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Walgreens - Richmond Avenue 11994 Richmond Ave 14,560 SF Retail Building Houston, TX 77082 $4,550,000 ($312.50/SF) 6.15% Cap Rate
INVESTMENT HIGHLIGHTS
- Long Term, Triple-Net Lease
- Traffic Counts of 40,000 Vehicles Per Day
- Walgreens Extended Lease Term Early by Additional Five Years
- Serving Over 200,000 Residents Within a Three-Mile Radius
- Situated in Front of a Walmart Supercenter
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to exclusively list for sale a Walgreens property, located at 11994 Richmond Avenue, Houston, TX. The 14,560-square-foot building is situated on a 1.57 acre parcel of land, located at the hard-corner, signalized intersection of Richmond Avenue and South Kirkwood Road.
Walgreens has been a tenant at the property since its initial construction in 2003. Walgreens extended their lease in 2021 by five years, resulting in Walgreens’ ability to terminate their lease to be amended from November 30, 2028 to November 30, 2033.
The lease is structured to expire on November 30, 2083, with options to terminate the lease every five years commencing on November 30, 2033.
Walgreens benefits from this strategic site, given that it sees 40,000 vehicles per day, is located in front of a Walmart Supercenter, and is surrounded by dense residential neighborhoods. The site feeds off of a population of over 200,000 residents within three miles.
Walgreens has been a tenant at the property since its initial construction in 2003. Walgreens extended their lease in 2021 by five years, resulting in Walgreens’ ability to terminate their lease to be amended from November 30, 2028 to November 30, 2033.
The lease is structured to expire on November 30, 2083, with options to terminate the lease every five years commencing on November 30, 2033.
Walgreens benefits from this strategic site, given that it sees 40,000 vehicles per day, is located in front of a Walmart Supercenter, and is surrounded by dense residential neighborhoods. The site feeds off of a population of over 200,000 residents within three miles.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
14,560 SF
Building Class
B
Year Built
2003
Price
$4,550,000
Price Per SF
$312.50
Cap Rate
6.15%
NOI
$280,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.21
Lot Size
1.57 AC
Zoning
C
Parking
38 Spaces (2.61 Spaces per 1,000 SF Leased)
Frontage
229’ on Richmond Ave
AMENITIES
- Pylon Sign
- Drive Thru
Walk Score®
Very Walkable (70)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 1238430010002 | Improvements Assessment | $1,647,491 |
| Land Assessment | $1,026,750 | Total Assessment | $2,674,241 |
PROPERTY TAXES
Parcel Number
1238430010002
Land Assessment
$1,026,750
Improvements Assessment
$1,647,491
Total Assessment
$2,674,241
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Walgreens - Richmond Avenue | 11994 Richmond Ave
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