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Walgreens 1515 N Alexander Dr 15,423 SF Retail Building Baytown, TX 77520 $4,400,000 ($285.29/SF) 8% Cap Rate
Investment Highlights
- 8% Cap Rate 62+ years remaining lease term (through 2088)
- Signalized hard corner, 227' frontage
- Houston-Pasadena-The Woodlands MSA — 7.7M+ population
- National credit tenant — Walgreens (NYSE: WBA)
- Absolute NNN — zero landlord expense exposure
Executive Summary
Extremely rare lease duration (62+ years) — most net-lease Walgreens deals on market show 8-15 years remaining. This is a generational hold-term asset that appeals to 1031 buyers under deadline pressure who want to stop the clock on re-trading risk.
Zero landlord management burden — ideal for out-of-state or passive capital, a growing buyer segment actively searching net lease listings weekly.
Signalized hard corner with strong traffic counts — a durable real estate fundamental even if tenant credit softens over time.
Comparable Walgreens NNN sales in Texas have traded between $243–$418/SF — this asset is well positioned within that range.
Watch video:https://youtu.be/4PUQ7CrTyPg?si=CKlzApm9NSiYCqQl
Zero landlord management burden — ideal for out-of-state or passive capital, a growing buyer segment actively searching net lease listings weekly.
Signalized hard corner with strong traffic counts — a durable real estate fundamental even if tenant credit softens over time.
Comparable Walgreens NNN sales in Texas have traded between $243–$418/SF — this asset is well positioned within that range.
Watch video:https://youtu.be/4PUQ7CrTyPg?si=CKlzApm9NSiYCqQl
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
15,423 SF
Building Class
B
Year Built
2014
Price
$4,400,000
Price Per SF
$285.29
Cap Rate
8%
NOI
$352,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.15
Lot Size
2.41 AC
Parking
40 Spaces (2.87 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- -
- -
- -
Walgreens began in 1901 on Chicago's South Side, when pharmacist Charles R. Walgreen Sr. opened a neighborhood drugstore that grew into a national chain. Walgreens later combined with Alliance Boots to form Walgreens Boots Alliance, bringing together retail pharmacy, pharmaceutical wholesaling, and healthcare services under one business. Walgreens Boots Alliance operates an integrated healthcare, pharmacy, and retail model spanning U.S. and international operations, with businesses centered on prescription filling, consumer health products, beauty items, and related services.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Retailer | - | - | - |
Moderately walkable
60/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 1335030010001 | Improvements Assessment | $1,831,076 |
| Land Assessment | $524,520 | Total Assessment | $2,355,596 |
Property Taxes
Parcel Number
1335030010001
Land Assessment
$524,520
Improvements Assessment
$1,831,076
Total Assessment
$2,355,596
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Contact the Sale Advisor
Walgreens | 1515 N Alexander Dr