#2 Walgreens in Entire State of Alaska | 725 E Northern Lights Blvd
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#2 Walgreens in Entire State of Alaska 725 E Northern Lights Blvd
14,550 SF Retail Building Anchorage, AK 99503 $14,162,000 ($973/SF) 5.10% Cap Rate
Investment Highlights
- Very Strong Store: $3.6M in Reported Sales
- 62,071 Cars Per Day at Intersection
- 8 Years of Interest Only Cash Flow Remain
- Better Than Market 3.6% Rate on Interest Only Loan
- Tax-Free State
- Walgreens Corporate Credit Guarantees the Rent
Executive Summary
This prototypical freestanding Walgreens has been open and operating for 10+ years, and boasts extremely strong reported sales volumes … not surprising considering that Walgreens has the entire Anchorage market to themselves, as no national drugstores such as CVS/pharmacy or Rite Aid have operations in Alaska. This Walgreens store sits on a prime, high traffic intersection and is arguably one of the best corners in all of Alaska. This site also offers the rarely found combination of population density coupled with affluent demographics. Average household incomes here are in excess of $100,000. Alaska has no state income tax, an additional benefit to investors.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,550 SF
Building Class
B
Year Built
2010
Price
$14,162,000
Price Per SF
$973
Cap Rate
5.10%
NOI
$722,261
Tenancy
Single
Building Height
1 Story
Building FAR
0.24
Land Acres
1.39 AC
Zoning
B3
Parking
54 Spaces (4.15 Spaces per 1,000 SF Leased)
Amenities
- Signage
- Skylights
- Drive Thru
- Storage Space
- Air Conditioning
Walk Score ®
Very Walkable (71)
Bike Score ®
Biker's Paradise (90)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 00901614000 | Improvements Assessment | $1,551,800 |
| Land Assessment | $1,940,900 | Total Assessment | $3,492,700 |
PROPERTY TAXES
Parcel Number
00901614000
Land Assessment
$1,940,900
Improvements Assessment
$1,551,800
Total Assessment
$3,492,700
-
Arthur Griffith -
Deerfield Partners - The Drugstore Experts
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#2 Walgreens in Entire State of Alaska | 725 E Northern Lights Blvd
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