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Views: 68 DOM: 222 Updated: 05.20.24 Posted: 11.03.23 Status: Active

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 13,532
Price/SF $276.42
Expiration 03-31-2039
Tenant Type Pharmacy
NOI $251,940
R. Term 14.9
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....

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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
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
*ESRI data is presented for informational purposes only

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

Listing Broker

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