Walgreens For Sale - 8.7% Cap Rate NNN Investment

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Services for Real Estate Pros with 011-972-52-7700588
 
WALGREENS NNN Investment Cap rate 8.70%
  located in Conway, SC

 

  • 25-Year Absolute Net Lease with 18 Years Remaining and Five Five-Year Options
  • Standard & Poor's A+ Rated Credit Tenant
  • Property is Across from Belk, Kmart and Dollar General Anchored Shopping Center
  • Main Intersection with Traffic Counts of 55,000 Vehicles Per Day


     

Price/Cap Rate:  $3,000,000/8.70%




This investment offering consists of the leasehold interest in a 14,490-square foot Walgreens location on a large 1.79- acre parcel in Conway, South Carolina MSA. Conway is the county seat of Horry County in Coastal Carolina and part of the Grand Strand. It is estimated that the daily population in the area averages more than three times that of permanent residents with the number climbing much higher during peak tourist season.

Walgreens has a 25-year absolute net lease which commenced in April 2003 and has 18 years remaining on the base term and five five-year options. Walgreens is a Standard & Poor's A+ rated credit tenant and number 36 on the Fortune 500 list. The property is subject to a ground lease with terms that coincide with those of the Walgreens lease.

The property is located on a major commercial intersection with traffic counts of 55,000 vehicles per day. It is adjacent to Applebee's and Chic-Fil-A and across from a Belk, Kmart and Dollar General anchored shopping center. It is an outparcel to a proposed shopping center.

Walgreens is located on Church Street (Highway 501) one of the main arteries running through the area.


 

Deal Summary

Property Location

Conway South Carolina

Price

$3,000,000

Nol

$261,000

Year Built

2003

Rentable SF

14,490

Land size

1.79 Acres

Lease Commencement Date

13-Apr-03

Rent Commencement Date

13-Apr-03

Lease Expiration Date

18 Years

Lease guarantor

Corporate Guarantee

Lease Type

Absolute Net

Lease Term

25 Years

Option

Five 5-Year Options

Current Cap Rate

8.70%

 

Highlight Investment

 

  • 25-Year Absolute Net Lease with 18 Years Remaining and Five Five-Year Options
  •  Standard & Poor's A+ Rated Credit Tenant
  •  Property is Across from Belk, Kmart and Dollar General Anchored Shopping Center
  •  Additional Area Retailers Include Rite Aid, Applebee's, Chic-Fil-A, UPS, Arby's and Rent-a-Center
  •  Main Intersection with Traffic Counts of 55,000 Vehicles Per Day
  •  Large 1.79-Acre Parcel

 

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Anonymous
Myron Mintz
Interested in buying a Walgreens, price around 5 mil, 25 year or close to lease with a 6.75 cap....all cash deal.  If you have anything available, email me at jm1mem@aol.com.
 
Thank you,
Myron
Sep 07, 2011 08:12 PM #1
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