Drug Store

Walgreens Pharmacy #16101

Listing Price: $1,056,338

Cap Rate
7.10%
Tenant Name
Walgreens Pharmacy #16101
Years Remaining On Lease
5.00
Gross SF
9,600
Guarantor
Corporate Guarantee
Rentable SF
9,600
Price/Gross SF
$110.04
Lease Type
Double Net
Rent Per Square Feet
$7.81

Investment Overview

Marcus & Millichap is pleased to present this single tenant, net-leased drug store in the city of Andrews, County, North Carolina. The tenant is Walgreens Boots Alliance, Inc (NASDAQ: WBA), one of the nations largest retail drug store chains with over 10,000 stores located in all 50 states, the District of Columbia, and the U.S. Virgin Islands.

The tenant has recently renewed the lease and granted a 50% rental increase.

The subject property, Walgreens Pharmacy #16101, was built in 1995 with rental payments commencing September 1, 1995. The property is double-net (NN) leased to Walgreens Boots Alliance for 20 years with six, five year options to renew. The tenant has recently exercised its option to renew its second option period. Additionally the tenant has opted to extend the lease by ten years to an expiration date of August 31, 2055. There are currently six, five-year options remaining. The building is approximately 9,600 square feet with a land area of 1.38 acres.

Walgreens Pharmacy #16101 is located on Main Street in Andrews which serves as the main East/West thoroughfare through town. The store is located across the street from a new Ingles Market grocery store and the McDonalds. This location also sees the highest traffic counts in the area with over 6,000 vehicles passing by the store front daily. Walgreens Pharmacy #16101 has a large effective service area with the nearest major competitor being another Walgreens Pharmacy over 13 miles away. With Andrews being a valley town this store also maintains a relatively captive audience.

The price of the property is $1,056,338 at a 7.10% cap with an annual rent of $75,000.

Investment Highlights

  • Single Tenant, Double-Net 'NN' Leased Property
  • Recent Renewal & 50% Rent Increase
  • Corporate Guarantee by Walgreens Boots Alliance
  • Standard and Poors (S&P) 'BBB' Rated Tenant
  • Long Operational History
  • Net Operating Income of $75,000

Exclusively Listed By

Drug Store

Walgreens Pharmacy #16101

Listing Price: $1,056,338

Cap Rate
7.10%
Tenant Name
Walgreens Pharmacy #16101
Years Remaining On Lease
5.00
Gross SF
9,600
Guarantor
Corporate Guarantee
Rentable SF
9,600
Price/Gross SF
$110.04
Lease Type
Double Net
Rent Per Square Feet
$7.81

Investment Highlights

  • Single Tenant, Double-Net 'NN' Leased Property
  • Recent Renewal & 50% Rent Increase
  • Corporate Guarantee by Walgreens Boots Alliance
  • Standard and Poors (S&P) 'BBB' Rated Tenant
  • Long Operational History
  • Net Operating Income of $75,000

Investment Overview

Marcus & Millichap is pleased to present this single tenant, net-leased drug store in the city of Andrews, County, North Carolina. The tenant is Walgreens Boots Alliance, Inc (NASDAQ: WBA), one of the nations largest retail drug store chains with over 10,000 stores located in all 50 states, the District of Columbia, and the U.S. Virgin Islands.

The tenant has recently renewed the lease and granted a 50% rental increase.

The subject property, Walgreens Pharmacy #16101, was built in 1995 with rental payments commencing September 1, 1995. The property is double-net (NN) leased to Walgreens Boots Alliance for 20 years with six, five year options to renew. The tenant has recently exercised its option to renew its second option period. Additionally the tenant has opted to extend the lease by ten years to an expiration date of August 31, 2055. There are currently six, five-year options remaining. The building is approximately 9,600 square feet with a land area of 1.38 acres.

Walgreens Pharmacy #16101 is located on Main Street in Andrews which serves as the main East/West thoroughfare through town. The store is located across the street from a new Ingles Market grocery store and the McDonalds. This location also sees the highest traffic counts in the area with over 6,000 vehicles passing by the store front daily. Walgreens Pharmacy #16101 has a large effective service area with the nearest major competitor being another Walgreens Pharmacy over 13 miles away. With Andrews being a valley town this store also maintains a relatively captive audience.

The price of the property is $1,056,338 at a 7.10% cap with an annual rent of $75,000.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower