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Views: 135 DOM: 666 Updated: 10.06.24 Posted: 12.14.22 Status: Active

Summary

Price $4,420,000
Built/Renov 2006
Tenant Walgreens
Cap Rate 5.70%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,820
Lease Start 09-01-2022
#Units 13,532
Price/SF $298.25
Expiration 08-31-2035
Tenant Type Pharmacy
NOI $251,940
R. Term 10.10
Ownership Fee Simple
Rent/SF $17.00
Increases 5.0%/5/yrs
Pop 5Mi 161,554
Lot/AC 1.57
Options 12/5yrs/5%
AHHI 5Mi $74,439

Lease Highlights

  • Walgreens recently signed a new 13-year lease with 12 (5-year) options to extend
  • Lease features 5% rental increase every 5 years and at the beginning of each option period
  • Walgreens Boots Alliance ranked 16th in Fortune 500
  • Corporate guarantee (NASDAQ: WBA)
  • Investment grade tenant (S&P: BBB)

Location Description

This Walgreens is well positioned on the hard corner, signalized intersection of Broadway Avenue and Grace Street, in the densely populated Cuyahoga County (1.25 million population). The subject property is located in Bedford Ohio, a Cleveland suburb, and is situated in close proximity to University Hospital and Bedford Highschool. The town of Bedford benefits from an average household income...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

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
2027 Total Population : 7,179 64,099 160,621
2022 Total Population : 7,356 65,364 163,249
2022 Employed Civilian Pop : 3,741 30,342 74,236
2022 Total Businesses : 321 2,214 6,853
2022 Average Household Income : $ 68,404 $ 64,688 $ 74,809
2022 Total Consumer Spending : $ 207 M $ 1648 M $ 4584 M
2022 Median Age : 43 44 44
2022 Total Households : 3,506 29,530 71,209
2022 Pop Age 25+: Bachelor's Degree : 722 5,750 17,654
2022 Average Home Value : $ 136,606 $ 155,295 $ 179,207
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
W Grace St Edgewood Ave 2018 7,947 0.03 mi
Broadway Ave E Grace St 2016 12,658 0.12 mi
Broadway Avenue Center Rd 2019 13,221 0.15 mi
BROADWAY AVE Center Rd 2020 11,582 0.24 mi
Center Rd Broadway Ave 2003 5,250 0.24 mi
W GRACE ST Oakwood Ave 2020 7,411 0.26 mi
Broadway Ave Ellenwood Ave 2013 10,770 0.29 mi
Columbus St Washington St 2003 5,200 0.29 mi
Center Rd Ellenwood Ave 2013 7,393 0.30 mi
Broadway Ave Tarbell Ave 2003 13,950 0.32 mi

Listing Broker

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