Investment Offering
Woodland Park, CO - Walgreens
140 Paradise Circle | Woodland Park, CO 80863
$4,469,000
Price7.5%
Cap Rate$335,200
NOIDescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, corporate guaranteed, Walgreens investment property located in Woodland Park, Colorado. The tenant, Walgreen Co. (NASDAQ: WBA), has over 6-years remaining on its lease with 10 (5-year) options to extend, demonstrating their commitment to the site. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Founded in 1901, Walgreens is among America’s largest pharmacies and health & beauty companies with 9,000+ stores in operation.
Location
Walgreens is strategically positioned at the signalized, hard corner intersection of Paradise Circle and US Highway-24 with excellent visibility, multiple points of access, and significant street frontage. US Highway-24 (29,800 VPD) is the primary retail thoroughfare serving the immediate area, highlighted by major retailers including Walmart Supercenter, Starbucks, McDonald’s, and Safeway. The asset receives a significant amount of crossover retail exposure from nearby retailers, most notably the Safeway-anchored center located directly across the street which draws 740K+ visitors annually (per Placer.ai). Furthermore, the subject property is the only Walgreens in over a 10-mile radius, providing it with unlimited access to a dense, affluent community comprised of single family communities and apartment complexes. The Trail Ridge at Woodland Park Apartments (168 units) and Woodland Park High School are less than 1-mile from the site, and downtown Colorado Springs is only a 30-minute drive, providing a large consumer base from which to draw. Woodland Park is a sought-after tourist destination, popularized by its surrounding 1M+ acre Pike National Forest. The 5-mile trade area is supported by a population of over 13,600 residents and 5,000 employees with an average household income of $113,539.