Cap Rate: 6.75%
Net Operating Income: $217,800
Square Footage: 14,735
Lot Size: 1.70 AC
Year Built: 2003
The subject property is a 14,735 square foot Walgreens Pharmacy located in Henderson, NC. The lease is corporately guaranteed by Walgreen’s Corporate Entity and there are over 7 years remaining on the initial 20 year term. Rent increases 10% every ten years and the tenant has eight, 5-year options to renew. The asset is well situated near major national retailers including Walmart Supercenter, Lowe’s Home Improvement, ALDI, Chick-fil-A, Ruby Tuesday’s and many others.
Located 40 minutes north of the capital city of Raleigh, Henderson, North Carolina is a rural town rich with history. The first settlers’ residence was built in what is now Henderson in 1785 by Samuel Reavis, Sr. Reavis called his farm “Lonesome Valley” which likely described the area at that time. Reavis’ son, Lewis Reavis, opened a store close to the stagecoach road in 1811 where he began to see an influx of settlers and the awakening of a city.
Though Henderson has historically relied heavily on the tobacco, cotton and textile industries for jobs and economic growth, in recent years the retail market has been one of its major growth sectors. With its centralized location along Interstate 85 and U.S. 1, outstanding water supply, mild climate, excellent medical, recreational and educational facilities and stable work force, Henderson continues to be an attractive location to businesses, developers and individuals alike.