Investment Offering
Porterville, CA - Walgreens
416 W Olive Ave | Porterville, CA 93257
$6,383,000
Price6%
Cap Rate$383,000
NOI14,103
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, corporate signed, drive-thru equipped Walgreens investment property located in Porterville, California. The tenant, Walgreen Co., recently signed a brand new 15-year lease with 12 (5-year) option periods to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years throughout the initial term and option periods, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor. Walgreens currently operates nearly 9,000 retail locations across America, Puerto Rico, and the U.S. Virgin Islands, and serves nearly 10 million customers each day.
Location
Walgreens is strategically located at the signalized, hard-corner intersection of Olive Avenue and S. Jaye Street, with an average of 38,600 vehicles passing by daily. The building is equipped with a drive-thru pharmacy, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. The property benefits from excellent visibility and access via significant street frontage, multiple points of ingress/egress, and a large pylon sign. The investment is directly across from Porterville High School (+/- 2,400 students) and near Porterville College (+/- 4,000 students), Sierra View Medical Center (167 beds), and a 1.2M SF Walmart Distribution Center (+/- 480 employees), providing a direct consumer base to draw from. The Walgreens benefits from limited competition, with the next nearest location being over 20 miles away. The 5-mile trade area is supported by a dense population of over 75,000 residents and 20,800 daytime employees, with an affluent average household income of $74,568.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215