Walgreens with Very Strong Sales | Affluent Davenport MSA

830 Middle Rd, Bettendorf, IA 52722, USA
$5,255,474

Description

Marcus & Millichap is pleased to present for sale this Walgreens located at 830 Middle Road in Bettendorf, Iowa. Located at the hard corner signalized intersection of East Kimberly Street and Middle Road, this property experiences traffic counts in excess of 32,000 Vehicles Per Day. This 14,490 Square Foot Walgreens is situated on a large 1.54 Acre Parcel of Land in front of a Home Depot and Schnucks Grocery Store. This Walgreens has very strong store sales and has very high lease renewal probability. Retailers in the immediate area include The Home Depot, Hobby Lobby, Schnucks, Marshalls, Starbucks and Mcdonalds. This Walgreens is situated a quarter mile from the I-74 Highway Exit to Middle Road. I-74 is a major north south Highway connecting Iowa and Illinois and has traffic counts in excess of 60,000 Vehicles Per Day.
Bettendorf is the 15th largest city in Iowa and is located in the “Quad City” Metro Area and borders Davenport. Genesis Medical Center in Davenport with 550 Beds is located just two miles down
the street from this Walgreens.
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.

  • Extremely Well Located Walgreens with Very Strong Sales (Very High Lease Renewal Probability)
  • Very Strong Intrinsic Value: Large 1.54 Acre Parcel on a Hard Corner Signalized Intersection with 32,389 Vehicles Per Day
  • Situated a Quarter Mile from the I-74 Exit to Middle Road (I-74 has traffic counts exceeding 60,160 Vehicles Per Day)
  • Very Close Proximity to Genesis Medical East Hospital with 550 Beds
  • Affluent Demographics: Average Household Income Exceeds $90,000 in a One Mile Radius
  • Five Mile Population Exceeds 187,000 People

Property Documents

  • Walgreens-Bettendorf-IA-om-ib
  • City: Bettendorf
  • State/county: Iowa
  • Zip/Postal Code: 52722
  • Country: United States

Detail

  • Price: $5,255,474
  • Year Built: 2003

Additional details

  • CAP RATE: 6.85%
  • NOI: $360,000

Features