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Providence, RI - Walgreens
1140 N. Main Street | Providence, RI 02904
$9,434,800
Price5.75%
Cap Rate$542,500
NOI14,191
± SF Offering GLA1.16
± AC Land AreaDescription
SRS National Net Lease Group is pleased to present the rare opportunity to acquire the fee simple interest (land and building) in an absolute NNN leased, corporate guaranteed, drive-thru equipped, Walgreens investment property located in Providence, RI. The investment grade tenant, Walgreens Co. (NASDAQ: WBA | S&P: BBB), has just under 14 years remaining on their initial lease term, followed by option periods to extend. The lease is corporately guaranteed and is absolute NNN with zero landlord responsibilities. The property features attractive all brick construction, a pylon sign, and a drive-thru, providing ease and convenience for customers.
Location
Walgreens is strategically located at the signalized, hard corner intersection of N. Main Street and Frost Street with over 21,500 vehicles passing by daily. Moreover, the asset is located ½ mile from Interstate 95, the main north-south interstate highway on the east coast with 139,900 VPD. The asset has excellent visibility & access on a corner site with points of ingress and egress on three bordering streets. Ideally located 2 blocks from the site is The Miriam Hospital with 247-beds, 1,197 affiliated physicians and nearly 3,000 employees, which increases consumer foot traffic to the Walgreens store & pharmacy. Furthermore, the closest Rite Aid pharmacy to the site was recently closed permanently and all prescriptions were transferred to the Walgreens store. Additionally, the site is ½ mile from Providence’s main Peter Pan Bus Terminal, further increasing consumer traffic in the area. Walgreens is located on a prominent retail thoroughfare with nearby national/credit tenants including the Home Depot, Walmart Supercenter, Whole Foods, Stop & Shop, Pep Boys, LA Fitness, Dollar Tree, and more. The 5-mile trade area is supported by nearly 405,000 residents with a healthy average household income of $65,000.
Documents & Links
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 Offering Memorandum |  |  |