Walgreens
7994 US-51 Millington, TN
Price: $3,025,653
Status: Sold
Cap Rate: 8%
Year Built: 2003
NOI: $282,700
Lot Size: 1.81 acres
Price Per Foot: $242
Lease Type: Absolute Triple-Net
Remaining Term: 5+ Years
GLA: 14,560 sqft
Property Intro
This Walgreens property features a corporate investment-grade credit lease. There are zero landlord responsibilities, as this location features an Absolute-NNN lease structure. The Subject Property has been a strong historical performing location with a rent-to-sales ratio at 9.4%. Strategically positioned at a hard corner signalized intersection along US Hwy 51, this property enjoys prime visibility and accessibility in a thriving retail trade area. Tennessee is an income tax free state.
investment highlights
- Walgreens Co. – Investment Grade Credit – Absolute Triple-Net (NNN) Lease – Zero Landlord Responsibilities
- Strong Reported Sales – Walgreens is reporting $3,000,000 in Annual Sales | Ideal 9.4% Rent To Sales Ratio
- Early Lease Extension Candidate Due to Store Performance | Potential to Increase Value Post Close
- This Walgreens Ranks in Top 24% Nationally & Top 29% in Tennessee (Placer.ai) | Across from Kroger Anchored Shipping Center (1.7 M Visitors Annually)
- Hard Corner Signalized Intersection – Located Along US Hwy 51 | Prime Retail Trade Area
- Income Tax-Free State – Memphis MSA – Naval Support Activity (NSA) Mid-South Base – Surrounded by Over $300M in New Development Projects
listing agents
