For Sale
$2,150,405

1401 Chapin RdChapin, SC 29036

High-yield pharmacy, Chapin, SC

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 10,752 square-foot Walgreens pharmacy located at 1401 Chapin Rd, Chapin, SC 29036. The property sits on a 2.08-acre lot and boasts a strong 7.65% cap rate, generating a net operating income (NOI) of $164,505. The current lease, with Walgreens as the tenant, commenced May 3, 1996, and expires May 31, 2034, leaving approximately 9.5 years remaining on the primary term. Two 5-year renewal options exist, each with a 3% rent increase. The building, constructed in 1997 and featuring a new roof installed in 2024, benefits from a drive-through pharmacy and a low rent compared to other national pharmacy chains. Its prime location along US Highway 76 (Chapin Road), experiencing over 13,400 vehicles per day, ensures high visibility and accessibility. The surrounding area is affluent, with 37,835 people within a 7-mile radius boasting an average household income of $137,073. Strong neighboring tenants include Publix, Food Lion, Lowe's Foods, and several other national retailers. The property's proximity to Chapin High School (over 1,500 students) further enhances its desirability. The asking price is $2,150,405, translating to $200 per square foot. This is a rare opportunity to acquire a stable, high-performing net-leased property in a thriving South Carolina market.

Highlights

  • Columbia, SC MSA location, ranked #72 nationally by population.
  • New roof (2024).
  • Walgreens lease extended.
  • 10-year lease term remaining.
  • Below-market rent for national pharmacy.
  • Lease includes rental escalations.

Property Details for 1401 Chapin Rd

Property type
Retail properties, Drug stores
Square Feet
10,752 SF
Year Built
1997
Lot Size (sq. ft)
90,605 SF

Location Insight

City
Chapin
County
Lexington
State
South Carolina
Latitude
34.1667511
Longitude
-81.3563981
1401 Chapin Rd, Chapin, South Carolina

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1401 Chapin Rd
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