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321 S Battlefield Blvd
Chesapeake, VA 23322
Walgreens · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Corporately guaranteed, long-term absolute triple net (NNN) lease
- Located along the major retail corridor of south battlefield boulevard and surrounded by strong performing retailers and centers
- Long-term historical occupancy operating with minimal competition
- Strong surrounding demographics point to a dense submarket that is growing and affluent
EXECUTIVE SUMMARY
KLNB Retail Capital Markets is pleased to offer for sale a corporately guaranteed Walgreens pharmacy operating under a newly executed 15-year absolute triple-net (NNN) lease. Walgreens has occupied the site for over 23 years and reaffirmed its long-term commitment with a lease renewal in December 2023, providing investors with a truly passive, hands-off investment. The property is located along the major retail corridor of South Battlefield Boulevard, benefiting from strong visibility and traffic counts exceeding 32,000 vehicles per day. With the recent closure of a nearby Rite Aid, Walgreens is now the only freestanding national pharmacy within a 2.8-mile radius, significantly limiting competition. Strong surrounding demographics further support the offering, including an average household income of $143,881 and a population of 67,500 residents within a three-mile radius—an 11% increase since 2010—with continued growth projected through 2030.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
13,678 SF
Building Class
C
Year Built
2002
Price
$4,142,857
Price Per SF
$302.88
Cap Rate
6.65%
NOI
$275,500
Tenancy
Single
Building Height
1 Story
Building FAR
0.20
Lot Size
1.57 AC
Zoning
B1
Frontage
25’ on Battlefield Blvd
AMENITIES
- Bus Line
PROPERTY TAXES
| Parcel Number | 0481001000020 | Improvements Assessment | $3,174,800 |
| Land Assessment | $1,214,300 | Total Assessment | $4,389,100 |
PROPERTY TAXES
Parcel Number
0481001000020
Land Assessment
$1,214,300
Improvements Assessment
$3,174,800
Total Assessment
$4,389,100
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