For Sale
$5,500,000

2421 Lebanon PikeNashville, TN 37214

High-performing Walgreens, strong tenant, excellent location.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 14,490-square-foot Walgreens located at 2421 Lebanon Pike in Nashville, Tennessee, 37214. The property boasts a fee-simple ownership structure with an absolute triple-net (NNN) lease, eliminating all landlord responsibilities and allowing for depreciation benefits. The lease, with Walgreens Boots Alliance as the corporate guarantor, has a remaining term of 4.8 years, with ten 5-year renewal options. The lease commenced August 1, 2004, and is set to expire August 31, 2029. The property features a 100% occupancy rate, generating a net operating income (NOI) of $380,600, resulting in a 6.92% cap rate. The asking price is $5,500,000, translating to a price per square foot of $379.57. Built in 2004, this strategically located retail property sits on a 1.69-acre lot and includes 77 parking spaces and a drive-thru. The property benefits from its position on a hard corner at a signalized intersection of Lebanon Pike (AADT: 36,473) and McGavock Pike (AADT: 10,335), within a high-performing retail corridor boasting notable nearby tenants such as Publix, Kroger, McDonald's, Starbucks, and more. The dense demographics, with over 140,000 full-time residents in the immediate trade area, contribute to the property's consistent performance. Tennessee's status as an income tax-free state and its rapid growth further enhance the investment appeal. The property's "daily needs" nature, as a pharmacy, provides resilience against economic downturns. The location is also less than 10 minutes from Nashville International Airport.

Highlights

  • High-traffic retail corridor with dense population (140,000+ residents).
  • Hard corner location at signalized intersection of Lebanon Pike (AADT 36,473) and McGavock Pike (AADT 10,335).
  • Strong co-tenancy including Publix, Kroger, and other national brands.
  • Essential retail location, pandemic and recession-resistant due to pharmacy presence.
  • Fee simple ownership with depreciation benefits.
  • Absolute NNN lease; zero landlord responsibilities.

Property Details for 2421 Lebanon Pike

Property type
Retail properties, Retail space
Square Feet
14,490 SF
Year Built
2004
Lot Size (sq. ft)
73,616 SF

Location Insight

City
Nashville
County
Davidson
State
Tennessee
Latitude
36.1686666
Longitude
-86.680532
2421 Lebanon Pike, Nashville, Tennessee

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2421 Lebanon Pike
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