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DOM: 168 Updated: 02.08.24 Posted: 07.20.23 Status: Sold 01.05.24

Summary

Price $1,130,000 $1,722,240
Built/Renov 1996
Tenant Walgreens
Cap Rate 11.43% 7.50%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 11,325
Lease Start 02-06-1996
#Units 8,896
Price/SF $99.78 $152.07
Expiration 09-22-2026
Tenant Type Pharmacy
NOI $129,168
R. Term 1.4
Ownership Fee Simple
Rent/SF $11.41
Increases 24.5%/3/yrs
Pop 5Mi 4,526
Lot/AC 1.38
Options 3/5yrs/24.5%
AHHI 5Mi $46,984

Lease Highlights

  • Walgreens took over this location from Rite Aid in 2018
  • Tenant has 3+ years remaining on their primary lease with 3 (5-year) options to extend
  • Lease features 24.5% increase in the 1st renewal option (October 2026)
  • Corporate guarantee by Walgreens Boots Alliance (NASDAQ: WBA)
  • Walgreens is an investment grade tenant (S&P: BBB)

Location Description

Walgreens is located on North Church Street and benefits from its position along 2nd Street South with access to 15,150 vehicles passing per day. The subject property has been operating as a pharmacy location since its construction in 1995. The site is surrounded by several national and regionally recognized tenants including Harveys Supermarkets, Dollar General, O’Reilly Auto Parts,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

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...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 2,637 4,028 4,545
2023 Total Population : 2,617 4,024 4,546
2023 Employed Civilian Pop : 809 1,254 1,418
2023 Total Businesses : 117 166 173
2023 Average Household Income : $ 45,653 $ 47,740 $ 48,835
2023 Total Consumer Spending : $ 42 M $ 68 M $ 79 M
2023 Median Age : 38 38 38
2023 Total Households : 1,046 1,592 1,814
2023 Pop Age 25+: Bachelor's Degree : 194 313 324
2023 Average Home Value : $ 129,006 $ 127,778 $ 126,839
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Old Pearson Highway Peach St 2021 5,660 0.22 mi
Elna St Sweat St 2003 527 0.26 mi
US 84 2019 2,710 0.29 mi
E Dame Ave N King St 2018 3,130 0.29 mi
US 84;GA 38 Peagler St 2021 4,040 0.36 mi
W Dame Ave W PkSt 2018 3,720 0.36 mi
US 84 2019 3,830 0.36 mi
South College Street Bob's Ln 2021 670 0.37 mi
US 84;GA 38 N College St 2021 4,090 0.39 mi
W Dame Ave N College St 2018 3,910 0.39 mi

Listing Broker

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