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New Build to Suit Walgreens Pharmacy in Midwest

730 Main St, Calhoun, KY, USA Map
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Listing Price $1,648,148

Status Closed
Lease Type Absolute Net
Property Type Retail
CAP Rate 5.4%
GLA (Sq. Ft.) 2,500
NOI $89,000
Lease Term Remaining 10 Years
Increases 5% in year 6, 7.5% in each option
Options 4 x 5 Years
State (BOR) KY
Broker of Record Colby Haugness
License # (BOR) 242197
Close Date Jan 31, 2023

Investment Highlights

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  • Subject is a Prime “Cooper Style” 2,500 Square Foot Build-to-Suit Walgreens with Ample Parking, Pylon Signage, and Easy Ingress/Egress
  • Absolute NNN Lease with a 10-Year Base Term and Zero Landlord Responsibility | Rent Escalation Every 5 Years, 4 x 5-Year Options
  • Robust Traffic Counts on Main St (5,849 VPD), and Twelve Miles off of Highway 69 (11,165 VPD) (Source: LandVision, CoStar, 2022)
  • Investment-Grade Credit Tenant Walgreens Boots Alliance (NASDAQ: WBA) has a Long-Term Stable Credit Rating of Baa2 (Stable) from Moody’s and
    Investment Grade Rating of BBB (Stable) from S&P
  • Thriving Community with an Average Household Income of Over $71,146 Within Twenty Miles of the Subject Asset, as of 2022
  • Subject is 45 Miles from Evansville Regional Airport, Serving Two Hundred Thousand Passengers Annually (flyevv.com)
  • Parks and Outdoor Recreational Facilities Nearby Include: Western Kentucky Botanical Garden, Smothers Park, Windridge Country Club, Windy Hollow Speedway, The Pearl Club, and the Green and Ohio Rivers
  • Subject is 45 Miles from Downtown Evansville with a Population of 116,486

Investment Overview

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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