Walgreens with Very Strong Sales

1703 Park Ave, Muscatine, IA 52761, USA
$3,897,637

Description

Marcus & Millichap is pleased to present for sale this fee simple absolute NN leased Walgreens 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.
This Walgreens is located at the Signalized, Hard corner Intersection of Harrison and Park Ave/US Highway 22 with over 15,400 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 5 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 7 minutes from the property with boat launches along the Mississippi River and a Popular Bike & Pedestrian Pathway.
Also located in close proximity to this store is a 24-hour Walmart Supercenter, Hy-Vee Supermarket, Aldi, AutoZone and Menards. Walgreens is the largest drug retailing chain in the United States and has over 8,100 locations in the U.S.A. Walgreens is publicly traded on the New York Stock Exchange (WBA) with a market capitalization in excess of $90 billion. Both Walgreen Co. and
Walgreens Boots Alliance, Inc. are investment grade rated each with a Standard & Poor’s rating of BBB.

  • Walgreens NN Lease with just under 9 Years on Term on the lease with Ten (5 year) Options to Extend
  • Very Strong Store 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 $76,00 in the Market Area

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

Detail

  • Price: $3,897,637

Additional details

  • CAP Rate: 6.35%
  • NOI: $247,500

Features