Price: $3,666,000
Cap Rate: 5.50%
Net Operating Income: $201,624
Square Footage: 13,865
Lot Size: 1.83 AC
This is a Walgreens in Richmond, Virginia. The subject property is ±13,865 square feet and sits on ±1.83 acres of land. Walgreens is subject to a net lease with minimal landlord obligations.
Walgreens is situated just off the I-95, which sees over ±127,076 vehicles per day. The surrounding area has a population of over ±239,000 within a 5-mile radius and more than ±102,270 households within a 5-mile radius. This Walgreens location is less than 10-miles north of Downtown Richmond in the middle of numerous large residential areas including single-family homes, apartment complexes and retirement communities. It is less than a 5-minute drive from multiple schools and is walking distance from Westminster Canterbury Retirement Community (home to ±900 residents). This retirement community located just west of Walgreens recently purchased 9 acres and has started expansion and renovations. Nearby area generators include the Brookhill Azalea Shopping Center, Lewis Ginter Botanical Garden, Maymont Nature Center, Science Museum of Virginia, Children’s Museum of Richmond and Richmond Raceway.
Richmond is the capital city of the Commonwealth of Virginia in the United States. It is the center of the Richmond Metropolitan Statistical Area (MSA) and the Greater Richmond Region. Richmond was incorporated in 1742 and has been an independent city since 1871. As of the 2010 census, the city’s population was 204,214; in 2020, the population had grown to 226,610, making Richmond the fourth-most populous city in Virginia. The Richmond Metropolitan Area has a population of 1,260,029, the third-most populous metro in the state.