Investment Highlights
- Part of a 4-Property Pharmacy Portfolio – All Locations Also Available Separately (see OM for pricing)
- Long-Term Tenant, In Place for Approximately 24 Years
- Tenant Exercised First Option to Extend Lease for Five Years
- Roof was Replaced in August 2016 and Has a Warranty With 14 Years Remaining
- Three, Five-Year Tenant Renewal Options Remain With 2.5 Percent Rent Increases
- Average Household Income in Three Miles of the Property is $83,086, and $101,472 in Five Miles
- Population Over 180,000 Within Five Miles
- Excellent Access and Visibility to More Than 59,0000 Vehicles Daily at Intersections of Staples Mill Road & Hungary Road, and Staples Mill Road & Hungary Spring Road
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a Walgreens Pharmacy located in Richmond, VA. This Tenant has been in place for approximately 24 years, and they exercised the first option to extend the lease for five years. The lease offers three additional five-year tenant renewal options with 2.5 percent rent increases in each. Tenant replaced the roof in August of 2016 and has a warranty with 14 years remaining.
This Walgreens is part of a 4-property pharmacy portfolio. All locations are available separately as well. OM provides pricing for all locations. Contact listing agents for more information.
The Subject Property is located at the intersection of Staples Mill Road, Hungary Road, and Hungary Spring Road with excellent access and visibility to more than 59,0000 vehicles daily. The surrounding area has excellent demographics, with the population over 180,000 within five miles of the Property. The average household income in three miles is $83,086, and $101,472 in five miles.
Located in Richmond, the Capital city of Virginia, this is one of the largest and fastest growing cities in the state. The Walgreens is one mile from Hermitage High School which serves 1,672 students, and one mile from Parham Doctors’ Hospital, a 200-bed facility serving central Virginia. There is academic prominence in the Richmond metro, with the Subject Property less than three miles from Reynolds Community College which serves more than 11,000 students across three campuses and has 961 employees.
Broker of Record
Brian Hosey
Lic #: 0225247494
