STNL Walgreens / Affluent Location / Recent Lease Renewal
At-A-Glance
Price: $2,630,000
Cap Rate: 9.0%
Net Operating Income: $236,385
Opportunity
Freestanding STNL Drive-Thru
NNN Corporate Lease
Below Market Rent
High Yield Affluent Minneapolis/St. Paul MSA (Eagan), MN
Highlights
» Freestanding, single-tenant, corporately leased Walgreens, featuring a NNN lease whereby the tenant takes care of all recuring expenses including: base rent, taxes, insurance, utilities, and maintenance.
» Below Market Rent / Value-Add Opportunity / Priced at Land Value - Current rent ($15.63 PSF) is 30%+ below market rates and the purchase price is near land value. See comp details, page 10.
» Proven location / Recent lease renewal - Walgreens has been at this site for over 25 years (since 1999) and they’ve renewed their lease multiple times in the past at this location (Dec 2019 & Dec 2024), showing long-term commitment and a strong desire to be at this corner in Eagan, MN
» Ideal 1031 investment opportunity - Corporate lease with Walgreens Co. - Excellent security and stability
» Walgreens is the nations leading drugstore chain - Walgreens Boots Alliance (WBA) is a global healthcare, pharmacy, and retail company headquartered in Deerfield, Illinois. Walgreens operates over 12,000 stores across the United States, Europe, and Latin America.
» Ideally situated at the signalized, hard corner intersection of Diffley Road and Lexington Avenue with over 31,720 vehicles passing by daily
» Excellent demographics / Highly affluent area - Eagan, MN is one of the most affluent locations in the St. Paul / Minneapolis MSA with an average household income above $154,000 annually, which is significantly above the national average
» Located near The Mall of America (Largest Mall in USA), and close to International airport and Downtown Minneapolis and St. Paul.
» Top Retail Corridor / Strong Tenant Synergy - Other national/recognizable tenants at this same intersection include: Cub Foods, Anytime Fitness, Dunn Bros Coffee, Great Clips, Subway, New Horizon Academy, Holiday Gas, etc.
