For Sale
$3,920,000

2840 Alexandria PikeHighland Heights, KY 41076

Kentucky Pharmacy, Strong NOI, 9+ Years Remaining

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a fee-simple ownership of a Walgreens pharmacy located at 2840 Alexandria Pike, Highland Heights, Kentucky, 41076. The property boasts 13,905 square feet on a 1.66-acre lot and is currently 100% occupied under a corporate-guaranteed, Net Net (NN) lease with Walgreens. The lease commenced December 6, 1997, and has a remaining term of approximately 9.1 years, expiring December 31, 2033. The current annual net operating income (NOI) is $245,000, representing a 6.25% cap rate on the asking price of $3,920,000. Built in 1997, this single-tenant property benefits from a strong tenant with a proven track record. The lease includes scheduled rent increases of 10% in options, providing future income growth potential. The property's strategic location and the presence of a Kroger Express within the Walgreens further enhance its appeal and foot traffic. This is a rare opportunity to acquire a stable, high-performing retail investment with significant remaining lease term and a strong corporate guarantee. The property is offered as a fee-simple ownership, minimizing landlord responsibilities under the NN lease structure.

Highlights

  • Fee-simple ownership of a Walgreens pharmacy in Highland Heights, KY, on a 1.66-acre lot totaling 13,905 square feet.
  • Corporate-guaranteed Net Net (NN) lease with Walgreens, providing minimal landlord responsibilities.
  • Strong tenant with a proven track record; lease expires December 31, 2033, with approximately 9.1 years remaining.

Property Details for 2840 Alexandria Pike

Property type
Retail properties, Drug stores
Square Feet
13,905 SF
Year Built
1997
Lot Size (sq. ft)
72,310 SF

Location Insight

City
Highland Heights
County
Campbell
State
Kentucky
Latitude
39.0315042
Longitude
-84.4529172
2840 Alexandria Pike, Highland Heights, Kentucky

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2840 Alexandria Pike
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