New Build to Suit Walgreens Pharmacy in Midwest
730 Main St, Calhoun, KY, USA Map
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
- 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
