- Can be purchased free and clear or as debt assumption.
- This store reports strong sales and recently added clinic services in 2021.
- Located near Memorial Hermann hospital with 400 licensed beds.
- On the signalized corner with a combined traffic count of ±68,692 vehicles per day.
- Thirteen miles SE of Downtown Houston, infill location with ±142,000 residents within a 3-mile radius.
Pharma Property Group is pleased to present the opportunity to purchase a drugstore in Houston, Texas. Income guaranteed by Walgreens Corporation with over 9,200 locations. Walgreens has approximately 7.5 years remaining with seven (5-year) options to renew. The Landlord responsibilities include roof and structure. This Walgreens location reports strong sales and has a liquor department that sells beer and wine. Walgreens recently added Village Medical, an in-store clinic that offers full-service primary care practices with on-site physicians. This property is one of only ±80 currently operating Village Medical + Walgreens sites across the country. The addition of the clinic speaks to the strength of this location. The subject property will be delivered free and clear of debt at closing.
The subject property can be delivered free and clear of debt at closing or has the option to assume the existing attractive below market financing. Current debt is set to mature in April of 2025 and has a current balance of approximately $3,425,925 at a 4.45% interest rate. Current monthly debt service is $20,148.75 and cash flow after debt service is $6,517.92 monthly or $78,215.04 annually. The loan is non-recourse and there is a 1% assumption fee payable by the Buyer.
There is a CVS located directly across the street south of the subject property making this a strategic location for both drugstores. The property is located at the signalized corner of Hammerly Boulevard (±26,065 vpd) and Blalock Road (±42,627 vpd) with a combined traffic count of ±68,692 vehicles per day. The store lies 2.5 miles north of Interstate 10 that has traffic counts of ±291,556 vehicles per day within the direct area. There are ±142,000 residents within three miles of the subject property. Downtown Houston is thirteen miles southeast of this Walgreens location and it is the most populous city in the state of Texas, the sixth-most populous in North America and home to over 2.3 million residents.
Memorial Hermann Hospital is only three miles south of the subject property, neighbored by the administrative headquarters. Memorial Hermann Health System is the largest not-for-profit health system in southeast Texas and serves the Greater Houston area. The health system includes 6,100 physicians and 29,000 employees throughout seventeen hospitals, eight Cancer Centers and various specialty centers. Located two miles north of the subject property is an H.E.B. Distribution Center that includes approximately 1.3 million square feet of industrial space. H.E.B. is a supermarket chain with over 340 stores in Texas and in Northeast Mexico.