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Walgreens 4420 N Ocoee St 14,550 SF Retail Building Cleveland, TN 37312 $4,215,000 ($289.69/SF) 7.25% Cap Rate
Investment Highlights
- Walgreens Corporate Guarantee | Long Term Absolute NNN Lease
- Rare Rental Increases in Initial Term & Option Periods | 5% Every Five-Years
- Fee Simple Allowing for Depreciation
- More than 9+ Years Remaining | Recently Executed Lease Demonstrating Strong Site Commitment
- Hard Signalized Corner Location with Great Visibility | Visible to over 37,115 Vehicles/Day
- 35 Miles from Downtown Chattanooga | Tennessee Is a No Income Tax State
Executive Summary
Marcus & Millichap is pleased to present for sale this Absolute Net Leased Walgreens located at 4420 Ocoee Street North in Cleveland, Tennessee, positioned within the greater Cleveland–Bradley County trade area. The subject property consists of a 14,550 square foot free-standing building with a drive-thru pharmacy, and is situated on a
large 2.98-acre parcel of land.
The property is strategically located along Lee Highway (U.S. Highway 11), the area’s primary commercial corridor and a major thoroughfare serving the region. This
location provides excellent visibility, strong traffic counts, and convenient access to surrounding residential neighborhoods. The site is well positioned within Cleveland’s dominant retail corridor, which is home to a wide array of national and regional retailers, including Five Guys, Olive Garden, McDonald’s, Taco Bell, Chick-fil-A, Logan’s Roadhouse, Arby’s, Tractor Supply, Walmart Supercenter, Lowe’s, Hobby Lobby, and numerous others.
In addition, the property benefits from close proximity to a strong medical hub. It is located near Life Care Center of Cleveland, a skilled nursing and rehabilitation facility, and is less than two miles from Bradley Medical Center (Vitruvian Health), a full-service regional hospital offering acute care, emergency services, and a broad range of specialty services. This medical concentration further reinforces the strength, stability, and long term durability of the location. Cleveland is part of the broader Chattanooga metropolitan region, a growing and economically diverse market benefiting from steady population growth, expanding employment, and ongoing commercial development. The area is supported by a strong mix of healthcare, manufacturing, logistics, and retail employment, providing a stable foundation for long-term consumer demand. These market fundamentals, combined with Walgreens’ absolute net lease structure and corporate guarantee, position the asset as a compelling long-term investment with durable cash flow and minimal landlord responsibility.
Walgreens recently executed a brand new 13 Year Absolute Net-Lease with increases in both the initial term and option periods. The initial term runs through August 31st,
2035 and has twelve five-year options to extend.
large 2.98-acre parcel of land.
The property is strategically located along Lee Highway (U.S. Highway 11), the area’s primary commercial corridor and a major thoroughfare serving the region. This
location provides excellent visibility, strong traffic counts, and convenient access to surrounding residential neighborhoods. The site is well positioned within Cleveland’s dominant retail corridor, which is home to a wide array of national and regional retailers, including Five Guys, Olive Garden, McDonald’s, Taco Bell, Chick-fil-A, Logan’s Roadhouse, Arby’s, Tractor Supply, Walmart Supercenter, Lowe’s, Hobby Lobby, and numerous others.
In addition, the property benefits from close proximity to a strong medical hub. It is located near Life Care Center of Cleveland, a skilled nursing and rehabilitation facility, and is less than two miles from Bradley Medical Center (Vitruvian Health), a full-service regional hospital offering acute care, emergency services, and a broad range of specialty services. This medical concentration further reinforces the strength, stability, and long term durability of the location. Cleveland is part of the broader Chattanooga metropolitan region, a growing and economically diverse market benefiting from steady population growth, expanding employment, and ongoing commercial development. The area is supported by a strong mix of healthcare, manufacturing, logistics, and retail employment, providing a stable foundation for long-term consumer demand. These market fundamentals, combined with Walgreens’ absolute net lease structure and corporate guarantee, position the asset as a compelling long-term investment with durable cash flow and minimal landlord responsibility.
Walgreens recently executed a brand new 13 Year Absolute Net-Lease with increases in both the initial term and option periods. The initial term runs through August 31st,
2035 and has twelve five-year options to extend.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,550 SF
Building Class
C
Year Built/Renovated
1995/2008
Price
$4,215,000
Price Per SF
$289.69
Cap Rate
7.25%
NOI
$305,550
Tenancy
Single
Building Height
1 Story
Building FAR
0.11
Lot Size
2.98 AC
Zoning
PI
Parking
40 Spaces (2.75 Spaces per 1,000 SF Leased)
Frontage
250’ on Ocoee St
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- -
- -
- -
Walgreens Boots Alliance traces its roots to Walgreens, founded in Chicago in 1901, and later grew through the combination with Alliance Boots into a broader healthcare, pharmacy, and retail business. The company describes itself as an integrated healthcare, pharmacy, and retail leader serving millions of customers and patients every day. Its business spans retail pharmacy, prescription services, health and wellness products, and related healthcare offerings, reflecting a focus on community-based care and access to medicines and services.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Retailer | - | - | - |
Fairly walkable
50/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 042B-C-002.00 | Improvements Assessment | $452,400 |
| Land Assessment | $574,480 | Total Assessment | $1,026,880 |
Property Taxes
Parcel Number
042B-C-002.00
Land Assessment
$574,480
Improvements Assessment
$452,400
Total Assessment
$1,026,880
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Walgreens | 4420 N Ocoee St
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