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Walgreens
2301 Ludington Street, Escanaba, MI 49829
$4,096,585
Cap Rate 6.15%
Summary
| Price $4,096,585 | Built/Renov 2000 | Tenant Walgreens |
| Cap Rate 6.15% | Lease Type
Abs NNN | Guarantor Corp T and Rated |
| Size/SF
14,820
| Lease Start
04-01-2024
| #Units
8,896
|
| Price/SF $276.42 | Expiration
03-31-2039
| Tenant Type Pharmacy |
| NOI $251,940 | R. Term 15.3 | Ownership Fee Simple |
| Rent/SF
$17.00
| Increases 5.0%/5/yrs | Pop 5Mi 17,325 |
| Lot/AC 0.06 | Options 12/5yrs/5% | AHHI 5Mi $56,228 |
| | |
Lease Highlights
- Walgreens recently signed a brand-new 15-year lease with 12 (5-year) options to extend
- Lease features 5% rental increase every 5 years throughout the initial term and each option
- Top performing location with reported store sales of $4.6M
- Absolute NNN | Zero landlord responsibilities
- Corporate guarantee by Walgreens Boots Alliance (NASDAQ: WBA)
Location Description
Walgreens is strategically located at the signalized, hard corner intersection of Ludington Street and South Lincoln Road seeing a combined 29,190 vehicles per day. The site benefits from high viability with three points of ingress/egress as well as a large pylon sign. Neighboring national/credit tenants include Walmart Supercenter, Menards, Aldi, Meijer, McDonald’s, and many others....
...Features
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Signalized intersection
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Hard corner intersection
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Major thoroughfare
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Dense retail corridor
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Near major nationals
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Brand new lease
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Long 15+ yr lease
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Top performing store
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Traded and rated company
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Corporate Guarantee
...
Maps
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...
...
Demographics
| 1 Miles | 3 Miles | 5 Miles | |
| 2028 Total Population : | 6,688 | 13,348 | 17,264 |
| 2023 Total Population : | 6,754 | 13,323 | 17,308 |
| 2023 Employed Civilian Pop : | 2,722 | 5,502 | 7,085 |
| 2023 Total Businesses : | 516 | 935 | 1,030 |
| 2023 Average Household Income : | $ 55,514 | $ 59,994 | $ 66,459 |
| 2023 Total Consumer Spending : | $ 151 M | $ 325 M | $ 457 M |
| 2023 Median Age : | 42 | 44 | 45 |
| 2023 Total Households : | 3,101 | 6,164 | 7,837 |
| 2023 Pop Age 25+: Bachelor's Degree : | 534 | 1,228 | 1,738 |
| 2023 Average Home Value : | $ 125,827 | $ 131,260 | $ 149,433 |
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| North Lincoln Road | 20th Ave N | 2022 | 19,235 | 0.08 mi |
| US 2;US 41;M 35 | Ludington St | 2021 | 19,158 | 0.08 mi |
| North 25th Street | 1st Ave N | 2022 | 884 | 0.14 mi |
| South Lincoln Road | 1st Ave S | 2022 | 15,778 | 0.14 mi |
| N Lincoln Rd | 1st Ave N | 2015 | 17,900 | 0.15 mi |
| 1st Avenue North | N 22nd St | 2022 | 1,038 | 0.17 mi |
| North 26th Street | 1st Ave N | 2022 | 2,604 | 0.25 mi |
| Ludington St | 26th St S | 2015 | 11,400 | 0.35 mi |
| 1st Avenue South | 17th St S | 2022 | 607 | 0.40 mi |
| South Lincoln Road | 14th Ave S | 2022 | 12,821 | 0.41 mi |
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