Drugstore For Sale
Drugstores for sale within the net leased real estate sector can have a variety of lease terms and lease types depending on when the initial lease term commenced and if the building is occupied by Walgreens or CVS.
Most drugstores for sale that were built in the early 2000’s or 1990’s have initial 20 year leases with 40 years in options to follow. Many drugstores for sale in the mid 2000’s and after will have initial 25 year leases with 50 years in options. Most of these option periods are 5 year renewal options and occasionally Walgreens will have one year renewal options.
The majority of drugstores for sale also do not have rental increases in the primary lease term and only CVS or Rite Aid have rental increases in the option periods. Due to the lack of rental increases drugstores for sale usually have a higher initial asking CAP rate versus other comparable credit quality that may have increases every 5 years during the lease term.
Some drugstores for sale are absolute triple net with zero landlord responsibilities where all expenses are paid directly by the tenant. Other drugstores for sale may have a double net lease where landlord is responsible for capital improvements to the parking lot, roof and exterior building.
It’s important that buyers of drugstore investments work with a seasoned net leased broker who has experience in sourcing and closing drugstore property for sale. Pharma Property Group (PPG) specializes in providing commercial real estate services to landlords who own properties occupied by Walgreens, CVS and Rite Aid. Pharma Property Group is one of the top brokerage firms in the country in drugstore property closing volume and has an unparalleled drugstore marketing platform providing access to the largest pool of drugstore landlords in the nation.
- Walgreens signed a new 15-year lease in 2021 with 5% increases every 5 years, showing their commitment to the long term viability of the location.
- Located less than 3 miles from Lenoir-Rhyne University (2,230 Students | 127 Faculty).
- Hamptons of Hickory, a 340 home housing project and Walnut Reserve are currently under construction and are located within 3 miles from the property.
- Frontage on Springs Road NE (31.5K VPD) and 24th Street NE (14.5K VPD).
- Located within one-hour of Downtown Charlotte via US‑321/I‑40, giving residents and employers direct access to a major metro.
- The average household income is $108,000 within 3 miles of the property.
- Walgreens exercised their first 5-Year option in 2021, showing their long-term commitment to the location.
- Walgreens operates under an NNN lease with zero landlord responsibilities.
- Located less than 8 miles from Downtown Dallas, the property has 116,000 residents within a 3-mile radius.
- There are over 36 million square feet of industrial space within 3 miles, supported by the Miller Business Park and the Shiloh Industrial Area, making this area a vital trade area for the Dallas market.
- Walgreens has a 24+ year operating history at this location.
- Located with frontage on East Northwest Highway, the property has a traffic count of 35,000 VPD. The property is located less than a mile from I-635 with traffic counts of 165,000 VPD.
- The lease is on an absolute net basis with 3.75 years of primary lease term remaining, ten (5-year) options and no landlord responsibilities whatsoever.
- This Walgreens is located directly across the street from CVS, making this a strategic location for both CVS and Walgreens. These are the only two national brand drugstores in Crawfordsville.
- The property is located in the heart of Crawfordsville at the main intersecting roads in the city, North Washington Street and West Market Street with a combined traffic count of approximately 30,000 vehicles per day.
- Two miles south of Franciscan Health Crawfordsville (103 beds) and Wellbrooke Senior Living.
- Located less than 2 miles east of major university's 358-acre Maryland Campus, home to more than 33,000 students and 3,000 faculty and staff.
- Positioned on Flamingo Road, which serves as a major east to west connector to major tourism hub with a combined traffic count of over 47,000 VPD.
- Walgreens has operated at this site since 1996, with five years remaining on the current lease term.
- Located within 3 miles of major airport, which serves more than 55 million passengers annually and is a key gateway to the tourism and business markets.
- Walgreens operates on an absolute net lease with no landlord responsibilities whatsoever.
- In January 2026, the City of Shawnee approved renovations to the Westbrooke Green Shopping Center, which the property is an outparcel to. The anchor tenant has been signed and opened July 2026.
- Adjacent to 'The Chadwick', a recently constructed multifamily complex bringing 345 units to the market at a 96% occupancy rate.
- 1.5 miles east of the property, Advent Health Shawnee Mission is a 504-bed hospital complex that underwent a $35 million expansion in 2017.
- Located less than one mile south, the Pine Ridge Business Park is a 232-acre campus that has over 5.9 million square feet of industrial and manufacturing space.
- Situated 13 miles from downtown Kansas City, the property has over 213,000 residents within 5 miles, supporting an average household income of $105,506.
- Walgreens is currently paying $19 per square foot, which is in line with current market retail rents of $19-21 per square foot.
- Walgreens benefits from dense infill demographics with 48,000 households and 117,000 residents in a 3-mile radius.
- The property is positioned within a well established multifamily corridor, in proximity to 4,100+ existing multifamily units within a 1-mile radius.
- In 2025, Walgreens waived their next option period extending the lease to March 31, 2032.
- Walgreens has operated at this location roughly 30 years since the store opening in 1996.
- Located 3 miles east of University of Colorado Colorado Springs, one of four campuses that make up the University of Colorado system with 11,300 students and 800 faculty.
- Walgreens has operated at this site since 1996, with five years remaining on the current lease term.
- Walgreens benefits from dense infill demographics with over 71,299 households and 196,470 residents in a 3-mile radius.
- Located on the northeast corner of West Lake Mead Boulevard and North Jones Boulevard with a combined traffic count of ±48,700 vehicles per day. Within one mile of Interstate 11 with ±174,000 vehicles per day.
- Replaceable rent levels with Walgreens paying $17.04 in rent, which is under market rents of $25/sf.
- Over 5.1 million square feet of existing retail space within a 2 mile radius of the property.
- Walgreens will be paying $16.80/sf in rent after the next increase, which is in line with the local retail market of $16-18/sf.
- A nearby Walgreens located 2.3 miles away is scheduled to close on July 21, 2026, with prescription counts being transferred to this location.
- According to Placer.AI, the property ranks in the top 25% of Walgreens nationwide.
- The property is located a half mile from the University of Memphis main campus, with over 24,000 full-time students and faculty.
- The property has 8.5 million square feet of existing retail space within a 3-mile radius.
- Located 5.5 miles from Downtown Memphis, the property has 101,000 households within 5 miles, with a population exceeding 245,000.
- Walgreens recently extended their lease in 2023 to a firm 12 years of lease term, showing their commitment to this location.
- Frontage on SW Moreland School Road (9,320 VPD) and MO-7 (25,384 VPD).
- Located in a affluent Kansas City suburb, the average household income in a 1-mile radius is over $106,000.
- Located 3 miles to the north, St. Mary’s Medical center is a 137-bed acute care facility which has served the community for over 40 years.
- This Walgreens is located across from a CVS making this a strategic market share corner for the two largest national drugstore chains.
- Located approximately 12 miles south of downtown Cincinnati within the Cincinnati MSA, providing access to a large employment base.
- Located approximately 1.2 miles from St. Elizabeth Florence Hospital, a 180-bed regional medical campus providing emergency, outpatient, and pediatric services including the Children’s Pavilion, supporting consistent pharmacy utilization.
- Positioned along US-25 with connectivity to Interstate 71/75 and within close proximity to Cincinnati/Northern Kentucky International Airport, a major regional logistics and passenger hub.
- Located approximately 1.5 to 2 miles from a primary Northern Kentucky retail corridor along Mall Road and Houston Road, anchored by Walmart, Target, The Home Depot, Meijer, Sam’s Club, Lowe’s, Kohl’s, ALDI, and Gabe’s.
- Walgreens operated on an absolute net lease with no landlord responsibilities whatsoever.
- Walgreens is currently paying $16.02/psf, which is in line with current market retail rents of $16-18/psf.
- Open until midnight, capturing extended‑hour foot traffic which contributes to its ranking as the 3rd most‑visited national drugstore chain within a 10‑mile radius (316K annual visits per Placer.aI).
- In 2025, Walgreens waived its 2028 and 2033 termination options, extending the lease expiration to August 31, 2038.
- Rapid residential expansion with 1,900+ new homes planned or underway within 3 miles, supported by ~4.5% annual population growth since 2020—outpacing Ocala—and driven by proximity to The Villages (20 minutes south), a master‑planned retirement community with 140K residents.
- Located 2.5 SE of the property, a proposal for a major big‑box retailer, a gas station, and roughly 22,500 square feet of additional retail and restaurant space is underway. The development will create 400 jobs.
- 0.5 miles from 234-bed Mercy Health Springfield Regional Medical Center.
- Within 2 miles of Wittenberg University (1,254 students) and Springfield High School (1,602 students).
- Fountain Village, a 16-acre housing development which includes 54 single-family homes, and 109 townhomes.
- Located at North Limestone St (±19K VPD) & (±12K VPD) McCreight Ave, a key north–south arterial with direct connectivity to I-70, Springfield’s main interstate access.
- Springfield employment grew 2.3% (Feb 2020–Mar 2024), led by major employers Mercy Health (4,060), Navistar (4,556), and Clark State College.
- Springfield GDP up 6.1% YoY with growth in healthcare, advanced manufacturing, and air mobility.
- Walgreens is paying $12.22/SF which is significantly lower than the national average.
- Walgreens signed a 10-year lease extension in 2019 demonstrating their long-term commitment to the site.
- Located 2 miles East, Prospect Village is a new $375 million mixed-use project featuring retail, multi-family, hospitality, and sports complexes which will support the growth of the area.
- Freeman Hospital West (339 Beds), Freeman Hospital East (72 Beds), Landmark Hospital (28 Beds) and Mercy Hospital Joplin (191 Beds) are all located in a 3 Mile Radius of the Property.
- Located on the intersection of South Main Street and East 20th Street with over 27,000 VPD.
- Walgreens is paying $12.22/SF which is significantly lower than the national average.
- Walgreens signed a 10-year lease extension in 2019 demonstrating their long-term commitment to the site.
- Located 2 miles East, Prospect Village is a new $375 million mixed-use project featuring retail, multi-family, hospitality, and sports complexes which will support the growth of the area.
- Freeman Hospital West (339 Beds), Freeman Hospital East (72 Beds), Landmark Hospital (28 Beds) and Mercy Hospital Joplin (191 Beds) are all located in a 3 Mile Radius of the Property.
- Located on the intersection of South Main Street and East 20th Street with over 27,000 VPD.
Recently Sold Drugstores
- Located less than 0.2 of a mile from Russell Medical, a not-for-profit acute care hospital.
- Only national chain drugstore in Alexander City, next nearest Walgreens or CVS over 13 miles away.
- 14+ years of term remaining on an absolute net lease with eleven 5-year options to extend.
- Approx. 13 yrs. of term remaining before 10 (5-year) options, double net lease, landlord responsible for parking only.
- The lease allows for five percent (5%) rental increases in each of the ten (five-year) options.
- The lease structure for this asset does not include a rent holiday.
- Subject property is located in a two-mile radius of three different hospitals.
- Located in a retail hub with approximately 1.8 million square feet of retail space.
- 50 miles north of Tampa along at the central coast Gulf of Mexico.
- Five mile radius population is 82,480 and household income is $60.598.
- One of only ±400 Walgreens locations with an in-store healthcare clinic.
- Directly across the street from CVS making this a strategic location for both Walgreens and CVS.
- Surrounded by residential neighborhoods and located at Exit 246 of Interstate 10 ±12 miles northwest of downtown Tucson. Average household income is $90,069 in a three-mile radius and $83,659 in a five-mile radius and 281,588 in a ten-mile radius.
- High traffic count of 63,111 cars per day and located 3 miles from Highway 99 with approximately 137,000 cars per day.
- Wells Fargo subleases a portion of the space on an absolute net lease basis for an opportunity of supplemental income.
- Average HH income in a 1-mile radius is $79,529, in a 3-mile radius it is $83,335 and $77,942 in a 5-mile radius with a population of 251,698 in a five-mile radius.
- Located blocks from the Medical District of Memphis with four major hospitals totaling approximately 6.5 million square feet of medical space within a three mile radius.
- Located 2.5 miles outside of downtown Memphis and is part of the Memphis MSA with a population of over 1,340,000 residents.
- Across the street from a Kroger shopping center and near I-69 with traffic counts of over 124,706 VPD.
- Affluent infill location 19 mi. from downtown Chicago, avg. HH income is $112,272 and 260,961 residents in a 5-mi radius.
- Recently extended lease, total of 20 yrs. remaining before the 8 (5-year) options, NNN, 2.5% increases in the options.
- Located 1.4 mi. from Advocate Good Samaritan Hospital with 333 beds and over 3,600 doctors and staff on the signalized SEC of Roosevelt Rd. & S. Westmore Meyers Rd. with a combined traffic count of ±66,355 VPD.
- Located blocks from the Medical District of Memphis with four major hospitals totaling approximately 6.5 million square feet of medical space within a three mile radius.
- Located 2.5 miles outside of downtown Memphis and is part of the Memphis MSA with a population of over 1,340,000 residents.
- Across the street from a Kroger shopping center and near I-69 with traffic counts of over 124,706 VPD.
- High traffic count of 63,111 cars per day and located 3 miles from Highway 99 with approximately 137,000 cars per day.
- Wells Fargo subleases a portion of the space on an absolute net lease basis for an opportunity of supplemental income.
- Average HH income in a 1-mile radius is $79,529, in a 3-mile radius it is $83,335 and $77,942 in a 5-mile radius with a population of 251,698 in a five-mile radius.
- One of only ±400 Walgreens locations with an in-store healthcare clinic.
- Directly across the street from CVS making this a strategic location for both Walgreens and CVS.
- Surrounded by residential neighborhoods and located at Exit 246 of Interstate 10 ±12 miles northwest of downtown Tucson. Average household income is $90,069 in a three-mile radius and $83,659 in a five-mile radius and 281,588 in a ten-mile radius.
- Subject property is located in a two-mile radius of three different hospitals.
- Located in a retail hub with approximately 1.8 million square feet of retail space.
- 50 miles north of Tampa along at the central coast Gulf of Mexico.
- Five mile radius population is 82,480 and household income is $60.598.
- Approx. 13 yrs. of term remaining before 10 (5-year) options, double net lease, landlord responsible for parking only.
- The lease allows for five percent (5%) rental increases in each of the ten (five-year) options.
- The lease structure for this asset does not include a rent holiday.
- Located less than 0.2 of a mile from Russell Medical, a not-for-profit acute care hospital.
- Only national chain drugstore in Alexander City, next nearest Walgreens or CVS over 13 miles away.
- 14+ years of term remaining on an absolute net lease with eleven 5-year options to extend.