Walgreens NNN Garden City KS (HUGE REPORTED SALES)
1308 East Kansas Avenue, Garden City, Kansas 67846, USA Map
ABSOLUTE NNN | ZERO COMPETITION | HIGH STORE SALES |
Listing Price $5,900,884
| Status | Closed |
| Lease Type | Absolute Net |
| Property Type | Net Lease |
| CAP Rate | 5.65% |
| GLA (Sq. Ft.) | 14,492 |
| NOI | $333,400 |
| Lease Term Remaining | 8 Years |
| Options | Ten (10), 5-Year |
| State (BOR) | Kansas |
| Broker of Record | Colby Haugness |
| License # (BOR) | 00241410 |
Investment Highlights
- Subject is a Prime 14,492 Square-Foot Build-to-Suit Walgreens Pharmacy with Drive-Thru on a 1.80-Acre Lot | Zero Competition National Drugstore
- Absolute NNN Lease with a 25-Year Base Term and Zero Landlord Responsibility, with Eight Years Remaining | Ten, Five-Year Options
- Tenant Walgreens Boots Alliance (NASDAQ: WBA) Currently Features a Stable Credit Rating of Baa2 (Stable) from Moody’s and BBB (Stable) from S&P
- Strong-Performing Store Reported Sales of $2,598,215 in 2020, $2,383,810 in 2019, and $2,427,479 in 2018
- Well Established Retail Corridor | Nearby National Retailers Include: Sonic, Wendy’s, Dillion Grocery, McDonald’s, Commerce Bank, Pizza Hut, and Many More
- Garden City Boasts an Average Household Income of Over $78K within One Mile of the Subject Asset, as of 2020
- Subject is Less Than One Mile from St. Catherine Hospital, a Regional General, Surgical and 24/7 Emergency Care Facility with 132 Licensed Beds and 70 Active Staff
- Approximately 4,770 Students Across Eight Public and Private Schools Grade K-12 are within One Mile of Subject (Source: PublicSchoolReview.com)
Investment Overview
Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% interest in build-to-suit Walgreens with Drive-Thru, absolute net leased investment located at 1308 E Kansas Ave, Garden City, KS (the “Property”). Built in 2004, subject to a 25 year lease expiring 4/30/2029, the Property comprises a +/- 14,492 SF building on a highly visible +/- 1.80-acre parcel, that is strategically positioned to be easy to access nearly 24,000 vehicles per day at the intersection of KS HWY 156 and Central St, surrounded by retail, residential and other commercial development. The Property benefits from it’s highly visible location with a drive-thru, easy accessibility, and convenient location in a strong destination shopping, commercial and residential area located in Finney County, Kansas. The regional trade area has a population of over 500,000 people in SW Kansas, eastern Colorado, and northern Oklahoma. The population within 5 miles of the subject is over 32,000 people, the average household income within five miles of subject is over $74,403 with over 11,000 households.
