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Walgreens 124 E North St 14,820 SF Retail Building Kendallville, IN 46755 $3,437,838 ($231.97/SF) 9.25% Cap Rate

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INVESTMENT HIGHLIGHTS

Absolute NNN Walgreens with 7.5 years of term remaining | Corporate guarantee
Limited competition | Only Walgreens location within a 10+ mile radius
Situated across the street from Cornerstone Plaza which ranks in the top 20% of strip center in Indiana by visits (Placer.ai)

Tenant has been operating at this location since 2008 and has 7.5 years of term remaining
Nearly 130ft of frontage along E North St which sees 18,192 vehicles per day

EXECUTIVE SUMMARY

This Walgreens investment features a corporate-guaranteed absolute NNN lease with 7.5 years remaining, offering complete passivity and long-term stability. The tenant has operated at this high-traffic location since 2008 and faces no nearby competition, with the nearest Walgreens over 10 miles away. Positioned along E North Street with strong visibility and over 18,000 vehicles per day, the site benefits from nearby retail drivers like Cornerstone Plaza and Publix Village Square, which attract nearly 2 million annual visitors. With a five-mile average household income of $80,851, this property combines reliability, strong demographics, and minimal competition.

Walgreens Kendalville IN Brochure

PROPERTY FACTS

Sale Type

Investment NNN

Property Type

Retail

Property Subtype

Drug Store

Building Size

14,820 SF

Building Class

Year Built

2008

Price

$3,437,838

Price Per SF

$231.97

Cap Rate

9.25%

NOI

$318,000

Tenancy

Single

Building Height

1 Story

Building FAR

0.19

Lot Size

1.84 AC

Zoning

C-1B - General Retail

Parking

77 Spaces (5.2 Spaces per 1,000 SF Leased)

Frontage

273’ on Main St.

Wheelchair Accessible

Air Conditioning

Retailer
-
$9.99
Lorem Ipsum
Jan 0000

Walgreens, founded by Charles Rudolph Walgreen in 1901 in Chicago, is a major U.S. pharmacy and retail chain operating under the publicly traded parent, Walgreens Boots Alliance (NASDAQ: WBA). Headquartered in Deerfield, Illinois, it provides prescription services, health and wellness products, photo services, and expanded healthcare offerings including immunizations and diagnostic screenings. As of late 2025, the company operated thousands of retail locations across the United States and Puerto Rico, serving roughly 78% of Americans within five miles of a store. Walgreens maintains omnichannel operations—blending in-store, online, drive-thru, and home delivery services—and has strategic healthcare partnerships, notably with VillageMD. Under the direction of new CEO Mike Motz, following the August 2025 purchase by Sycamore Partners, Walgreens continues to emphasize core pharmacy execution, digital innovation, and integrated care solutions.