Cap Rate: 5.35%
Net Operating Income: $425,000
Square Footage: 13,650
Lot Size: 1.10 AC
The subject property is a 13,650 SF building, leased to Walgreens (WBA) on an absolute NNN lease. The asset is surrounded by major retailers including Safeway, Lowe’s Home Improvement, Marshalls, Target, and and McDonald’s. The original twenty year lease commenced in 1999. It also benefits from its location at a signalized intersection and the site has heavy traffic counts of 16,000 VPD. Given the strength of the store, Walgreens recently extended an additional 15 years with 5% increases every 5 years, showing commitment to the location. The lease calls for zero landlord obligations.
Albany is the county seat of Linn County, and the 11th largest city in the State of Oregon. Albany is located in the Willamette Valley at the confluence of the Calapooia River and the Willamette River in both Linn and Benton counties, just east of Corvallis and south of Salem. It is predominantly a farming and manufacturing city that settlers founded around 1848. As of the 2010 United States Census, the population of Albany was 50,158. Its population was estimated by the Portland Research Center to be 54,453 in 2018.