Walgreens | 1505 E Innes St
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Walgreens 1505 E Innes St
14,950 SF Retail Building Salisbury, NC 28146 $5,333,000 ($357/SF) 6.75% Cap Rate
Investment Highlights
- 12 Years Remaining | Options to Extend | Established Brand
- Strong Demographics in 5-Mile Trade Area | Direct Consumer Base | Charlotte MSA
- Signalized, Hard Corner Intersection | Interstate 85 (83,000 VPD) |Excellent Visibility & Access
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Innes Street Market (349,000+ SF) | Dense Retail Corridor | Strong National/Credit Tenant Presence
Executive Summary
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Walgreens investment property located in Salisbury, North Carolina. The tenant, Walgreens, Inc has 12 years remaining on the initial lease with 10 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% increases at the beginning of each option, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Walgreens operates nearly 9,000 retail locations across the U.S. and Puerto Rico, Walgreens is proud to serve nearly 9 million customers and patients daily.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
14,950 SF
Building Class
C
Year Built/Renovated
2006/2016
Price
$5,333,000
Price Per SF
$357
Cap Rate
6.75%
NOI
$360,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Lot Size
1.89 AC
Opportunity Zone
Yes
Zoning
CMX - Corridor Mixed Use
Parking
65 Spaces (4.35 Spaces per 1,000 SF Leased)
Frontage
298 FT on East Innes Street
Amenities
- Pylon Sign
- Signage
- Air Conditioning
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 059-100 | Improvements Assessment | $2,310,186 |
| Land Assessment | $1,543,650 | Total Assessment | $3,853,836 |
PROPERTY TAXES
Parcel Number
059-100
Land Assessment
$1,543,650
Improvements Assessment
$2,310,186
Total Assessment
$3,853,836
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Walgreens | 1505 E Innes St
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