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- LoopNet Team
2615 Lake Rd
Dyersburg, TN 38024
Walgreens | TN | Abs Net | 7 CAP | 10 Yrs · Retail Property For Sale
Investment Highlights
- INPLACE ASSUMABLE CMBS NON-RECOURSE FINANCING - Existing financing is assumable with $1,078,955 cash down returning $82,536/yr after debt service.
- ABSOLUTE NET LEASE WITH 10 YRS REMAINING – Lease has 10 years remaining and operates on a net lease basis with no landlord responsibilities.
- MAIN & MAIN LOCATION – Subject property is located across from Walmart Supercenter and adjacent to Kroger anchored center.
- STABLE INCOME - Income guaranteed by Walgreens corporation with investment grade credit rating of BBB (S&P) and is a Fortune 500 Company.
- SOLID EMPLOYMENT BASE – Dyersburg has major employers in varying such as Firestone, WTH Dyersburg Hospital and Dyersburg State College.
- LOCATED ON CONNECTING CROSSROAD OF LAKE RD, US 51 &INTERSTATE 155 - Located at the crossroads of the 3 roads connecting the region to major cities.
PROPERTY FACTS
About 2615 Lake Rd , Dyersburg, TN 38024
Existing financing is assumable allowing for a safe and simple closing process for a buyer. Current debt is set to mature in 2025 and has a current balance of $2,949,616 at a 4.85% interest rate. Current monthly debt service is $16,622 and cash flow after debt service is $6,878/month or $82,536 annually allowing for a 7.65% cash on cash return. The loan is non-recourse and there is a 1% assumption fee payable by the buyer. We are pleased to present for sale the opportunity to acquire the Walgreens property located in Dyersburg, Tennessee. This lease has approximately 10 years remaining and operates on an absolute net lease basis with 10 (5-year) options to extend. Income guaranteed by Walgreens corporation which has an investment grade credit rating of BBB (S&P) and is a Fortune 500 company with approximately 9,800 locations. Dyersburg has a solid employment base with varying industries including Firestone Industrial Products (±100,000 SF manufacturing plant), West Tennessee Healthcare Dyersburg Hospital (225-bed acute care facility), and Dyersburg State Community College (2,977 students and 449 faculty and staff. The property is located at the crossroads of the three main roads connecting the region to major cities. This store is located on Lake Road (±26,327 VPD), three blocks from US 51 (±17,161) and Interstate 155 (±14,403).
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $521,640 | |
| Land Assessment | $195,760 | Total Assessment | $717,400 |
PROPERTY TAXES
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