For Sale
$4,100,000

1235 State St Hurricane, UT 84737

High-yield, stabilized Walgreens property

Overview

Added:
Dec 11, 2024
Days on market:
135
This exceptional investment opportunity features a 14,820-square-foot Walgreens located at 1235 W State St, Hurricane, UT 84737. The property sits on a 1.55-acre lot and boasts a 7.54% cap rate with a Net Operating Income (NOI) of $309,000. The asking price is $4,100,000, translating to a price per square foot of $276.65. Built in 2008, this single-tenant property benefits from a corporate-guaranteed Absolute NNN lease with Walgreens, minimizing landlord responsibilities. The lease commenced October 1, 2008, and has a remaining term of approximately 8.9 years, extending to September 30, 2033, with fifty one-year renewal options. The property enjoys 100% occupancy and is situated in a high-growth area, experiencing significant population increases and high traffic volume on State Street, a major thoroughfare serving both residents and tourists visiting nearby Zion National Park. This presents a stable, passive income stream with significant long-term potential. The property requires no management, offering a truly hands-off investment opportunity. All expenses are covered by the tenant. This is a rare chance to acquire a well-positioned, high-performing retail asset in a rapidly expanding market.

Highlights

  • 14,820 SF Walgreens on a 1.55-acre lot in Hurricane, UT.
  • 7.54% cap rate, $309,000 NOI, $4,100,000 asking price ($276.65/SF).
  • Absolute NNN lease with Walgreens, minimal landlord responsibilities.
  • Approximately 8.9 years remaining on lease (expires 9/30/2033), with 51 one-year renewal options.
  • High-growth area with high traffic counts on State Street, near Zion National Park.

Property Details for 1235 State St

Property type
Retail properties, Drug stores
Square Feet
14,820 SF
Year Built
2008
Lot Size (sq. ft)
67,518 SF

Location Insight

City
Hurricane
County
Washington
State
Utah
Latitude
37.1759226
Longitude
-113.3109432

FAQs

What type of property is this?
Retail property - High-yield, stabilized Walgreens property
Where is the retail property located?
The property is located at 1235 State St Hurricane, UT.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: 14,820 SF Walgreens on a 1.55-acre lot in Hurricane, UT.; 7.54% cap rate, $309,000 NOI, $4,100,000 asking price ($276.65/SF).; Absolute NNN lease with Walgreens, minimal landlord responsibilities.
How can I contact the broker?
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1235 State St
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