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No Walgreens for 26 Miles I 5% Increases 1528 Main St 14,381 SF Retail Building Parsons, KS 67357 $3,406,717 ($236.89/SF) 12% Cap Rate
INVESTMENT HIGHLIGHTS
- Absolute NNN lease with zero landlord obligations whatsoever, with 5% rental increases in the first four options.
- Serving as the only major hospital system in Parsons, Labette Health is a 99-bed hospital providing services to the six-county area.
- Adjacent to the property, Labette Community College enrolls over 1,500 students annually.
- The property benefits from minimal drugstore competition with the next nearest Walgreens 26 miles away and the nearest CVS over 45 miles away.
- 1.5 miles away, Parsons Research Center is a partnership between KSU and federal, state, and county governments conducting research throughout Kansas.
EXECUTIVE SUMMARY
We are pleased to market for sale the Walgreens property located at 1528 Main St, Parsons, KS 67357 ("The Property"). Walgreens has been operating at the site for 20 years and has over 4 years of firm term remaining before the 12 (5-year) option periods. Walgreens operates on an absolute triple net lease, which provides for no landlord obligations whatsoever and calls for a 5% increase in the first four options.
The property benefits from minimal drugstore competition with the next nearest Walgreens 26 miles away and the nearest CVS over 45 miles away. Located less than one mile from Labette Health, a full-service hospital and Level IV trauma center, the pharmacy segment benefits from being the only national chain pharmacy servicing one of the city’s largest and most critical institutions.
Adjacent to the Property, Labette Community College enrolls over 1,500 students annually and adds to the area’s educational and economic base. The site is also surrounded by a mix of national and regional tenants, including Walmart, Dollar Tree, AutoZone, and multiple fast food operators, reinforcing the area's position as a key retail hub for the broader region.
Listed in conjunction with Brian Brockman, Bang Realty - Kansas Inc., 513-898-1551, wg@bangrealty.com, KS DRE Lic. 239819.
The property benefits from minimal drugstore competition with the next nearest Walgreens 26 miles away and the nearest CVS over 45 miles away. Located less than one mile from Labette Health, a full-service hospital and Level IV trauma center, the pharmacy segment benefits from being the only national chain pharmacy servicing one of the city’s largest and most critical institutions.
Adjacent to the Property, Labette Community College enrolls over 1,500 students annually and adds to the area’s educational and economic base. The site is also surrounded by a mix of national and regional tenants, including Walmart, Dollar Tree, AutoZone, and multiple fast food operators, reinforcing the area's position as a key retail hub for the broader region.
Listed in conjunction with Brian Brockman, Bang Realty - Kansas Inc., 513-898-1551, wg@bangrealty.com, KS DRE Lic. 239819.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
14,381 SF
Building Class
C
Year Built
2005
Price
$3,406,717
Price Per SF
$236.89
Cap Rate
12%
NOI
$408,806
Tenancy
Single
Building Height
1 Story
Building FAR
0.23
Lot Size
1.42 AC
Frontage
175’ on Main St
Walk Score®
Very Walkable (77)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 024-19-0-20-01-001.00-0 | Improvements Assessment | $285,780 |
| Land Assessment | $7,925 | Total Assessment | $293,705 |
PROPERTY TAXES
Parcel Number
024-19-0-20-01-001.00-0
Land Assessment
$7,925
Improvements Assessment
$285,780
Total Assessment
$293,705
(619) 297-0055
x302
CONTACTS
-
Jason Pongsrikul -
Chris Barry -
Pharma Property Group- Drugstore Specialists
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No Walgreens for 26 Miles I 5% Increases | 1528 Main St
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