Walgreens
1905 SE. 164th Ave,
Vancouver,
WA
98683
$8,470,000
| Status | Sold |
|---|---|
| Price | $8,470,000 |
| Cap Rate | 5.00% |
| NOI | $423,360 |
| Lease Type | Absolute NNN |
| Lease Term | 13 Years |
| Lease Start | 9/1/2022 |
| Lease Expiration | 8/31/2035 |
| Building Size | 15,120 SF |
| Lot Size | 1.51 AC |
Overview
Walgreens recently signed a 13 year, fee simple absolute NNN lease. There are no landlord obligations under the lease. The lease contains rent increases of five percent (5%) every five years with 12 5-year options.
The property has excellent access and visibility on the signalized hard corner of SE 20th Street (49,690 VPD) and SE 164th Avenue, less than one mile from State Route 14. Walgreens benefits from having a PROVIDENCE Express Care on-site, pylon signage and a drive-thru window.
The area boasts excellent demographics within a 5-mile radius having a population and average household income of 194,979 and $94,961, respectively. The 5-year population is projected to grow by over 6.5%.