1199 49 Frontage RdRichland, MS 39218

  • Retail properties
  • 14,560 SF
For Sale
$3,988,000 View listing

Property Details for 1199 49 Frontage Rd

Year built
2005
Lot size
1.31 AC
Property size (Sq ft)
14,560 SF
Property type
Retail properties
Property subtype
Other retail properties

Description

This exceptional investment opportunity presents a 14,560-square-foot Walgreens pharmacy, situated on a 1.31-acre lot in Richland, Mississippi. The property boasts a highly visible location at 1199 U.S. 49 Frontage Rd, benefiting from significant daily traffic volume exceeding 51,000 cars at the intersection of Highway 49 South and Scarbrough Street. This absolute triple-net (NNN) lease with a corporate guarantee from Walgreens offers exceptional security and stability. The lease, originally commencing September 30, 2005, has a remaining term of 5.9 years, with 10 and 5-year renewal options. The property's strong performance is reflected in its current NOI of $339,000, yielding an attractive 8.50% cap rate. The asking price is $3,988,000, translating to $273.90 per square foot. Built in 2005, the property benefits from its location within a thriving retail corridor, surrounded by national brands such as Walmart, Kroger, Burger King, McDonald's, and Tractor Supply Co. Its proximity to Richland High School (800 students) and its location within a 20-minute drive of downtown Jackson and Jackson-Medgar Wiley Evers International Airport further enhance its appeal. The property is situated in a growing trade area within the Jackson MSA, serving a population of 38,740 residents within a 5-mile radius. Walgreens' robust financial performance, with FY 2023 sales increasing by 4.8% to $139.1 billion and Q1 2024 sales up 10% year-over-year to $36.7 billion, underscores the strength and stability of this investment.

1199 49 Frontage Rd, Richland, Mississippi

Location Insight

City
Richland
County
Rankin
State
Mississippi
Latitude
32.2419
Longitude
-90.1653

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
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.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].