Investment Offering
Greenfield, IN - Walgreens
1195 N State Street | Greenfield, IN 46140
$6,087,000
Price5.75%
Cap Rate$350,000
NOI32,884
± 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 leased, corporate guaranteed, investment grade (S&P: BBB), drive-thru equipped, Walgreens investment property located in Greenfield, Indiana (Indianapolis MSA). The tenant has approximately 7 years remaining in their initial term with 10 (5-year) options to extend. The lease is corporate guaranteed and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. Headquartered in Deerfield, IL, Walgreens operates more than 9,200 stores across all 50 states and was recently included in FORTUNE’s 2020 list of the World’s Most Admired Companies for the 27th consecutive year.
Location
Walgreens is located at the signalized, hard corner intersection of N. State Street and W. McKenzie Street, averaging more than 29,100 combined vehicles passing by daily. The building is equipped with a drive-thru pharmacy, providing ease and convenience for customers. The asset benefits from excellent visibility via a large monument sign and significant street frontage . The site is situated less than 1.5 miles south of on/off ramp access to Interstate 70 (56,000 VPD), a primary east/west commuter highway connecting the major cities of Denver, Kansas City, St. Louis, Indianapolis, and Pittsburgh. Additionally, the subject property is ideally situated within a dense retail corridor that features numerous national/credit tenants including Walmart Supercenter, The Home Depot, Kroger, Big Lots, Kohl’s, PetSmart, Tractor Supply Co, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Moreover, the property is surrounded by nearby housing communities including Greenfield Knoll (80 units), Broadway Village Apartments (160 units), and Greenfield Village (256 units), providing a direct residential consumer base to draw from. The 5-mile trade area is supported by more than 32,600 residents with an average household income of over $78,500.
Documents & Links
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 Offering Memorandum |  |  |