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Walgreens 2803 W Ridge Pike 14,490 SF Retail Building Norristown, PA 19403 $5,400,000 ($372.67/SF) 7.51% Cap Rate
Investment Highlights
- Recently Extended Lease: Walgreens has been at this location since 2005, and its lease expires in 2037, with nine 5-year renewal options.
- This Walgreens location ranks in the 74th percentile in visits in Pennsylvania & 63rd percentile nationally, with over 323K visits in the past 12 mo.
- Strong Corporate Guaranty: The lease is guaranteed by Walgreens, which is rated BB- by Standard and Poor’s.
- Strategic Location: Walgreens is prominently located on the corner of Ridge Pk and N Park Ave, a high-traffic intersection which sees over 33,000 VPD
Executive Summary
Equity CRE is pleased to exclusively present for sale a property leased to Walgreens in Norristown, Pennsylvania. This offering includes a recently extended NNN lease that expires in July 2037, with nine 5-year renewal options. The lease is backed by a corporate guaranty from Walgreens, rated BB- by Standard & Poor’s, with over 8,000 locations in the United States, ensuring stable lease payments and long term security for property owners.
Located just 18 miles from Center City Philadelphia, the property sits prominently on the signalized corner of Ridge Pike and N Park Ave, with exposure to around 33,000 vehicles per day. It is situated in a strong retail corridor, adjacent to tenants such as Starbucks, Acme Markets, Pep Boys, TD Bank, Lidl, among many others.
Located just 18 miles from Center City Philadelphia, the property sits prominently on the signalized corner of Ridge Pike and N Park Ave, with exposure to around 33,000 vehicles per day. It is situated in a strong retail corridor, adjacent to tenants such as Starbucks, Acme Markets, Pep Boys, TD Bank, Lidl, among many others.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,490 SF
Building Class
B
Year Built
2004
Price
$5,400,000
Price Per SF
$372.67
Cap Rate
7.51%
NOI
$405,720
Tenancy
Single
Building Height
1 Story
Building FAR
0.59
Lot Size
0.56 AC
Zoning
GC
Parking
60 Spaces (4.14 Spaces per 1,000 SF Leased)
Amenities
- Pylon Sign
- Signalized Intersection
- Drive Thru
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Nearby Major Retailers
Domino’s
Property Taxes
| Parcel Number | 43-00-11902-016 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,575,060 |
Property Taxes
Parcel Number
43-00-11902-016
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,575,060
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Walgreens | 2803 W Ridge Pike
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