For Sale
$5,777,778

1520 Piney Forest Rd Danville, VA 24540

High-yield, NNN-leased Walgreens

Property records and analytics

Overview

Added:
Dec 11, 2024
Days on market:
134
This exceptional investment opportunity features a 14,550 square foot Walgreens pharmacy in Danville, Virginia, situated on a 2.15-acre lot. The property boasts a 25-year absolute NNN lease with Walgreens, a credit-rated tenant with a corporate guarantee, commencing September 1, 2012, and expiring August 31, 2037. With 12.8 years remaining on the primary lease term and 8/5-year options, this investment offers significant long-term stability. The property generates a strong NOI of $390,000, resulting in a 6.75% cap rate on the asking price of $5,777,778. Built in 2012, this fee-simple property enjoys a prime location on a high-traffic retail corridor, experiencing over 41,700 vehicles daily, and benefits from high visibility and a convenient drive-thru. The property's 100% occupancy and location in an underserved market with limited pharmacy competition further enhance its investment appeal. This is a 1031 exchange eligible property.

Highlights

  • Walgreens, a publicly traded (NASDAQ) national retailer, occupies the property under a 25-year lease.
  • Investment-grade tenant with a BBB credit rating from Standard & Poor's.
  • High-visibility corner lot with drive-thru, situated on a major Danville thoroughfare.
  • Exceptional daily traffic counts exceeding 41,700 vehicles.
  • Underserved market with minimal drugstore competition.

Property Details for 1520 Piney Forest Rd

Property type
Retail properties, Drug stores
Square Feet
14,550 SF
Year Built
2012
Lot Size (sq. ft)
93,654 SF

Location Insight

City
Danville
County
Danville City
State
Virginia
Latitude
36.6333682
Longitude
-79.392932

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FAQs

What type of property is this?
Retail property - High-yield, NNN-leased Walgreens
Where is the retail property located?
The property is located at 1520 Piney Forest Rd Danville, VA.
What is the asking price?
The asking price for this property is $5,777,778.
What are key features of this property?
This property features: Walgreens, a publicly traded (NASDAQ) national retailer, occupies the property under a 25-year lease.; Investment-grade tenant with a BBB credit rating from Standard & Poor's.; High-visibility corner lot with drive-thru, situated on a major Danville thoroughfare.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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Contacts

Neddy Ziv
Neddy Ziv
Visit Broker Website

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Piney Forest Rd
Danville, VA 24540

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Danville, VA 24540

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We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.

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1520 Piney Forest Rd
  • Neddy Ziv
    Neddy Ziv
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