21287 Highway 421
Hyden, KY 41749
Absolute NNN, 8yr. Term Walgreens -8.75% CAP! · Retail Property For Sale

The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the single-tenant Walgreens location in Hyden, Kentucky and is being offered for the REDUCED price $2,730,000, representing a highly attractive 8.75% CAP Rate for Walgreens credit profile. The 11,180 S.F. building was built in 2007 to accommodate its single-tenant retailer, Rite Aid, who hand-picked this particular location for its expansion in the Kentucky market. As a proven drug store location, Walgreens recently purchased nearly 2,000 Rite Aid location and is in the process of converting the store from a Rite Aid to Walgreens. This particular store is currently operating as a Rite Aid front-end retail store featuring a Walgreens pharmacy. Walgreens is a leading drugstore brand publicly traded (NYSE: WAG/WBA) with over 10,000 locations and investment grade credit (Baa2/BBB). The featured asset is on an Absolute NNN lease structure with 8 years remaining on the original 20-year lease. The lease leaves ownership with no management responsibilities as Walgreens handles all repairs and operating expenses directly. The asset also benefits from surrounding retailers, specifically high-traffic generators Dollar General, IGA Supermarket, Family Dollar, Save-a-Lot Grocery and numerous other complimentary retailers, further enhancing traffic flow around the featured property. The retail corridor is surrounded by a residential community that draws from a wide 20-25-mile radius. The next nationally named drugstore is over 20 miles northeast, 30 miles to the west, over 35 miles to the south and 41 miles to the southeast leaving limited competition in the trade area. The Walgreens is positioned in a desirable location directly off Route-421, the main thoroughfare through Hyden. Hyden is located at the junction of U.S. Route 421 and Kentucky Route 80, along the Middle Fork of the Kentucky River. The city is the county seat of Leslie County. The largest draw to the area is to Frontier Nursing University (Frontier School of Midwifery and Family Nursing), which has current enrollment of 2,000. The university also offers a talented faculty/staff of 100. The university has over 80 years of experience in graduate nursing and nurse-midwifery education. Additionally, Mary Breckinridge ARH Hospital, known for its long and rich history of innovative medical care has 25-beds and 150 employees to serve the region. HCTC’s Professional Studio Artist Program at the Kentucky School of Bluegrass & Traditional Music is also a draw to the Hyden community. Coupling all of the attributes, this Walgreens location provides an investor a rare opportunity in today’s market to purchase a Walgreens backed asset on an Absolute NNN lease at such an attractive high yield/return.