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Walgreens 2140 Peoria Rd 13,450 SF Retail Building Springfield, IL 62702 $1,823,529 ($135.58/SF) 8.50% Cap Rate
Investment Highlights
- Low Rent Compared to Walgreens Store Fleet – Walgreens typically pays between $280,000 and $320,000 in annual rent at comparable locations
- Rare 21.2% Rent Increase Opportunity – At the end of the current lease term, and upon another waived termination option
- State Capital Economic Anchor – Located in Springfield, Illinois, the state capital, the property benefits from a stable, government-driven economy
- Established 30-Year Operating History – Walgreens has operated successfully at this location since 1994, demonstrating more than three decades
- Strong Downside Protection – Comparable Walgreens properties with similar building and lot sizes are commonly valued between $3 million and $6 million
- Essential National Tenant – Walgreens remains one of the nation’s most important retailers, operating approximately 8,000 locations, employing 211,000
Executive Summary
Broker of Record
Matt Fitzgerald
License # 471021676, 478027547 (IL)
Matthews Real Estate Investment Services, Inc
1600 West End Ave., Ste. 1500, Nashville, TN 37203
(866) 889-0550
Matt Fitzgerald
License # 471021676, 478027547 (IL)
Matthews Real Estate Investment Services, Inc
1600 West End Ave., Ste. 1500, Nashville, TN 37203
(866) 889-0550
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,450 SF
Building Class
B
Year Built
1990
Price
$1,823,529
Price Per SF
$135.58
Cap Rate
8.50%
NOI
$155,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.22
Lot Size
1.43 AC
Parking
70 Spaces (5.2 Spaces per 1,000 SF Leased)
Frontage
266’ on Peoria Rd
Amenities
- Pylon Sign
- Signalized Intersection
- Drive Thru
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
- $11.52
- Triple Net
- Feb 2030
Walgreens began in Chicago in 1901, after pharmacist Charles R. Walgreen Sr. purchased the drugstore where a pharmacy career began. The company grew from a neighborhood drugstore into a broad retail health business offering prescription services, health and wellness products, photo services, home delivery, specialty pharmacy, and virtual healthcare. Walgreens serves customers through a wide network of community pharmacies and digital platforms, with a focus on accessible medicine, everyday essentials, and healthcare support.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | $11.52 | Triple Net | Feb 2030 |
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 14-22.0-230-057 | Improvements Assessment | $234,673 |
| Land Assessment | $290,340 | Total Assessment | $525,013 |
Property Taxes
Parcel Number
14-22.0-230-057
Land Assessment
$290,340
Improvements Assessment
$234,673
Total Assessment
$525,013
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Walgreens | 2140 Peoria Rd
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