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Walgreens 7994 US Highway 51 North

14,560 SF Retail Building Millington, TN 38053 $3,534,000 ($243/SF) 8% Cap Rate

Drug Stores Tennessee Millington 7994 US Highway 51 North, Millington, TN 38053

Investment Highlights

  • Walgreens Co. - Investment Grade Credit - Absolute Triple-Net (NNN) Lease - Zero Landlord Responsibilities
  • Early Lease Extension Candidate Due to Store Performance | Potential to Increase Value Post Close
  • Hard Corner Signalized Intersection - Located Along US Hwy 51 | Prime Retail Trade Area
  • Strong Reported Sales – Walgreens is reporting $3,000,000 in Annual Sales | Ideal 9.4% Rent To Sales Ratio
  • This Walgreens Ranks in Top 24% Nationally & Top 29% in Tennessee (Placer.ai) | Across from Kroger Anchored Shipping Center (1.7 M Visitors Annually)
  • Income Tax-Free State - Memphis MSA - Naval Support Activity (NSA) Mid-South Base - Surrounded by Over $300M in New Development Projects

Executive Summary

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.

Attachments

Walgreens - Millington, TN

Property Facts

Sale Type
Investment NNN
Sale Conditions
1031 Exchange
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,560 SF
Building Class
B
Year Built
2003
Price
$3,534,000
Price Per SF
$243
Cap Rate
8%
NOI
$282,700
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Land Acres
1.81 AC
Opportunity Zone
Yes
State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning
B-2
Frontage
200 FT on US-51 N

Amenities

  • Signalized Intersection
  • Drive Thru
  • Monument Signage
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Nearby Major Retailers

Scooter's Coffee
Kroger Fuel Center
Bestway Rent-To-Own
Cadence Bank
CrossFit
Krystal
Planet Fitness
Jazzercise
First Horizon Bank
Krispy Krunchy Chicken

PROPERTY TAXES

Parcel Number M0-115-0-0920 Improvements Assessment $543,320
Land Assessment $256,680 Total Assessment $800,000

PROPERTY TAXES

Parcel Number
M0-115-0-0920
Land Assessment
$256,680
Improvements Assessment
$543,320
Total Assessment
$800,000
(760) 448-2449

  • Listing ID: 33661704

  • Date on Market: 10/28/2024

  • Last Updated:

  • Address: 7994 US Highway 51 North, Millington, TN 38053

More public record information on 7994 US Highway 51 North, Millington, TN 38053

The Retail Property at 7994 US Highway 51 North, Millington, TN 38053 is currently available For Sale. Contact Lee & Associates for more information.

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Walgreens | 7994 US Highway 51 North
(760) 448-2449 x

Walgreens | 7994 US Highway 51 North

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Ryan Bennett

(760) 448-2449

(760) 448-2449

Drew Olson

(760) 448-1372

(760) 448-1372

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