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"Dark" Walgreens 504 Kings Hwy 13,965 SF Retail Building Cherry Hill, NJ 08034 For Sale
Investment Highlights
- Absolute NNN structure with zero landlord obligations, providing a fully passive investment.
- Current NOI of $489,000 under a long-term lease structure.
- Strong surrounding demographics and proximity to Philadelphia support long-term value.
- Corporate-guaranteed lease with Walgreens through July 2035, ensuring income security.
- Located on N. Kings Highway within a vibrant retail corridor in Cherry Hill, NJ.
- Built in 2010 with a prominent, well-maintained building footprint.
Executive Summary
This single-tenant asset presents investors with a long-term, secure income opportunity, anchored by a corporate-guaranteed lease with Walgreens. The property encompasses approximately 13,965 square feet, including a mezzanine, and operates under an absolute NNN lease structure. With zero landlord responsibilities, this offering is uniquely positioned for investors seeking a stable, passive investment vehicle.
The lease extends through July 2035, with nine years of term remaining and rent guaranteed by Walgreens Corporate. Current net operating income is $489,000 NNN, offering reliable, predictable cash flow backed by one of the nation’s leading pharmacy chains. The property sits at a highly visible and easily accessible location along N. Kings Highway (NJ Route 41), a major commercial corridor in Cherry Hill, NJ. Surrounding the property is a dense residential population combined with strong retail synergy from adjacent shopping centers and national brands, contributing to steady customer traffic and long-term viability.
The lease extends through July 2035, with nine years of term remaining and rent guaranteed by Walgreens Corporate. Current net operating income is $489,000 NNN, offering reliable, predictable cash flow backed by one of the nation’s leading pharmacy chains. The property sits at a highly visible and easily accessible location along N. Kings Highway (NJ Route 41), a major commercial corridor in Cherry Hill, NJ. Surrounding the property is a dense residential population combined with strong retail synergy from adjacent shopping centers and national brands, contributing to steady customer traffic and long-term viability.
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Sale Leaseback
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,965 SF
Building Class
A
Year Built
2010
NOI
$489,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.25
Lot Size
1.30 AC
Zoning
O1, Cherry Hill Twp - intended for the use or occupancy of both professional and general business offices
Parking
61 Spaces (3.65 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Pylon Sign
- Signage
- Drive Thru
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 09-00286-18-00013 | Improvements Assessment | $1,825,900 |
| Land Assessment | $520,000 | Total Assessment | $2,280,900 |
Property Taxes
Parcel Number
09-00286-18-00013
Land Assessment
$520,000
Improvements Assessment
$1,825,900
Total Assessment
$2,280,900
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"Dark" Walgreens | 504 Kings Hwy