Walgreens | Infill Location & Affluent Market | Strong Performing Sales

10602 N 32nd St, Phoenix, AZ 85028, USA
$7,504,950

Description

Marcus & Millichap is pleased to present for sale this Net Leased Walgreens located at 10602 North 32nd Street in Phoenix, Arizona. The subject property consists of a free-standing building comprised of 14,820 square feet of retail space and is situated on a 1.21-acre parcel of land.
Strategically located on the Hard-Signalized Intersection of E Shea Blvd and North 32nd Street, the property is highly visible to more than 44,000 vehicles per day. It is also immediately off the exit of the Piestewa Freeway (RT 51) which sees traffic counts in excess of 134,000 daily. This infill location benefits from superb demographics including over 270,000 full time residents in the immediate area with an average household income exceeding $118,000 in the 1-mile radius. The immediate trade area is home to a number of National and Regional retailers and within close
proximity of Paradise Valley Mall and Stone Creek Golf Club.
Walgreens executed a 20 Year Net-Lease with Minimal Landlord Responsibilities when originally built in 2015. Walgreens is a relocation store from across the street and is performing very well with exceptional reported sales. The site also benefits from limited drugstore competition, with the nearest competing drugstore over 3.5 miles away.
Walgreens (NYSE: WBA) is a publicly traded company with an S&P Credit Rating of BBB and is ranked #17 in the Fortune 500 (2019).
Some financial highlights include 2018 Revenues of $131.537 billion and 2018 Net Profits of $5.024 billion. Walgreen Co. operates over 8,200 stores in all 50 states, the District of Columbia, Puerto Rico and Guam. The company also operates worksite health centers, home care facilities, and specialty and mail service pharmacies.

  • Walgreens Corporate Guarantee (NYSE: WBA) | Investment Grade Tenant (S&P BBB)
  • Hard Signalized Corner with Great Visibility | Visible to over 44,000 vehicles/day
  • Urban Infill Location | Exceptional Sales
  • Affluent Market | Average Household Income exceeds $118,000 in 1-Mile
  • Limited Drugstore Competition | Closest CVS over 3.5 Miles away
  • Minutes from Paradise Valley Mall and Stone Creek Golf Club
  • Long Term Lease | Minimal Landlord Responsibility
  • Fee Simple Allowing for Depreciation
  • Relocation Store | Drive-Thru Pharmacy

Property Documents

  • City: Phoenix
  • State/county: Arizona
  • Zip/Postal Code: 85028
  • Country: United States

Detail

  • Price: $7,504,950
  • Year Built: 2015

Additional details

  • CAP RATE: 5.05%
  • NOI: $379,000

Features