STREAM Capital Partners > Properties > All Properties > Walgreens

Walgreens

Net Lease

3221 Bayshore Rd, North Cape May, New Jersey
Ownership Type:
Fee Simple
Price:
$4,184,429
Cap Rate:
7.00%
Current Rent:
$292,910
Tenancy:
Single Tenant
Lease Type:
Triple Net
Landlord Responsibilities:
None
Lease Expiration Date::
Approx. 10 years
Renewal Options:
12, 5-year plus 1, 2-year option
Building Sq. Ft.:
13,199 SF
Rent Increases:
5% Every 5 Years
Site Size:
3.59 Acres

Investment Highlights

  • LONG TERM COMMITMENT: Walgreens executed a brand new 13 Year lease in 2022
  • INCREASES THROUGHOUT LEASE TERM: Lease calls for 5% rental increases every 5 years throughout the base term providing a hedge against inflation.
  • ESTABLISHED CUSTOMER BASE: The subject location has over 25 years of drugstore operating history allowing for an established customer base.
  • MEDICAL FACILITIES NEARBY: 1.5 miles N of Pelican Pointe Nursing Center that offers 24-hr Nursing Care, Rehab Therapy, Post Hospital & Surgical Care.
  • HIGH INCOME MARKET: Excellent Demographics with an Average Household Income over $98,000.
  • WELL SITUATED: Positioned on an oversized hard corner parcel along Bayshore Rd.
  • LIMITED COMPETITION: Only 3 drug stores within a 4-mile radius
Ownership Type:
Fee Simple
Price:
$4,184,429
Cap Rate:
7.00%
Current Rent:
$292,910
Lease Type:
Triple Net
Landlord Responsibilities:
None
Lease Expiration Date::
Approx. 10 years
Renewal Options:
12, 5-year plus 1, 2-year option
Building Sq. Ft.:
13,199 SF
Rent Increases:
5% Every 5 Years
Site Size:
3.59 Acres

Listing Agents

Jordan Koeppel

Senior Vice President
561 789 5504[email protected]

Jordan Shtulman

Managing Principal
847.226.4133[email protected]

Broker of Record: Antonoplos, Michael, Lic. #8132327

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