walgreens Boots Alliance (NASDAQ: WBA) Currently Features a Stable Credit Rating of Baa2 (Stable) from Moody's and BBB (Stable) from S&P
  • Robust Traffic Counts on Merrick Road (19,997) and S Central Avenue (24,149 VPD), a Half Mile off of Sunrise Highway (62,000 VPD) (Source: LandVision, 2017)
  • Nearby National Retailers Include King Kullen, CVS, TD Bank, Extra Space Storage, Subway, Dunkin', Popeyes, Burger King, Chase Bank, Dominos and More
  • Affluent Long Island Community with an Average Household Income of Over $122K within Five Miles of the Subject Asset, as of 2020
  • Strategically Located on a Hard Corner Across from South Nassau Communities Hospital, an Award-Winning, 45-Bed Acute Care, Not-For-Profit Teaching Hospital
  • Subject is Five Miles from John F. Kennedy International Airport, the Fifth Busiest Airport in the United States Serving 60 Million Passengers Annually | 34,611 Flights Since January 2020 (jfkairport.net)

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% interest in build-to-suit Walgreens with Drive-Thru, absolute net leased investment located at 300 West Merrick Road, Valley Stream, New York 11580 (the “Property”). Built in 2016, subject to a 25 year lease expiring 10/31/2040, the Property comprises a +/- 13,235 SF building on a highly visible +/- 0.90-acre parcel, that is strategically positioned to be easy to access nearly 45,000 vehicles per day at the intersection of West Merrick Road and South Central Avenue, surrounded by retail, residential and other commercial development. The Property benefits from it’s highly visible location with a drive-thru, easy accessibility, and convenient location in a strong commercial and residential area located in Nassau County, Long Island. The area is dense, located within five miles of John F. Kennedy Intercontinental Airport, half a mile off Sunrise Highway, 22 miles to Manhattan, eight miles to Brooklyn, and only a mile from Queens. The population within 5 miles of the subject is 740,000 people, the average household income within five miles of subject is over $122,000 with over 243,000 households.

Exclusively Listed By

Financing By

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