Walgreens (LH)

109 Hillside Avenue, New Hyde Park, NY 11040

$3,600,000

Cap Rate 7.50%

Views: 79 DOM: 275 Updated: 04.12.24 Posted: 08.16.23 Status: Active

Summary

Price $3,600,000	Built/Renov 2005	Tenant Walgreens (LH)
Cap Rate 7.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 11,278	Lease Start 06-01-2005	#Units 8,896
Price/SF $319.21	Expiration 07-01-2030	Tenant Type Pharmacy
NOI $270,000	R. Term 6.1	Ownership Leasehold
Rent/SF $23.94	Increases 0.0%/0/yrs	Pop 5Mi 745,923
Lot/AC 0.54	Options 9/5yrs	AHHI 5Mi $150,569

Lease Highlights

There are 6+ years remaining on the base term of the Walgreens leasehold and 52+ years remaining on the total lease right
Lease includes 9 (5-year) options to extend
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed lease by Walgreens Boots Alliance (NYSE: WBA)
Walgreens is an investment grade tenant (S&P: BBB)

Location Description

Walgreens is strategically positioned at the signalized, hard corner intersection of Hillside Avenue and Langdale Street with access to 31,600 vehicles passing by daily. The subject property is conveniently located just 1.5 miles off Cross Island Parkway (186,500 VPD), providing direct on/off ramp access for travelers. Strong residential corridor in the area provides a customer base from which...

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Key Features

Signalized intersection
Hard corner intersection
Highway location
Strong tenant synergy
Dense 200M+ pop 5 mi
Affluent AHHI $100K 5 Mi
Traded and rated company
Corporate Guarantee

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Links

Walgreens Wikipedia Walgreens Wikipedia New Hyde Park, New York Zip Code 11040 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Walgreens
Guarantor:Corp T and Rated
Company:Walgreens Boots Alliance
# Units:8,896
Tenant S&P: BBB
Moody’s: Baa3
Stock: NASDAQ: WBA

About Tenant

Walgreens is an American company that operates the second-largest pharmacy store chain in the United States. It specializes in filling prescriptions, health and wellness products, health...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	40,354	261,679	739,690
2023 Total Population :	40,760	264,997	745,585
2023 Employed Civilian Pop :	20,774	130,353	368,776
2023 Total Businesses :	1,465	8,361	26,316
2023 Average Household Income :	$ 158,293	$ 154,525	$ 150,573
2023 Total Consumer Spending :	$ 1770 M	$ 11391 M	$ 31542 M
2023 Median Age :	45	44	43
2023 Total Households :	13,469	88,333	250,102
2023 Pop Age 25+: Bachelor's Degree :	10,044	55,465	144,927
2023 Average Home Value :	$ 686,863	$ 712,104	$ 738,708

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Hillside Ave	N 1st St	2014	27,042	0.03 mi
Clausen Place	N 3rd St	2021	1,005	0.11 mi
Hillside Avenue	Devonshire Dr	2021	20,931	0.18 mi
Hillside Avenue	266th St	2018	24,851	0.20 mi
266th St	E Williston Ave	2003	23,400	0.21 mi
	85th Ave	2021	697	0.25 mi
Hillside Blvd	White Ave	2019	3,282	0.28 mi
Hillside Ave	N 7th St	2016	22,693	0.33 mi
	Peter Ln	2021	128	0.34 mi
	81st Ave	2021	544	0.39 mi

Listing Broker

Kyle Fant

SRS National Net Lease Group

Contact

82 Listings
3783 Views
23 Sold

Britt Raymond

SRS National Net Lease Group

Contact

90 Listings
3979 Views
26 Sold

Kyle Fant

Kyle joined SRS in 2017 along with his partner Britt Raymond to spearhead the New York City office for the National Net Lease Group and accelerate growth across the east coast. Kyle has over eight years of experience in investment sales of net lease retail, medical, and industrial properties across the country. Kyle spent the first three years of his career in Marcus & Millichap’s flagship Manhattan office where he was able to work and learn from some of the firm’s top transactional brokera

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Britt Raymond

Britt Raymond is a Managing Director and Market Leader of New York Capital Market. Britt spearheads efforts to grow SRS’s presence across the northeast. She also advises owners of net lease assets and anchored shopping centers nationwide to buy, acquire, or finance. She also provides 1031 Tax Deferred Exchange advisory. She has closed over $2.75 billion in commercial real estate transactions in her career. Britt Raymond joined SRS in 2017 with eight years of commercial real estate experience. S

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