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Drug Store

Walgreens

494 Nutt Rd, Phoenixville, PA 19460

Listing Price: $7,968,000

Cap Rate
6.25%
Tenant Name
Walgreens Boots Alliance Incorporate (Inc)
Years Remaining On Lease
12.5
Gross SF
11,400
Guarantor
Corporate Guarantee
Rentable SF
11,400
Price/Gross SF
$698.95
Lease Type
Absolute Net
Rent Per Square Feet
$43.68

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Walgreens located in Phoenixville, Pennsylvania. Built in 2008, the site is situated on 1.45 Acres and consists of approximately 11,500 square feet of building space with an additional 6,50 of mezzanine storage space. This Walgreens has approximately 15.8 years remaining on its initial 25-year absolute triple-net (NNN) lease with fifty (50), one-Year renewal options. The base rent is $498,000 in addition to a percentage rent of the stores gross sales.

This asset is located at the signalized, hard corner intersection of Nutt Road and W Bridge Street, the Main & Main intersection of Phoenixville, Pennsylvania. The intersection has strong traffic counts, with over 40,000 vehicles passing the site per day. This location provides Walgreens with excellent access to both streets with two main points of ingress and egress. Walgreens is the closest national pharmacy to Phoenixville Hospital Tower Health, which is a major medical hub for the region. In 2003, the hospital completed a $93 million expansion. The most recent additions included a $7 million cancer center in 2013.

In the past ten years, Phoenixville has seen substantial development, including new restaurant openings, successful residential condo and multifamily developments, and office projects all along Bridge Street, the towns main thoroughfare. Chester County, which includes Phoenixville, is the fastest growing and most affluent county in Pennsylvania (ranked by per capita income), The county recently ranked as the 25th wealthiest in the United States (2010 Census).

Based on a recent debt quote provided by MMCC of 4.05% at a 10 Year Fixed Term, a 7.38% Cash on Cash Return is Achievable.

Investment Highlights

  • AHHI Exceeds $120,000 within a Three-mile Radius with over 40,000 residents
  • Well Positioned at the Signalized Intersection of Nutt Road and West Bridge Street
  • Main & Main Location in the Most Affluent County in Pennsylvania
  • Two Minutes Away from Major Medical Complex
  • Strong Traffic Counts 40,000+ VPD Pass Site Per Day
  • Absolute Net Lease - Zero Landlord Responsibilities
  • 14 Years Remain on 25 Year Lease | 7.38% Cash on Cash Return

Exclusively Listed By

Listing Price: $7,968,000

Cap Rate
6.25%
Tenant Name
Walgreens Boots Alliance Incorporate (Inc)
Years Remaining On Lease
12.5
Gross SF
11,400
Guarantor
Corporate Guarantee
Rentable SF
11,400
Price/Gross SF
$698.95
Lease Type
Absolute Net
Rent Per Square Feet
$43.68

Investment Highlights

  • AHHI Exceeds $120,000 within a Three-mile Radius with over 40,000 residents
  • Well Positioned at the Signalized Intersection of Nutt Road and West Bridge Street
  • Main & Main Location in the Most Affluent County in Pennsylvania
  • Two Minutes Away from Major Medical Complex
  • Strong Traffic Counts 40,000+ VPD Pass Site Per Day
  • Absolute Net Lease - Zero Landlord Responsibilities
  • 14 Years Remain on 25 Year Lease | 7.38% Cash on Cash Return

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Walgreens located in Phoenixville, Pennsylvania. Built in 2008, the site is situated on 1.45 Acres and consists of approximately 11,500 square feet of building space with an additional 6,50 of mezzanine storage space. This Walgreens has approximately 15.8 years remaining on its initial 25-year absolute triple-net (NNN) lease with fifty (50), one-Year renewal options. The base rent is $498,000 in addition to a percentage rent of the stores gross sales.

This asset is located at the signalized, hard corner intersection of Nutt Road and W Bridge Street, the Main & Main intersection of Phoenixville, Pennsylvania. The intersection has strong traffic counts, with over 40,000 vehicles passing the site per day. This location provides Walgreens with excellent access to both streets with two main points of ingress and egress. Walgreens is the closest national pharmacy to Phoenixville Hospital Tower Health, which is a major medical hub for the region. In 2003, the hospital completed a $93 million expansion. The most recent additions included a $7 million cancer center in 2013.

In the past ten years, Phoenixville has seen substantial development, including new restaurant openings, successful residential condo and multifamily developments, and office projects all along Bridge Street, the towns main thoroughfare. Chester County, which includes Phoenixville, is the fastest growing and most affluent county in Pennsylvania (ranked by per capita income), The county recently ranked as the 25th wealthiest in the United States (2010 Census).

Based on a recent debt quote provided by MMCC of 4.05% at a 10 Year Fixed Term, a 7.38% Cash on Cash Return is Achievable.

Exclusively Listed By

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