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Views: 88 DOM: 252 Updated: 06.18.24 Posted: 11.03.23 Status: Active

Summary

Price $4,631,000
Built/Renov 2007
Tenant Walgreens
Cap Rate 6.40%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,820
Lease Start 02-01-2023
#Units 13,532
Price/SF $312.48
Expiration 01-31-2038
Tenant Type Pharmacy
NOI $296,400
R. Term 13.6
Ownership Fee Simple
Rent/SF $20.00
Increases 5.0%/5/yrs
Pop 5Mi 43,154
Lot/AC 1.39
Options 12/5yrs/5%
AHHI 5Mi $113,358

Lease Highlights

  • Walgreens recently signed a brand new 15-year lease with 12 (5-year) options to extend
  • Lease features 5% rental increases every 5 years throughout the initial term and each option
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee by Walgreens Boots Alliance (NASDAQ: WBA)
  • Investment grade tenant (S&P: BBB)

Location Description

Walgreens is strategically located at the signalized, hard corner intersection of State Highway 99E and Southwest Berg Parkway which supports over 29,000 vehicles per day. Furthermore, the asset is ideally positioned adjacent to Canby Square, a 117,000 SF neighborhood center that’s home to Safeway, Big 5, Ace Hardware, Dollar Tree, and more. Other nearby national/credit tenants include Fred...

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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 : 8,596 22,568 44,459
2023 Total Population : 8,330 22,066 43,575
2023 Employed Civilian Pop : 3,871 10,633 20,899
2023 Total Businesses : 480 829 1,628
2023 Average Household Income : $ 100,420 $ 110,013 $ 116,573
2023 Total Consumer Spending : $ 271 M $ 770 M $ 1701 M
2023 Median Age : 41 41 42
2023 Total Households : 3,132 8,187 16,968
2023 Pop Age 25+: Bachelor's Degree : 1,050 3,372 8,247
2023 Average Home Value : $ 421,743 $ 538,128 $ 622,863
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Pacific Hwy SW 1st Ave 2009 2,430 0.03 mi
SW 1st Ave Pacific Hwy 2012 22,200 0.04 mi
Southwest Pacific Highway East 2018 21,100 0.10 mi
Pacific Highway East SW Berg Pkwy 2018 23,900 0.11 mi
SW Berg Pkwy 2009 5,550 0.13 mi
Southwest Pacific Highway East SW 1st Ave 2020 19,502 0.21 mi
Southwest Pacific Highway East N Oak St 2021 21,589 0.21 mi
NW 3rd Ave N Cedar St 2009 1,230 0.29 mi
N Cedar St NW 3rd Ave 2009 2,170 0.30 mi
N Cedar St NW 3rd Ave 2009 1,850 0.35 mi

Listing Broker

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