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Walgreens 835 W Galena Ave

12,032 SF Retail Building Freeport, IL 61032 $1,636,000 ($135.97/SF) 7% Cap Rate

INVESTMENT HIGHLIGHTS

  • Over 3 Years Remaining | Strong Commitment to Site | Corporate Guaranteed | Investment Grade (S&P: BBB)
  • Direct Residential Consumer Base | Demographics in 5-Mile Trade Area
  • Dense Retail Corridor | Lincoln Mall (185,000 SF) | FHN Memorial Hospital | Ideal, Centralized Location

EXECUTIVE SUMMARY

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, corporate guaranteed, investment grade (S&P: BBB), Walgreens investment property located in Freeport, IL (Rockford MSA). The tenant, Bond Drug Company of Illinois, LLC, has over 3 years remaining on their initial term with 5 (5-year) option periods left to extend. In addition, the tenant has operated at this location for more than 20 years and extended their lease by an additional 10 years, demonstrating long-term commitment to the site. The lease is guaranteed by the corporate entity (S&P: BBB), and is NN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. Headquartered in Deerfield, IL, Walgreens operates more than 9,200 stores across all 50 states and was recently included in FORTUNE’s 2020 list of the World’s Most Admired Companies for the 27th consecutive year. Walgreens is currently ranked number 16 on the Fortune 500.
Walgreens is strategically located at the signalized, hard corner intersection of W. Galena Avenue and State Highway 26, averaging a combined 32,300 vehicles passing by daily. The asset is a quick 34-minute drive into Downtown Rockford, making this an ideal, centralized location with easy commutes for both employees and customers. The property is ideally situated within a dense retail corridor, and is within walking distance to Lincoln Mall, a 185,000 SF Community Center anchored by Bargain Maxx and Dollar General. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Additionally, Walgreens is one-mile north FHN Memorial Hospital (100 beds), an award-winning regional healthcare facility dedicated to providing world-class care. Furthermore, the asset is within close proximity to several single-family communities and multi-family complexes including Brewster Apartments (59 unit), Lincoln Towers (100 units), Hosmer High Rise (120 units), and more, providing a direct residential consumer base from which the site can draw. The 5-mile trade area is supported by over 28,300 residents and 17,500 daytime employees, with an average annual household income of $57,607.

PROPERTY FACTS

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
12,032 SF
Building Class
C
Year Built
1991
Price
$1,636,000
Price Per SF
$135.97
Cap Rate
7%
NOI
$114,545
Tenancy
Single
Building Height
1 Story
Building FAR
0.28
Lot Size
0.98 AC
Opportunity Zone
Yes
Zoning
Commercial
Parking
60 Spaces (4.99 Spaces per 1,000 SF Leased)

AMENITIES

  • Pylon Sign
  • Signage
  • Signalized Intersection

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

U.S. Bank
Max & Erma's
Fifth Third Bank
Sullivan's Foods

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
18-13-36-228-049
Land Assessment
$74,411
Improvements Assessment
$225,589
Total Assessment
$300,000
  • Listing ID: 25060482

  • Date on Market: 2/15/2022

  • Last Updated:

  • Address: 835 W Galena Ave, Freeport, IL 61032

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