For Sale
$4,190,400

1602 ExpresswayGriffin, GA 30223

High-yield Walgreens, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 14,725-square-foot Walgreens pharmacy located at 1602 N Expy, Griffin, GA 30223. The property sits on a 1.94-acre lot and boasts a 100% occupancy rate with a strong, creditworthy tenant. The Walgreens lease features an absolute NNN structure with 13.6 years remaining, providing significant long-term stability and minimal landlord responsibilities. Rent increases of 5% are built into the lease every five years, ensuring consistent growth in rental income. The property's strategic location benefits from high visibility on North Expressway and McIntosh Road, experiencing over 49,300 vehicles per day. Its proximity to major retailers, educational institutions (including Southern Crescent Technical College and the University of Georgia Griffin Campus), and Wellstar Spalding Medical Center further enhances its value. The property's NOI is $261,900, resulting in a 6.25% cap rate. The asking price is $4,190,400, translating to $284.58 per square foot. The lease includes twelve 5-year renewal options, providing substantial long-term income potential. Built in 2007, this asset offers a compelling investment opportunity for those seeking a stable, high-performing retail property with a proven track record. The property is ranked in the 81st percentile of Walgreens stores in Georgia, and is adjacent to highly-ranked shopping centers. This presents a passive income opportunity with exceptional real estate fundamentals.

Highlights

  • Absolute NNN lease with 13.6 years remaining, minimal landlord responsibilities.
  • 5% rent increases every 5 years, including options.
  • Top-performing Walgreens; 81st percentile in Georgia (Placer.ai).
  • High visibility: 49,300 vehicles per day on Martin Luther King Blvd and McIntosh Rd.
  • Excellent location near high-performing shopping centers (Griffin Crossing, North Griffin Square).
  • Large 1.94-acre lot, 35 miles south of Atlanta.

Property Details for 1602 Expressway

Property type
Retail properties, Drug stores
Square Feet
14,725 SF
Year Built
2007
Lot Size (sq. ft)
84,506 SF

Location Insight

City
Griffin
County
Spalding
State
Georgia
Latitude
33.274680917662
Longitude
-84.290374267488
1602 Expressway, Griffin, Georgia

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1602 Expressway
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