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NNN Walgreens with Long Term Remaining 2845 W Cleveland Rd 14,820 SF Retail Building South Bend, IN 46628 $2,900,000 ($195.68/SF) 11.08% Cap Rate
INVESTMENT HIGHLIGHTS
- NNN Walgreens for sale, presenting an outstanding, hands-off investment offering stable income in South Bend, Indiana.
- Prominent corner location at a signalized intersection, benefiting from exposure to over 16,000 vehicles each day.
- South Bend is an established community with mostly owner-occupied households and consumer spending exceeding $1.1 billion within 5 miles.
- Conveniently located just off Interstate 90 near the South Bend, Indiana, Airport, attracting daily traffic.
- Situated in a retail-rich area near major tenants including Aldi, Meijer, Chick-fil-A, Burger King, Goodwill, and more.
EXECUTIVE SUMMARY
This freestanding Walgreens property offers a rare opportunity to acquire a long-term, absolute NNN leased asset in South Bend, Indiana. Built in 2005, the ±14,820 SF building sits on a ±2.14-acre parcel at the high-visibility intersection of West Cleveland Road and North Bendix Drive, with direct exposure to the Indiana Toll Road. The site benefits from strong traffic counts exceeding 26,000 ADT and a dense trade area of over 115,000 residents with an average household income of $76,000.
The property is strategically positioned adjacent to Aldi and Goodwill, with Meijer and Super Walmart nearby, ensuring consistent consumer traffic. Walgreens, ranked among Fortune’s “World’s Most Admired Companies,” operates under a 75-year lease with an absolute NNN structure, providing investors with zero landlord responsibilities. The current lease term extends until May 31, 2080, with the next termination option in 2030, offering exceptional stability. Base rent is $26,775 per month, generating a strong NOI of $321,300 and a competitive 11.08% cap rate.
This investment combines credit tenancy, long-term income security, and prime location fundamentals, making it an ideal addition to any portfolio seeking reliable cash flow and minimal management obligations.
The property is strategically positioned adjacent to Aldi and Goodwill, with Meijer and Super Walmart nearby, ensuring consistent consumer traffic. Walgreens, ranked among Fortune’s “World’s Most Admired Companies,” operates under a 75-year lease with an absolute NNN structure, providing investors with zero landlord responsibilities. The current lease term extends until May 31, 2080, with the next termination option in 2030, offering exceptional stability. Base rent is $26,775 per month, generating a strong NOI of $321,300 and a competitive 11.08% cap rate.
This investment combines credit tenancy, long-term income security, and prime location fundamentals, making it an ideal addition to any portfolio seeking reliable cash flow and minimal management obligations.
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,820 SF
Building Class
B
Year Built
2005
Price
$2,900,000
Price Per SF
$195.68
Cap Rate
11.08%
NOI
$321,300
Tenancy
Single
Building Height
1 Story
Building FAR
0.16
Lot Size
2.14 AC
Parking
65 Spaces (4.39 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 71-03-22-377-008.000-009 | Improvements Assessment | $1,077,800 |
| Land Assessment | $261,100 | Total Assessment | $1,338,900 |
PROPERTY TAXES
Parcel Number
71-03-22-377-008.000-009
Land Assessment
$261,100
Improvements Assessment
$1,077,800
Total Assessment
$1,338,900
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NNN Walgreens with Long Term Remaining | 2845 W Cleveland Rd
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