Walgreens NNN Properties for Sale
Pharma Property Group has exclusively listed three NNN Walgreens for sale on the West Coast and Mountain West totaling $22,611,892 in value with an average lease term of 12 years and all have 10 (five-year) options.
Walgreens NNN property for sale has been around since the 1990’s. Third party build-to-suit developers began working with Walgreens to build out their national footprint and sell the underlying real estate to outside real estate investors. Typically, Walgreens for sale in the ‘90’s were 20-year terms and then eventually moved to 25-year lease terms. The landlords of Walgreens properties vary from institutional REITs to private investors throughout the country.
There are several ways to evaluate Walgreens NNN properties for sale which include lease length, lease option structure, rental increases, tenant credit, and underlying real estate quality.
What Is an NNN Investment?
NNN investments have many different lease types and are in many industries. Some NNN leases that are true absolute net leases have the landlord responsible for nothing whatsoever, and all expenses are paid directly by the tenant. Because the term “NNN leases” is used loosely, some brokers and investors may refer to a lease as NNN, even though the landlord may be responsible for roof, structure, parking lot, and may have to be reimbursed by the tenant for taxes or insurance. Walgreens NNN property for sale is typically absolute net, or the landlord is responsible for the roof, structure, capital improvements to the parking lot, and other minimal property repairs.
Having a real estate broker that has sold numerous Walgreens properties is essential when purchasing a Walgreens investment. Brokers that have experience in selling drugstores — including Walgreens, CVS, and Rite Aid — are able to underwrite these assets properly, allowing an investor to weigh their risk versus return.
Individual drugstore performance, real estate fundamentals, lease renewal likelihood, demographics, and traffic counts are a few considerations, in addition to the lease structures, that real estate brokers familiar with Walgreens properties will be able to analyze correctly for potential investors.
Real estate brokers who specialize in NNN properties typically will also have access to both their own listings and also off-market NNN properties for select investors they work with. It is prudent for any drugstore investor working with an NNN real estate broker for the first time to ask for a list of their personal drugstore transactions and exclusive listings that they have full control over.
A real estate broker who has personally sold and consistently has a number of Walgreens properties exclusively listed will be the most qualified for an investor to work with. Such a broker can also ensure for the investor that any Walgreens NNN property for sale is underwritten correctly and that all risks to the assets are known upfront.
What to Know Before Buying a Walgreens NNN Property
The positives to Walgreens property ownership include a strong corporate lease guarantee; healthy firm lease term before options; minimal landlord responsibilities; and typically good retail corner locations. Walgreens’ thousands of locations across the country demonstrate that they are a safe investment for property owners who want little management work and a secure income.
The barriers to entry to the drugstore sector are much greater in comparison to other retail chains. However, because of Walgreens’ stores unique positioning, they have the ability in the future to continue to make strategic partnerships within the healthcare sector.
With such a large North American footprint, many Walgreens stores are on the market, and investors must treat each location differently when considering a purchase. Not all Walgreens leases are the same and all stores have different sales volumes. As with any real estate investment, owners must also consider when purchasing Walgreens NNN property any prior environmental history, building and roof age, easements, property restrictions, future possible development, and other underwriting factors.
Another benefit to purchasing a Walgreens property is that prior to the development of a Walgreens, the developer or Walgreens typically reviews the parcel for the above considerations. As a result, there may be prior third-party reports on the site, allowing for a more transparent purchase. Additionally, Walgreens has approved and reviewed each store prior to construction for long-term positioning and profitability in the area.
Most Walgreens are located on signalized corners with high traffic counts and good access. Many are also located in surrounding retail corridors that have complementary retail or healthcare tenants that will drive traffic to the Walgreens location. A tenant like Walgreens allows investors many options when financing their investment. Lenders know that Walgreens leases are safe, and rents are predictable because of the chain’s strong financial position. For this reason, investors can achieve some of the best financing available with Walgreens in the NNN property market.
What Are the Differences Among Walgreens Properties?
The main difference between lease types for Walgreens NNN property for sale is that they are not all absolute net. Some leases have the landlord responsible for the roof and structure, while others may have certain expenses such as tax, insurance, landscaping, or other maintenance items paid for by the landlord.
These expenses are sometimes reimbursed by Walgreens but may not be reimbursed, giving landlords additional out-of-pocket expenses that must be considered in their pricing. Walgreens with more management or out-of-pocket expenses will trade at higher CAP rates because there is a smaller buyer pool willing to deal with certain management items.
Walgreens leases will also vary in firm lease term length before the option periods and may have different lease option structures. The longer the guaranteed rent in the firm lease term before the lease renewal options, then the lower the return for an investor. In addition, shorter initial lease terms have fewer financing options available during the purchase and at a possible refinance event once an investor’s loan comes to maturity.
Walgreens locations need to be viewed differently even if they have similar lease terms remaining before the options and similar lease types. Analyzing the lease renewal probability is the most important analysis an investor can do during a purchase of a drugstore. The likelihood of lease renewal of a Walgreens NNN property that’s for sale hinges on many factors. When an investor’s loan comes due, performance of the Walgreens location, surrounding competition, local population, and employment growth are just a few issues that come into play when analyzing if Walgreens plans to renew their lease.
- The only occupied Walgreens or CVS pharmacy for over 26 miles away with operating history of 21+ years.
- Labette Health (1.7 mi) a 99-bed hospital serves as the only major hospital system in Parsons and provides services to the six-county area.
- Absolute NNN lease with zero landlord obligations whatsoever, with 5% rental increases in the first four options.
- Located 1.5 miles from the property, Parsons Research Center is a partnership between Kansas State University and federal, state, and county governments conducting research throughout Kansas.
- Adjacent to the property, Labette Community College enrolls over 1,500 students annually.
- Located on the signalized corner of North Trimble Road and Park Avenue West with a combined traffic count of 32,474 VPD.
- The next closest Walgreens and CVS are more than 32 miles away.
- Located near Mansfield Senior High School, which enrolls approximately 825 students.
- The City of Mansfield is executing a phased streetscape and traffic flow improvement project in the downtown area.
- This is the only Walgreens serving the city of Bryan with the next nearest Walgreens property being approximately 15 miles away.
- The city operates two industrial parks which span a total of 168 acres. There is approximately 2.1 million square feet of manufacturing/industrial space within a 2-mile radius of the property.
- Spangler Candy Company (±500 Employees) and Bard Manufacturing (±200 Employees) have both called Bryan home since the 1900s and have played a significant role in the local economy.
- Walgreens firm lease term runs through July 31, 2032 before their first cancellation option. All building and property expenses are paid directly by Walgreens and there are zero 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.
- According to Placer.ai, the store ranks 1st in most visited Walgreens in a 10 mile radius (amongst 6 other Walgreens locations).
- Less than 1 mile from Acension St. Vincent Hospital (500+ beds) and 3.3 miles from Deaconess Gateway Hospital (250 beds).
- 2M SF of retail within a 1 mile radius and less than 2 miles south of Eastland Mall (1M SF).
- Absolute NNN lease with twelve (5-year) renewal options and 5% rent increases in the first four renewal periods.
- Labcorp patient service center operates within the building, generating additional healthcare-related foot traffic.
- Combined traffic count of approximately 25,426 VPD along South Green River Road and Washington Avenue and is less than a mile from SR 66 with 62,961 VPD.
- Evansville employers include Deaconess Health System, Berry Global Group (Fortune 500), Ascension, Old National Bank, and Toyota Motor Manufacturing Indiana.
- Listed by Brian Brockman, Bang Realty - Inc, 513-898-1551, wg@bangrealty.com, IA DRE Lic. B67571000.
- Across the street from the property, Allen Hospital is a 204-bed hospital serving the greater Cedar Valley market.
- There is over 5.8M sf of industrial space within 3 miles of the property, with a vacancy rate below 1%.
- This Walgreens is the only Walgreens north of Cedar River in Waterloo for over 15 miles.
- The lease calls for a 5% increase in the first four options.
- Close proximity to the John Deere Tractor Major Operations Center & Tyson Foods Fresh Meats processing facility.
- The next closest Walgreens is 13 miles away, while the nearest CVS is 15 miles away.
- The investment allows for a significant portion of the purchase price to be recaptured during the initial lease term.
- Situated on ±99,752 square feet (2.29 Acres) of land along NY Route 5.
- Positioned along the area’s primary commercial and commuter corridor with direct visibility and access.
- 1 mile from Lake Erie and near Evangola State Park.
- The only occupied Walgreens or CVS pharmacy for over 18 miles away with operating history of 18+ years.
- There is more than 1.7 million square feet of industrial space within 2 miles of the property, anchored by TG Kentucky, an automotive supplier, employing over 1,100 local residents.
- Less than 1 mile away, Spring View Hospital, a 75-bed full-service facility, serves as a primary medical provider for Marion County and the surrounding central Kentucky region.
- Morris Packaging has committed $60M to develop a 100K sq ft facility to create nearly 300 jobs. Additionally, EPC-Columbia is expanding its manufacturing operation, adding 40k sf to its existing 240k sf facility.
- The lease is an absolute NNN lease with zero landlord obligations whatsoever with 5% increases in the first four options.
- Lebanon Bypass (KY 2154) is being extended from KY 55 to US 68 east of Lebanon. The extension is part of a broader plan to improve connectivity and reduce congestion in the area.
- Over 12 million square feet of industrial space in a 5-mile radius including major companies like Hyundai and FedEx.
- Opposite corner to CVS and next Walgreens 4.4 miles away making this a strategic location for both Walgreens and CVS.
- There are 844 multifamily units within the immediate 1-mile radius.
- Centrally located between three major interstates that connect Shreveport west to Dallas/Ft. Worth, TX, south to Baton Rouge/New Orleans, LA and west to Jackson, MS.
- Within two blocks of the property are located a high school, junior high and elementary school with a combined 2,481 students.
- Just 3 miles west of Shreveport Regional Airport with 560,000 annual passengers.
- The Property is located in a designated Opportunity Zone.
- 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.
- The property is the only Walgreens property in Van Buren and the only Walgreens north of the Arkansas River for over 7 miles.
- The property is located adjacent to the Interstate 40 and Fayetteville Road interchange, connecting Oklahoma City to the east and Little Rock to the west, with over 60,000 combined vehicles daily.
- Bekaert Corporation (2 miles east) and Simmons Foods, Inc. (2 miles south), both recently committed over $150 million to expand their manufacturing and distribution centers, adding permanent jobs to the market.
- Located 2.5 miles from the property, Baptist Health - Van Buren is the only major hospital in Van Buren with over 100 licensed beds.
- Under market rent with Walgreens paying $13.89 per square foot.
- Walgreens has been operating at this location since 2000 and in 2019 Walgreens restructured and extended its lease. In 2025, Walgreens renewed its next 5 year option as scheduled.
- The lease features 5% rental increases at each 5 year option period beginning in 2030.
- Located approximately 40 miles from Downtown Houston, the Houston MSA is the fifth-most populous metropolitan statistical area in the United States.
- Close proximity to Interstate 45, which connects Galveston to Houston and then to Dallas, with over 60,000 vehicles per day.
- 1.5 miles south of HCA Houston Healthcare Mainland, a 222-bed hospital.
- 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.