1721 Parks HwyWasilla, AK 99654

Property Details for 1721 Parks Hwy

Year built

2008

Lot size

1.18 AC

Property size (Sq ft)

14,746 SF

Zone code

35

Property type

Retail properties

Property subtype

Other retail properties

APN

6799000T002

APU

6799000T002

Description

This exceptional investment opportunity presents a 14,723-square-foot Walgreens located at 1721 E Parks Hwy, Wasilla, AK 99654. The property boasts a strong 5.70% cap rate and a substantial net operating income (NOI) of $580,000. Secured by a corporate guarantee from NASDAQ WBA, this absolute triple-net (NNN) lease ensures zero landlord responsibilities. The lease commenced on May 31, 2009, with a remaining term of 9.5 years and ten, five-year renewal options, extending to May 30, 2034. This top-performing Walgreens, the #1 store in Alaska (out of 11) according to Placer AI, benefits from a drive-thru, significantly boosting sales. Strategically positioned as an outparcel to a Target and Michaels-anchored shopping center, the property enjoys high visibility at a signalized intersection. The surrounding area features a robust mix of national and local retailers, including Fred Meyer, The Home Depot, Petco, Starbucks, and Raising Cane's. The 1.84-acre lot is the only Walgreens location within a 27-mile radius, further solidifying its market dominance. The asking price is $10,175,439, translating to $691.13 per square foot. This property offers a rare opportunity to acquire a high-performing, low-maintenance asset in a tax-free state with exceptional long-term growth potential.

• CAP approach

  CAP return

  Valuation

  6%

  $5,846,939

  6.5%

  $5,397,174

  7%

  $5,011,662

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,295,622

  Geo Method

  $7,156,258

• Alternative Use

  Use

  Valuation

  Residential

  $4,552,718

  Hospitality

  $4,170,266

  Educational

  $3,469,612

  Medical

  $3,588,937

  Retail

  $5,397,174

Location Insight

City

Wasilla

County

Matanuska-susitna

State

Alaska

Latitude

61.5774

Longitude

-149.407

CBSA code

11260

CBSA name

ANCHORAGE, AK METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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