Walgreens with Strong Sales | New Orleans MSA

4142 Pontchartrain Dr, Slidell, LA 70458, USA
$4,400,000

Description

Marcus & Millichap is pleased to present for sale this Fee Simple Walgreens located in Slidell, Louisiana. The subject property consists of a free-standing building comprised of 14,560 square feet of retail space on a large 1.8-acre parcel of land.
Strategically located at the hard-signalized intersection of Spartan Drive and State Route 11, a major North-South thoroughfare, the property is highly visible to more than 26,000 vehicles daily. In addition, it serves as the last retail option before the Maestri Bridge, a 5-mile bridge carrying travelers across Lake Pontchartrain between New Orleans and Slidell, Louisiana.
Slidell is part of the greater New Orleans MSA with estimated 1,275,762 full time residents in 2018, up 7.2 percent from 2010. The immediate trade area benefits from an estimated 66,645 full time residents with an average household income exceeding $75,000 annually.
There are numerous national and regional retailers in the surrounding area including Pizza Hut, Wendy’s, Subway, Chase Bank, McDonalds, Sonic, Walmart, Winn-Dixie, Burger King, among many others. The closest competing Drugstore is over 4 miles north and not located on the State Route 11 North-South thoroughfare. Consequently, the subject property benefits from a unique advantage which allows for absolute dominance of market share in this particular trade area while serving all travelers coming to and from New Orleans via the Maestri Bridge.
Walgreens signed a 25 Year Absolute NNN Lease with Zero Landlord responsibility and has over 8 years remaining on the initial term, with ten options to extend for five years each. 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.
This is an opportunity for an investor to acquire a long-term fee-simple Walgreens with strong performing sales on a highly trafficked signalized corner.

  • Walgreens Corporate Guarantee (NYSE: WBA) – Investment Grade Tenant (S&P BBB)
  • Absolute NNN – Zero Landlord Responsibility
  • Located on Highly Visible Signalized Corner
  • Fee Simple Allowing for Depreciation
  • Strong Performing Sales
  • Exposure to More than 26,000 Vehicles Per Day
  • Household Income Exceeding $75,000 in Market Area
  • Drive-Thru Pharmacy
  • Last retail option before Maestri Bridge
  • Attractive projected population growth over the next 5 years | 7.61% within a 3-Mile radius
  • Large 1.8-Acre Parcel of Land
  • New Orleans MSA

Property Documents

  • City: Slidell
  • State/county: Louisiana
  • Zip/Postal Code: 70458
  • Country: United States

Detail

  • Price: $4,400,000
  • Year Built: 2003

Additional details

  • CAP RATE: 6.25%
  • NOI: $275,000

Features