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8.50 Cap Tax Free State Walgreens 4210 N Roan St 14,820 SF Retail Building Johnson City, TN 37601 $4,023,529 ($271.49/SF) 8.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Absolute NNN Lease: With 8.5 years of firm lease term remaining under an absolute NNN lease structure, this property provides a reliable income stream
- Strategic Positioning in a Growing Market: Located in a key retail development zone along the I-26 corridor.
- Tennessee Tax Advantage: Located in a state with no income tax.
- Prime Location in a Thriving Trade Area: Situated at the signalized hard corner of N. Roan Street and Carroll Creek Road.
- Long-Term Stability: With 8.5 years of firm lease term remaining.
- Strong Demographics and Economic Growth: Positioned within a 3-mile radius of 23,951 residents and a 10-mile radius of 164,610.
EXECUTIVE SUMMARY
Situated on a signalized hard corner at the intersection of N. Roan Street and Carroll Creek Road, this 14,820 SF single-tenant retail building commands a strategic presence in North Johnson City’s bustling retail corridor. The surrounding area is a vibrant hub of activity, featuring major retailers such as Food City, Dollar General, Hardee’s, O’Reilly Auto Parts, and McDonald’s, ensuring consistent consumer traffic and long term viability.
The property sits on a generous 2.04-acre lot, offering a modern design with a convenient drive-thru and 55 parking spaces (3.73/1,000 SF ratio). Built in 2008, this Class B asset boasts 161 feet of frontage along Carroll Creek Road, enhancing accessibility and visibility. The absolute NNN lease structure, with zero landlord responsibilities, delivers a hands-off investment with an annual rent of $342,000, providing stability and ease of ownership.
Located in a state with no income tax, this opportunity is further enhanced by Tennessee’s favorable tax climate. With its proximity to major retail centers like Walmart, Target, and Johnson City Crossings, and supported by a growing population and a robust local economy driven by East Tennessee State University and the “Med-Tech” corridor, this property is poised to remain a cornerstone of the community for years to come.
PROPERTY FACTS
AMENITIES
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
-
- Retailer
- -
- -
- -
Walgreens, founded by Charles Rudolph Walgreen in 1901 in Chicago, is a major U.S. pharmacy and retail chain operating under the publicly traded parent, Walgreens Boots Alliance (NASDAQ: WBA). Headquartered in Deerfield, Illinois, it provides prescription services, health and wellness products, photo services, and expanded healthcare offerings including immunizations and diagnostic screenings. As of late 2025, the company operated thousands of retail locations across the United States and Puerto Rico, serving roughly 78% of Americans within five miles of a store. Walgreens maintains omnichannel operations—blending in-store, online, drive-thru, and home delivery services—and has strategic healthcare partnerships, notably with VillageMD. Under the direction of new CEO Mike Motz, following the August 2025 purchase by Sycamore Partners, Walgreens continues to emphasize core pharmacy execution, digital innovation, and integrated care solutions.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
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Retailer | - | - | - |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 029F-C-041.00 | Improvements Assessment | $516,400 |
| Land Assessment | $249,880 | Total Assessment | $766,280 |
PROPERTY TAXES
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8.50 Cap Tax Free State Walgreens | 4210 N Roan St
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