Walgreens

Investment Overview

Investment Highlights

• Offered at $2,142,850, the property generates a $150,000 annual NOI, providing investors with a compelling 7.00% going-in cap rate.
• The property is occupied by Walgreens, a nationally recognized pharmacy and healthcare retailer with 8,500+ locations and a long operating history dating back to 1901.
• The Walgreens lease commenced on January 25, 1997, under an original 35-year lease term, demonstrating a long-standing tenant relationship at the property.
• The current lease expires January 31, 2032, providing investors with 5+ years of remaining term, with Walgreens able to terminate in 2032 with notice.
• Following the current term, Walgreens has three additional 5-year renewal options, with the rent schedule showing $150,000 annually for each listed option period through 2042.
• The offering features a substantial 13,905-square-foot retail building situated on a generous 2.14-acre parcel.
• The property is located at 4815 Broadway, Depew, NY, with the OM's retailer map illustrating surrounding traffic counts of approximately 30,440+ VPD, 27,241+ VPD, and 18,900+ VPD.
• The property is surrounded by approximately 8,390 residents within 1 mile, 71,587 within 3 miles, and 145,831 within 5 miles. Average household income reaches $83,048 within 1 mile, $95,739 within 3 miles, and $92,995 within 5 miles.
• The property is subject to a NN lease, with the tenant responsible for HVAC, CAM, taxes, and insurance. Landlord responsibilities are limited to structure, roof, and parking lot.
• The property carries C-2 commercial zoning, offering broad retail and commercial use flexibility in an established Depew, NY location.