7994 HwyMillington, TN 38053

Property Details for 7994 Hwy

Year built

2003

Lot size

1.81 AC

Property size (Sq ft)

14,560 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a fee-simple, 14,560-square-foot Walgreens located at 7994 U.S. Hwy 51, Millington, Tennessee 38053. The property boasts a Class A, absolute triple-net (NNN) lease with Walgreens, an investment-grade tenant, ensuring zero landlord responsibilities. The current lease, commencing March 1, 2005, and expiring February 28, 2030, has a remaining term of approximately 5.3 years, with ten 5-year renewal options. The property sits on a 1.81-acre lot and was built in 2003. The annual net operating income (NOI) is $282,700, representing an 8.00% cap rate on the asking price of $3,534,000 ($242.72 per square foot). Walgreens reports strong annual sales exceeding $3,000,000, resulting in a favorable rent-to-sales ratio. The property benefits from its strategic location at a hard-corner signalized intersection along US Hwy 51, a prime retail area, and its proximity to a Kroger-anchored shopping center attracting over 1.7 million annual visitors. This location ranks in the top 24% nationally and top 29% in Tennessee for Walgreens performance. The property is situated in Shelby County, Tennessee, an income tax-free state, near the Naval Support Activity Mid-South Base and surrounded by over $300 million in new development projects. This is a 1031 exchange eligible property.

Location Insight

City

Millington

County

Shelby

State

Tennessee

Latitude

35.3445

Longitude

-89.9059

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