INVESTMENT HIGHLIGHTS
Strong, Growing Store Sales
This Walgreens location features strong store sales north of $3,000,000 per year that are growing year over year, supporting long-term occupancy at this location. Also, the recent closing of the Bartell Drugs store in February, 2024 located roughly a 3 min drive to the north has led to a spike in merchandise sales and the doubling of prescriptions revenue, per the Walgreens store manager.
Limited Drug Store Competition
Bartell Drugs, located roughly a 3 min drive north of the subject property, recently closed and this Walgreens location picked up all of the Bartell Drug’s prescriptions and regular customer traffic. This Walgreens location sales have seen a significant increase since the closing of the Bartell Drugs in February, 2024.
Attractive Assumable Financing, 10% Cash-on-Cash Return
The property features an attractive assumable loan at roughly 68% LTV ($4,300,000 loan amount), fixed until March, 2029 at 5.19% interest only. By assuming the loan at the full asking price, the resulting cash-on-cash return is roughly 10%
Corporate Guarantee (NASDAQ: WBA)
The Lease features a corporate guarantee from Walgreens (Walgreens Boots Alliance Inc., NASDAQ: WBA). Founded in 1901, Walgreens is among America’s largest pharmacies and health & beauty companies with nearly 9,000 stores in operation.
Signalized Hard Corner with High Traffic Counts (25,000+ VPD)
The Property is located on the corner of Broadway (21,100+ VPD) and 22nd St with additional access from (23rd St (4,700+ VPD), allowing for easy ingress/egress, excellent visibility and high-traffic counts.
Located in High-Growth Sub-Market with Affluent Demographics
Within a 5-mile radius of the subject property, there are over 117,000 residents with average household incomes in excess of $96,000/year. Since 2010, the surrounding area has grown by nearly 13%.
Absolute Net Lease
This Walgreens property features an Absolute NNN lease, with zero Landlord management or repair responsibilities – with 5 years of term and 10, 5-year options remaining – creating true long-term passive ownership.
Located Adjacent to High-Volume Safeway Grocery Store
The Property is located between a strong performing Safeway (530,000+ visitors per year) and QFC (686,000+ visitors per year) per Placer.ai.
Located Near Seattle Paine Field International Airport and The Commons Naval Station Everett
Located Near Seattle Paine Field International Airport and The Commons Naval Station Everett The Property is located roughly a 10 minute drive from Paine Field, an international airport with total economic impact/business revenue of nearly $60 billion annually and 158,227 jobs (direct and indirect, per Snohomish County). Also, the Property is located less than 5 minutes away from The Commons Naval Station Everett (NSE), which is the homeport of Carrier Strike Group 11, claimed “as the single most powerful mobile force in the world,” and at the moment, home to approximately 6,000 Navy personnel.
INCOME TAX-FREE STATE
Washington State is an Income Tax-Free State.
Listing Agents:
CLAYTON J. BROWN
RUTHANNE LOAR
206.493.2622
ruthanne.loar@marcusmillichap.com
