Walgreens

310 Northeast US Highway 19, Crystal River, FL 34429

$4,047,700

Cap Rate 5.75%

Views: 26 DOM: 26 Updated: 04.21.24 Posted: 04.21.24 Status: Active

Summary

Price $4,047,700	Built/Renov 2000	Tenant Walgreens
Cap Rate 5.75%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 14,889	Lease Start 11-21-2023	#Units 13,532
Price/SF $271.86	Expiration 11-30-2038	Tenant Type Pharmacy
NOI $232,740	R. Term 14.6	Ownership Fee Simple
Rent/SF $15.63	Increases 5.0%/5/yrs	Pop 5Mi 21,369
Lot/AC 2.10	Options 12/5yrs/5%	AHHI 5Mi $70,811

Lease Highlights

Walgreens has 14+ years remaining on the current lease term with 12 (5-year) options to extend
The lease features 5% rental escalations throughout the initial term and option periods
Absolute NNN | Zero landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located at the signalized, hard corner intersection of US Highway 19 and Northeast 5th Street, with access to a substantial combined daily traffic count of 59,000 vehicles. The property is directly adjacent to Rising Up Apparel & More, T&T Ceramic Coatings, and Beautiful Beginnings at Bayside. Furthermore, it is across Northeast 3rd Street from Queen of Cakes, Tony’s...

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Key Features

Signalized intersection
Hard corner intersection
High traffic 50M+ VPD
Dense retail corridor
Income tax free state
Absolute NNN
Long 10+ yr lease
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Walgreens Wikipedia Walgreens Wikipedia Crystal River, Florida Zip Code 34429 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:13,532
Tenant S&P: BBB-
Moody’s: Baa2
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 :	2,857	10,843	21,984
2023 Total Population :	2,714	10,552	21,369
2023 Employed Civilian Pop :	615	3,457	7,240
2023 Total Businesses :	383	927	1,224
2023 Average Household Income :	$ 59,385	$ 71,149	$ 70,811
2023 Total Consumer Spending :	$ 63 M	$ 311 M	$ 611 M
2023 Median Age :	58	58	59
2023 Total Households :	1,219	4,993	9,871
2023 Pop Age 25+: Bachelor's Degree :	641	1,596	2,849
2023 Average Home Value :	$ 244,688	$ 261,001	$ 261,988

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
NW Hwy 19	NE 3rd Ave	2005	28,000	0.15 mi
Suncoast Boulevard	NE 3rd Ave	2022	25,500	0.23 mi
Southeast Cutler Spur Boulevard	SE Kings Bay Dr	2022	3,200	0.48 mi
NE 5th St	NE 9th Ave	2005	20,800	0.50 mi
Suncoast Boulevard	N Suncoast Blvd	2022	27,500	0.51 mi
N Suncoast Blvd	SE 8th Ter	2005	30,500	0.90 mi
North Turkey Oak Drive	W Dutton Ln	2022	7,200	1.13 mi
NW Hwy 19	NW Snug Harbor Rd	2005	21,000	1.16 mi
Gulf to Lake Highway	North Virginia R	2022	31,500	1.19 mi
NE Hwy 19	W Lopez Ln	2005	27,500	1.59 mi

Listing Broker

Brian Pfohl

CBRE: NLP Atlanta

Contact

123 Listings
6036 Views
41 Sold

Chris Bosworth

CBRE

Contact

122 Listings
5994 Views
43 Sold

Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Thomas Carr

CBRE: NLP Atlanta

Contact

126 Listings
6113 Views
44 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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