Drug Store

Walgreens NN Lease Very Strong Sales

1703 Park Avenue, Muscatine, IA 52761

Listing Price: $3,750,000

Cap Rate
6.60%
Tenant Name
Walgreens
Years Remaining On Lease
7.80
Gross SF
15,120
Guarantor
Corporate Guarantee
Rentable SF
15,120
Price/Gross SF
$248.02
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$16.37

Investment Overview

Marcus & Millichap is pleased to present for sale this fee simple
(land & building ownership) Triple NNN Net leased Walgreens with
drive-thru located in Muscatine, Iowa. Muscatine is a prosperous
city located along the Mississippi River with a population of
over 54,132 and home to businesses such as Heinz Company,
Monsanto, and Stanley Consultants.
This Walgreens is located at the signalized, hard corner
intersection of Harrison and Park Ave/US Highway 22 with over
15,400 vehicles per day on this busy retail corridor. The property
is positioned as a corner pad to The Muscatine Mall with major
tenants such as Anytime Fitness, Younkers Department Store
and Hibbett Sports. Muscatine Community College is located 5
minutes from the property with an enrollment of 1,800 students.
Muscatine High School is 10 minutes away with over 1,700
students and one half hour away is Eastern Iowa Community
College with an enrollment of 39,000 students. Riverside Park
is located 7 minutes from the property with boat launches along
the Mississippi River and a Popular Bike & Pedestrian Pathway.
Also located in close proximity to this store is a 24-hour Walmart
Supercenter, Hy-Vee Supermarket, Aldi, AutoZone and Menards.
Fortune 500 (2019). 2018 Revenues for Walgreens exceeded
$131.537 billion and 2018 Net Profits of $5.024 Billion. There
are over 8,200 Walgreens stores operating in all 50 States as
well as The District of Colombia, Puerto Rico, and Guam.

Investment Highlights

  • Walgreens Corporate Guarantee (NYSE: WBA) Investment Grade Tenant (S&P BBB)
  • Approx. 9 Years Remain on the Base Term Of The Lease
  • Drive-Thru Pharmacy
  • Very Strong Reported Store Sales: High Renewal Probability
  • House Hold Income Exceeding $76,531 in Market Area

Exclusively Listed By

Drug Store

Walgreens NN Lease Very Strong Sales

Listing Price: $3,750,000

Cap Rate
6.60%
Tenant Name
Walgreens
Years Remaining On Lease
7.80
Gross SF
15,120
Guarantor
Corporate Guarantee
Rentable SF
15,120
Price/Gross SF
$248.02
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$16.37

Investment Highlights

  • Walgreens Corporate Guarantee (NYSE: WBA) Investment Grade Tenant (S&P BBB)
  • Approx. 9 Years Remain on the Base Term Of The Lease
  • Drive-Thru Pharmacy
  • Very Strong Reported Store Sales: High Renewal Probability
  • House Hold Income Exceeding $76,531 in Market Area

Investment Overview

Marcus & Millichap is pleased to present for sale this fee simple
(land & building ownership) Triple NNN Net leased Walgreens with
drive-thru located in Muscatine, Iowa. Muscatine is a prosperous
city located along the Mississippi River with a population of
over 54,132 and home to businesses such as Heinz Company,
Monsanto, and Stanley Consultants.
This Walgreens is located at the signalized, hard corner
intersection of Harrison and Park Ave/US Highway 22 with over
15,400 vehicles per day on this busy retail corridor. The property
is positioned as a corner pad to The Muscatine Mall with major
tenants such as Anytime Fitness, Younkers Department Store
and Hibbett Sports. Muscatine Community College is located 5
minutes from the property with an enrollment of 1,800 students.
Muscatine High School is 10 minutes away with over 1,700
students and one half hour away is Eastern Iowa Community
College with an enrollment of 39,000 students. Riverside Park
is located 7 minutes from the property with boat launches along
the Mississippi River and a Popular Bike & Pedestrian Pathway.
Also located in close proximity to this store is a 24-hour Walmart
Supercenter, Hy-Vee Supermarket, Aldi, AutoZone and Menards.
Fortune 500 (2019). 2018 Revenues for Walgreens exceeded
$131.537 billion and 2018 Net Profits of $5.024 Billion. There
are over 8,200 Walgreens stores operating in all 50 States as
well as The District of Colombia, Puerto Rico, and Guam.

Exclusively Listed By

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