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5% Incrs Every 5 Yrs | Replaceable Rents 3515 Park Ave 15,435 SF Retail Building Memphis, TN 38111 $3,704,400 ($240/SF) 7% Cap Rate
Investment Highlights
- Walgreens will be paying $16.80/sf in rent after the next increase, which is in line with the local retail market of $16-18/sf.
- The property is located a half mile from the University of Memphis main campus, with over 24,000 full-time students and faculty.
- The property has 8.5 million square feet of existing retail space within a 3-mile radius.
- According to Placer.AI, the property ranks in the top 25% of Walgreens nationwide.
- The FedEx World Hub is the largest sorting facility in the FedEx global network and employs 30k people locally, revenues exceeding $45 billion.
- Located 5.5 miles from Downtown Memphis, the property has 101,000 households within 5 miles, with a population exceeding 245,000.
Executive Summary
We are pleased to market for sale the Walgreens property located at 3515 Park Ave, Memphis, TN 38111 ("The Property"). Walgreens has been operating at this location for 23 years and has 9 years remaining on its lease. The lease offers 5% rental increases every 5 years, and in each of the 12 5-year options. Walgreens will be paying $16.80/sf in rent after the next increase, which is in line with the local retail market of $16-18/sf. Walgreens operates on an absolute triple net lease, which provides for no landlord obligations whatsoever.
According to Placer.AI, the property ranks in the top 25% of Walgreens nationwide. Strategically located 0.5 miles from the University of Memphis, the property benefits from close proximity to the university with over 24,000 students and faculty, generating steady traffic and pharmacy demand. Situated 5.5 miles from Downtown Memphis, the Property benefits from its close proximity to the city’s core and supports 101,000 households and a total population of over 245,000 within a 5-mile radius.
In addition, the property is located 2.5 miles from the FedEx World Hub, the largest sorting facility in FedEx’s global network, employing over 30,000 people locally and generating annual revenues exceeding $45 billion. Positioned within a dense retail corridor, the Property is surrounded by over 8.6 million square feet of existing retail space within a 3-mile radius, with a vacancy rate under 4%.
Listed in conjunction with Brian Brockman, Bang Realty - Tennessee Inc, 513-898-1551, wg@bangrealty.com, TN DRE Lic. 343847.
According to Placer.AI, the property ranks in the top 25% of Walgreens nationwide. Strategically located 0.5 miles from the University of Memphis, the property benefits from close proximity to the university with over 24,000 students and faculty, generating steady traffic and pharmacy demand. Situated 5.5 miles from Downtown Memphis, the Property benefits from its close proximity to the city’s core and supports 101,000 households and a total population of over 245,000 within a 5-mile radius.
In addition, the property is located 2.5 miles from the FedEx World Hub, the largest sorting facility in FedEx’s global network, employing over 30,000 people locally and generating annual revenues exceeding $45 billion. Positioned within a dense retail corridor, the Property is surrounded by over 8.6 million square feet of existing retail space within a 3-mile radius, with a vacancy rate under 4%.
Listed in conjunction with Brian Brockman, Bang Realty - Tennessee Inc, 513-898-1551, wg@bangrealty.com, TN DRE Lic. 343847.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
15,435 SF
Building Class
B
Year Built/Renovated
2003/2008
Price
$3,704,400
Price Per SF
$240
Cap Rate
7%
NOI
$259,308
Tenancy
Single
Building Height
1 Story
Building FAR
0.20
Lot Size
1.79 AC
Zoning
C-L
Parking
70 Spaces (4.54 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Banking
- Bus Line
- Pylon Sign
- Signage
- Drive Thru
Walk Score®
Very Walkable (77)
Nearby Major Retailers
Property Taxes
| Parcel Number | 05-8047-0-0034C | Improvements Assessment | $773,000 |
| Land Assessment | $152,680 | Total Assessment | $925,680 |
Property Taxes
Parcel Number
05-8047-0-0034C
Land Assessment
$152,680
Improvements Assessment
$773,000
Total Assessment
$925,680
(619) 297-0055
x302
Contacts
-
Jason Pongsrikul -
Chris Barry -
Tommy Darcey -
Pharma Property Group- Drugstore Specialists
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5% Incrs Every 5 Yrs | Replaceable Rents | 3515 Park Ave
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