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$100k Co-Broke Fee: NNN Walgreens 5917 High St 14,490 SF Retail Building Portsmouth, VA 23703 $3,672,000 ($253.42/SF) 10% Cap Rate

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Investment Highlights

Absolute Net Lease - zero landlord responsibilities
Walgreens will add 6 years of firm term for ~300k
Preferred 5-year option structure

Strong store sales over $2.9M
15 miles from Norfolk International Airport
Full Walgreens corporate guaranty

Executive Summary

This is an excellent opportunity for an investor to acquire a freestanding NNN Walgreens in the historic city of Portsmouth, VA, just 15 miles from Norfolk International Airport. Walgreens has operated at this location since 2004, and recently extended the lease, demonstrating their commitment to the location and the strength of the store (reported store sales figures are over $2.9M). The prototypical Walgreens, with drive-thru, is situated at the signalized corner of High Street W (Hwy 17) and Tyre Neck Rd. with neighboring retailers including: AutoZone, Starbucks, Aldi, Great Clips, Hardee’s and many more.

Loopnet WAG - Portsmouth, VA_OM 5 Year

Property Facts

Sale Type

Investment NNN

Property Type

Retail

Property Subtype

Drug Store

Building Size

14,490 SF

Building Class

Year Built

2004

Price

$3,672,000

Price Per SF

$253.42

Cap Rate

10%

NOI

$367,200

Tenancy

Single

Building Height

1 Story

Building FAR

0.19

Lot Size

1.76 AC

Zoning

GMU

Parking

53 Spaces (4.11 Spaces per 1,000 SF Leased)

Bus Line

Pylon Sign

Major Tenants

Retailer
-
-
Triple Net
Aug 2079

Walgreens is a major U.S. pharmacy and retail chain founded in 1901 in Chicago, Illinois. The company operates thousands of locations across the United States, providing prescription medications, over-the-counter drugs, health and wellness products, and convenience items. Walgreens also offers services such as immunizations, health screenings, and photo processing. The company has expanded its healthcare offerings through partnerships and in-store clinics, aiming to integrate pharmacy services with broader health solutions. Walgreens is part of Walgreens Boots Alliance, a global pharmacy-led health and wellbeing enterprise.