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Walgreens | 11.5+ Yrs NNN | No Rent Holiday 2400 E Center St

14,480 SF Retail Building Warsaw, IN 46580 $4,976,000 ($344/SF) 6.25% Cap Rate

Investment Highlights

  • Long-term lease with recent extension | Walgreens just extended their lease early by over 7 years, bring the total term to just under 12 years
  • Signalized, hard corner location with excellent access and visibility from E Center Street & Argonne Rd | Combined ±28,870 VPD
  • Walgreens (Nasdaq: WBA) is the largest retail health, pharmacy, and daily living destination across the U.S. and Europe | ±12,500 worldwide locations
  • Absolute NNN lease | Zero Landlord responsibilities
  • Steady sales volume and well-established location

Executive Summary

• Long-term lease with recent extension | Walgreens just extended their lease early by over 7 years, bring the total remaining term to just under 12 years
• Absolute NNN lease | Zero Landlord responsibilities
• Signalized, hard corner location with excellent access and visibility from E Center Street & Argonne Rd | Combined ±28,870 VPD
• Steady sales volume and well-established location
• Site is walking distance to:
• Grace College | 2,271 students
• Lutheran Kosciusko Hospital | 72-bed hospital
• Lake City Highway which sees nearly 30,000 VPD
• A Mendards-anchored shopping center
• A Kroger-anchored shopping center
• Marketplace of Warsaw | Gabe’s and Planet Fitness-anchored shopping center
• Lake Village Shopping Center | Anchored by Rural King
• Woodland Plaza | Runnings and ALDI-anchored shopping center
• Kosciusko County Fairgrounds
• 6 different hotels/inns
• About 1.5 miles from Downtown Warsaw
• About 2.5 miles from Warsaw Community High School | 2,100+ students
• Walgreens (Nasdaq: WBA) is the largest retail health, pharmacy, and daily living destination across the U.S. and Europe | ±12,500 worldwide locations
• Generated $147B+ in FY 2024, a 6.2% increase from 2023
• Ranks #28 on the Fortune 500
• BB Credit Rating (S&P)

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,480 SF
Building Class
C
Year Built
2003
Price
$4,976,000
Price Per SF
$344
Cap Rate
6.25%
NOI
$311,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.20
Land Acres
1.68 AC
Zoning
C-2 G
Parking
73 Spaces (5.04 Spaces per 1,000 SF Leased)
Frontage
239 FT on East Center Street

Amenities

  • Signage

MAJOR TENANTS Click Here to Access

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Retailer
  • 99,999 SF
  • $9.99
  • Lorem Ipsum
  • Jan 0000

Walgreens is a trusted and convenient local health destination that millions of Americans rely on every day. Their founder, Charles R. Walgreen Sr., was known for finding new ways to connect with customers on a personal level and treating each person like a guest in his own home. For over a century, they have expanded that personal connection through their network of neighborhood pharmacies and their innovative health services and products. The foundation for all of this is their trusted pharmacy expertise, and their team members who provide essential care that helps people achieve better health outcomes at an affordable cost.

Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Retailer 99,999 SF $9.99 Lorem Ipsum Jan 0000

Nearby Major Retailers

Penguin Point
Workout Anytime
Planet Fitness
Northwest Bank
Applebee's
Kroger
Starbucks
Bob Evans Restaurants
The YMCA
Ruby Tuesday

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
43-11-09-200-791.000-032
Land Assessment
$415,500
Improvements Assessment
$898,700
Total Assessment
$1,314,200
  • Listing ID: 34021839

  • Date on Market: 10/7/2024

  • Last Updated:

  • Address: 2400 E Center St, Warsaw, IN 46580

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