Walgreens

1614 West 47th Street, Chicago, IL 60609

$3,056,000

Cap Rate 10.00%

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DOM: 70 Updated: 07.24.25 Posted: 07.24.25 Status: Active 07.24.25

Summary

Price $3,056,000	Built/Renov 2002	Tenant Walgreens
Cap Rate 10.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 13,891	Lease Start 09-26-2023	#Units 12,500
Price/SF $220.00	Expiration 09-30-2038	Tenant Type Pharmacy
NOI $305,602	R. Term 13.0	Ownership Fee Simple
Rent/SF $22.00	Increases 5.0%/6/yrs	Pop 5Mi 844,546
Lot/AC 0.93	Options 12/5yrs/5%	AHHI 5Mi $85,980

Highlights

The tenant has over 13 years remaining on the lease, with rent continuing even if the tenant goes dark, and 12 (5-year) extension options
The lease features 5% rent increases every 5 years throughout both the initial term and option periods.
Absolute NNN Lease I Zero Landlord Responsibilities
Corporate guaranteed lease

Location Description

Walgreens is strategically located at the signalized hard-corner intersection of W. 47th Street and S. Ashland Avenue in Chicago, IL, with access to a combined daily traffic count of 42,000 vehicles. The site is centrally positioned within a dominant retail corridor and benefits from proximity to Yards Plaza (268,000 SF) and Pulaski Promenade (141,000 SF), both anchored by national brands...

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Key Features

Hard corner intersection
Roof guarantee
High traffic 50M+ VPD
University college close
Dense 200M+ pop 5 mi
Business growth area
Long 15+ yr lease
Accelerated depreciation
Corporate Guarantee
Credit rated company

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Links

Walgreens Wikipedia Walgreens Wikipedia Chicago, Illinois Zip Code 60609 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:12,500
Tenant S&P: BB-
Moody’s: Ba3
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
2030 Total Population :	30,405	303,830	820,273
2025 Total Population :	31,142	310,706	834,278
2025 Employed Civilian Pop :	13,511	133,466	392,203
2025 Total Businesses :	579	5,357	19,379
2025 Average Household Income :	$ 64,269	$ 74,801	$ 89,927
2025 Total Consumer Spending :	$ 569 M	$ 7195 M	$ 25930 M
2025 Median Age :	32	35	35
2025 Total Households :	10,008	109,740	329,490
2025 Pop Age 25+: Bachelor's Degree :	1,476	29,530	100,294
2025 Average Home Value :	$ 280,709	$ 321,071	$ 347,453

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
West 47th Street	S Oakley Ave	2022	16,800	0.02 mi
West 47th Street	S Ashland Ave	2018	22,800	0.04 mi
W 47th St	S Paulina St	2014	14,600	0.11 mi
	S Ashland Ave	2022	20,100	0.11 mi
W 47th St	S Laflin St	2014	10,600	0.18 mi
South Ashland Avenue	W 49th St	2018	22,800	0.29 mi
	W 42nd Pl	2022	1,000	0.39 mi
W 44th St	S Ashland Ave	2018	1,200	0.40 mi
West 44th Street	S Paulina St	2022	950	0.42 mi
S Loomis Blvd	Alley	2006	2,000	0.43 mi

Listing Broker

Matthew Mousavi

SRS National Net Lease Group

Contact

394 Listings
114443 Views
181 Sold

Patrick Luther

SRS National Net Lease Group

Contact

446 Listings
125969 Views
214 Sold

Matthew Mousavi

Matthew is the managing principal and co-founder of the SRS National Net Lease Group, based in Newport Beach, California. SRS’ is the exclusive net lease investment advisory platform across more than 25 offices nationally. SRS is the largest retail estate firm in North America exclusively focused on retail services, of which Matthew is a member of the board. The firm has a track record spanning over 30 years and billions in transaction volume, and represents over 400 retailers throughout the co

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Patrick Luther

Patrick joined SRS in 2016 with more than 10 years of transactional brokerage experience in the commercial real estate industry and over $1 billion in closed transactions, representing over 300 individual properties. Along with Matthew Mousavi, Patrick co-founded and leads the National Net Lease Group at SRS, the exclusive net lease capital markets platform within SRS, comprised of more than 75 professionals handling all net lease transactions for the firm nationally. He focuses on all types of

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