Investment Summary
Price | $2,174,000 |
Cap Rate | 5.75% |
NOI | $125,000 |
Lease Term | 10 years |
Lease Type | Absolute NNN, with tenant responsible for all taxes, insurance, and maintenance, including, roof, structure, and parking lot |
Rental Increases | 5% rental increases every five (5) years after second option period |
Year Built | 2023 |
Building Size | 2,502 SF |
Lot Size | 0.98 acres (42,680) |
Status | Available |
Lead Brokers | Vincent Aicale Vice Chairman 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Vice Chairman 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
10-YEAR GUARANTEED LEASE TO WALGREENS BOOTS ALLIANCE, INC. (NASDAQ: “WBA”)
» Walgreens Boots Alliance, Inc. (NASDAQ: “WBA”) is rated “BBB” by Standard & Poor’s and is ranked 18th in the Fortune 500
» Walgreens is the second-largest pharmacy store chain in the United States with nearly 9,000 retail locations and is proud to be a neighborhood health destination serving approximately 10 million customers each day
» Walgreens employs 245,000+ people and 86,000+ healthcare service providers, including pharmacists, pharmacy technicians and other health-related professionals
» Small format store includes a full pharmacy and limited front-end offerings, with store design focused on maximizing customer care and convenience
» Property features prescription drive-thru lane, providing additional customer convenience and boosting sales revenue
HIGH-VISIBILITY LOCATION AT THE CONFLUENCE OF MAJOR U.S. THOROUGHFARES
» Ideal location along U.S. Route 411/Tennessee Avenue and near U.S. Route 30/David W. Lillard Memorial Highway (combined 24,063 AADT)
» Beneficial proximity to the healthcare hub in Etowah, namely the Starr Regional Medical Center (88 beds), Starr Regional Family Practice – Etowah, Etowah Health Care Center (120 beds), Fast Pace Health Urgent Care – Etowah, and DaVita Etowah Dialysis
» Surrounded by notable tenants such as Food City, Hardee’s, Subway, Dollar General Market, Piggly Wiggly, McDonald’s, and more
BUSINESS-FRIENDLY ENVIRONMENT IN EXPANDING ECONOMY
» Centrally located between Chattanooga and Knoxville, providing convenient access to larger metropolitan cities for work
» The McMinn County Economic Development Authority (EDA) consistently strives to help businesses operate in McMinn County, such as facilitating access to the best state and local incentives to drive capital investment by businesses
» The State of Tennessee offers a wide variety of incentives to industries locating and expanding in the State
» McMinn County is a Tier 3 community, which designates businesses within for specific benefits and credits
» As a debt-free county, McMinn also boasts of one of the lowest tax rates in the country and a cost of living that’s over 30% less than the national average
Property Description
» Beneficial Proximity to Medical Centers: Poised to leverage a nearby captive customer base with five healthcare centers within 1 one-mile radius, allowing the site to tap into a steady flow of visitors and enhancing foot traffic and sales revenue
» Strategic Location Near Two Highways: Easily accessible location situated along Tennessee Avenue (U.S. Route 411) near the David W. Lillard Memorial Highway (U..S Route 30) intersection, benefiting from a daily combined traffic volume of 24,063 vehicles
» Growing Retail Corridor: The property is surrounded by notable tenants such as Food City, Hardee’s, Subway, Dollar General Market, Piggly Wiggly, McDonald’s, and more, creating significant crossover shopping
» Small Format Store with Prescription Drive-Thru: This location will include a full pharmacy, select retail product, and prescription drive-thru lane, providing additional customer convenience and boosting sales revenue
» Centrally Located Between 2 MSAs: Knoxville and Chattanooga are both less than an hour away, giving convenient access to larger cities for work as well as the luxuries of a cozy community