Walgreens Extremely High Sales | Brand New Roof with Warranty

1703 Park Ave, Muscatine, IA 52761, USA
$4,500,000

Description

Marcus & Millichap is pleased to present for sale this fee simple (land & building ownership) Net leased Walgreens with drive-thru located in Muscatine, Iowa. Muscatine is a prosperous city located along the Mississippi River with a population of over 54,132 and home to businesses such as Heinz Company, Monsanto, and Stanley Consultants. Muscatine, Iowa is also known as “The Pearl Button Capital of the World” because the button industry has always been a major business in this city. Before the development of plastic buttons, Muscatine produced more than 37 percent of the world’s pearl button supply.
This Walgreens is located at the signalized, hard corner intersection of Harrison and Park Ave/US Highway 22 with over 17,563 vehicles per day on this busy retail corridor. The property is positioned as a corner pad to The Muscatine Mall with major tenants such as Anytime Fitness, Younker’s Department Store and Hibbett Sports. Muscatine Community College is located five minutes from the property with an enrollment of 1,800 students. Muscatine High School is 10 minutes away with over 1,700 students and one- half hour away is Eastern Iowa Community College with an enrollment of 39,000 students. Riverside Park is located seven minutes from the property with boat launches along the Mississippi River and a popular Bike & Pedestrian Pathway. Located in close proximity to this store is a 24-hour Walmart Supercenter, Hy-Vee Supermarket, Aldi, AutoZone and Menards.
A very popular recreation area is also located nearby, The Mark Twain Overlook as it looks east over the Mississippi River and nearby are also some visitor attractions such as The Muscatine History and Industry Center and Weed Mansion and Weed Park named after an early Muscatine settler named Dr. Benjamin Weed.
Several apartment and townhouse complexes are located just minutes from this Walgreens Pharmacy Store. Harrison Lofts is a few minutes away and has 52 fully rented apartment units, Cobblestone Apartments is nearby with 80 rented units, River Ridge Apartment Complex is also nearby with 84 rented apartment homes and other complexes nearby include Boulevard Suites Luxury Apartments, Sycamore Estates, Colorado Park and Commons Apartments.
Located nearby this property are two of the largest employers in the region, All Steel Manufacturing Facility (production of office supplies) and HJ Heinz Company facility for the Kraft/Heinz food company. The plant in Muscatine employs over 400 people and the Kraft-Heinz Company is the third largest food and beverage company in the world and has eight $1 Billion Dollar brands.
Walgreens (NYSE: WBA) is a publicly traded company and ranked #17 in Fortune 500 (2019) and 2018 Net Profits of $5.024 Billion. The Tenant Walgreens has nine years remaining on the Initial Term with 10 (five Year) Options to Renew the Lease.

  • Walgreens NN Lease with Just Under 7 Years on the Term on the Lease With Eight (5 Year) Options to Extend
  • Brand New Roof with Transferrable Warranty
  • Extremely High Store Sales | Very Healthy Rent to Sales Ratio
  • Walgreens Showed Strong Commitment to the Site by Extending the Lease to 10 Years in 2018
  • Very Strong Sales with Rent of $16 Per Square Foot: Extremely High Lease Renewal probability at the End of the Base Term of the Lease
  • Walgreens Corporate Guarantee (NYSE:WBA)-Investment Grade Tenant (S & P BBB)
  • Fee Simple Ownership Allowing for Depreciation
  • Average Household Income Exceeds $76,000 in the Market Area
  • Walgreens Store Surrounded by Several Apartment Complexes and Townhouse Complexes Including Harrison Lofts (52 Units), Cobblestone Apartments (80 Units) and River Ridge Apartments (84 Units)
  • Major Employers Nearby the Property Include HJ Heinz/Kraft Company and AllSteel Manufacturing Company

Property Documents

  • City: Muscatine
  • State/county: Iowa
  • Zip/Postal Code: 52761
  • Country: United States

Detail

  • Price: $4,500,000
  • Year Built: 2001

Additional details

  • CAP RATE: 5.50%
  • NOI: $247,500

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