Walgreens 1700 W Ehringhaus St 14,550 SF Retail Building Elizabeth City, NC 27909 $4,194,000 ($288.25/SF) 7.75% Cap Rate

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding, corporate guaranteed Walgreens investment property located in Elizabeth City, North Carolina. The tenant, Walgreen Co., has approximately 6-years remaining on its lease with 10 (5-year) options to extend. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Walgreens is one of the nation’s largest pharmacy-led health and wellness retailers, operating nearly 8,000 locations across the United States and Puerto Rico. In August 2025, Sycamore Partners completed its acquisition of Walgreens. Backed by one of the nation’s leading private equity firms, Walgreens continues to execute its long-term strategy of expanding healthcare services and strengthening its position as one of the country’s premier pharmacy and convenience retailers.
The subject property is positioned on a 2+ acre lot at the signalized corner of West Ehringhaus Street and Halstead Boulevard (combined 34,500 VPD) and ranks in the top 77th percentile among all Walgreens locations nationwide, generating approximately 366,000 annual visits (Placer.ai). West Ehringhaus Street is Elizabeth City’s primary commercial corridor, featuring Lowe’s directly across the street along with Food Lion and Bealls, and further reinforced by McDonald’s, Panera Bread, and an adjacent Chick-fil-A. Elizabeth City anchors the region of northeastern North Carolina and is home to Coast Guard Base Elizabeth City, the nation’s largest Coast Guard air station, spanning over 800 acres and generating an estimated $500 million in annual economic impact as the region’s single largest employer, supporting approximately 700 active-duty personnel and 1,600 civilian and contractor employees. The city’s coastal position approximately 50 miles south of Norfolk, Virginia places the trade area within the broader Hampton Roads regional economy, with long-term connectivity further supported by the planned I-87 corridor linking Elizabeth City to Norfolk and Raleigh. The 5-mile trade area is supported by a population of 30,595 residents and 17,615 employees with an average household income of $81,690.