Walgreens Strong Sales 1810 West Tyler Avenue, Harlingen, TX Cap Rate 6.29% Harlingen (McAllen, Texas, US ) Built

$5,190,000 USD
DOLLARS

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  • Type: Commercial
  • Style: Commercial
  • Size: 14,820 sq. ft.
  • Development Level: Built
  • Lot Size: 69827 sq. ft.
  • Year Built: 2007

Description

Walgreens Strong Sales 1810 West Tyler Avenue, Harlingen, TX Cap Rate 6.29%

DESCRIPTION
We are pleased to present for sale the opportunity to acquire the Walgreens property located in Harlingen, Texas. This property is available for purchase and operates on an absolute net lease basis with ±12 years remaining on the lease term and 50 years in options to follow and no landlord responsibilities whatsoever. Income guaranteed by Walgreens corporation which has an investment grade credit rating of BBB (S&P) and is a Fortune 500 company with approximately 9,500 locations. This location is reporting strong sales well above the national average for Walgreens drugstores.

Purchase is subject to buyer assuming the current interest only loan with a balance of $3,250,000 and a monthly debt service of $13,290. Cash required for down payment is $1,973,999 and annual cash flow after debt service is $167,019 for a cash on cash return of 8.46%. Loan is non-recourse and there is a 1 percent assumption fee paid by buyer. Loan due date is 1/25/2028.

The subject property is located in the main retail corridor of Harlingen and is located a half mile from the Valley Vista Mall. There are ±2.9 Million square feet of retail space within a 1-mile radius. There are multiple ingress and egress access points to the subject property from the North off of West Harrison Avenue (±44,455 Vehicles Per Day) and from the South off of Tyler Avenue (±14,333 Vehicles Per Day). Harlingen is located in the Rio Grande Valley approximately 13 miles from the Mexican border and the Free Trade Bridge, which has a full U.S. Customs inspection facility and accommodates up to 75 commercial trucks simultaneously at this border crossing.

Cap Rate 6.29%
NOI $326,499
Building Size 14,820 sqft
Lot Area 69,827 sqft
Occupancy 100%
Lease TypeAbsolute Net
Year Built 2007
Price Per Sqft $350.20 USD

Price: $5,190,000 USD

HIGHLIGHTS

• STABLE INCOME - Income guaranteed by Walgreens corp., investment grade credit rating of BBB (S&P), top 20 Fortune 500, with ±9,500 locations.
• ABSOLUTE NET LEASE - Drive-thru pharmacy with ±12 years of primary lease term remaining on an absolute net lease and 50 years in options.
• STRONG REPORTED SALES - This location is reporting strong sales well above the national average for Walgreens drugstores.
• ASSUMABLE INTEREST ONLY FINANCING CASH ON CASH RETURN 8.46% - ASSUMABLE INTEREST ONLY FINANCING CASH ON CASH RETURN 8.46% - Subject to buyer assuming the
current interest only loan, $1.9M downpayment.
• 2.9 MILLION SF OF RETAIL SPACE WITHIN A 1-MILE RADIUS - Located in the main retail corridor a half mile from the Valley Vista Mall.
• MULTIPLE ACCESS POINTS TO ±58,788 VPD - There are multiple ingress and egress access points to a total of ±58,788 vehicles per day.
• 13 MILES TO MEXICAN BORDER - Harlingen is located in the Rio Grande Valley approximately 13 miles from the Mexican border and the Free Trade Bridge.

Attachments

P2#436022522
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Information is deemed to be correct but not guaranteed.