256 Pleasant StMethuen, MA 01844

Property Details for 256 Pleasant St

Year built

2005

Construction

CONCRETE

Lot size

2.85 AC

Property size (Sq ft)

13,520 SF

Zone code

BL

Property type

Retail space

APN

METH M:00812 B:00059 L:00100

APU

METHM00812B00059L00100

Description

This exceptional investment opportunity presents a 13,227 square foot Walgreens pharmacy located at 256 Pleasant St, Methuen, MA 01844. Boasting a strong 8.03% cap rate, this property offers a secure, passive income stream with a NNN lease structure, eliminating landlord responsibilities. The lease, corporately guaranteed by Walgreens (NASDAQ: WBA), features a remaining term of approximately 3.9 years and includes rare 10% rent bumps, providing a hedge against inflation. Built in 2005, this single-tenant property sits on a 2.73-acre lot with 57 parking spaces and benefits from a high-traffic location between I-93 and Pleasant St (combined ~76,000 vehicles per day). The property enjoys a prime location near Holy Family Hospital (1.5 miles), Methuen High School (2 miles), and a dense population with high household incomes (over $132,000 within a 1-mile radius). The area also shows strong retail synergy with nearby national tenants such as Target, Home Depot, Chick-fil-A, and Raising Cane's. Methuen's robust development pipeline, including approximately 35 approved projects, further enhances the long-term value of this asset. The lease commenced May 15, 2008, and expires May 31, 2028, providing a clear investment horizon. This is a rare opportunity to acquire a high-performing, passively managed retail investment with significant upside potential. The property is zoned BH and has a 100% occupancy rate.

• CAP approach

  CAP return

  Valuation

  6%

  $3,285,832

  6.5%

  $3,033,076

  7%

  $2,816,428

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,451,638

  Geo Method

  $4,451,638

• Alternative Use

  Use

  Valuation

  Residential

  $2,558,513

  Hospitality

  $2,343,584

  Educational

  $1,949,834

  Medical

  $2,016,892

  Retail

  $3,033,076

Location Insight

City

Methuen

County

Essex

State

Massachusetts

Latitude

42.7413

Longitude

-71.1694

CBSA code

14460

CBSA name

BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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