1620 Broadway AveTyler, TX 75701

Property Details for 1620 Broadway Ave

Year built

2009

Lot size

2.11 AC

Property size (Sq ft)

15,211 SF

Property type

Retail space

APN

1-50000-0277-06-002000

APU

150000027706002000

Description

This exceptional investment opportunity presents a single-tenant, absolute net lease (NNN) Walgreens property located at 1620 S Broadway Ave, Tyler, TX 75701. The 91,868 square foot building, constructed in 2009, sits on a 2.11-acre lot and boasts 76 parking spaces. The property benefits from a strong location with high visibility on Broadway Avenue, a major thoroughfare with approximately 29,100 average daily traffic (ADT). This is a high-income area, with an average household income of approximately $84,500 within a 1-mile radius, projected to increase to $96,000 by 2029. The property enjoys close proximity to three major medical centers, including Baylor Scott & White Texas Spine & Joint Hospital and UT Health Tyler, creating a dense population base. The lease features a corporate guarantee and has a remaining term of 9 years, with built-in rent increases at the start of each option period. The asking price is $3,703,704, representing a price per square foot of $40.32 and a 6.75% cap rate. The property's Net Operating Income (NOI) is $250,000, and the property is currently 100% occupied. The property is zoned C-1. This is a rare Walgreens NNN ground lease offering a low rent and price point, providing a hedge against inflation.

Location Insight

City

Tyler

County

Smith

State

Texas

Latitude

32.3315

Longitude

-95.3

CBSA code

46340

CBSA name

TYLER, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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