Overview

Description

SRS National Net Lease Group in collaboration with NAI United is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, investment grade (S&P: BBB), freestanding, Walgreens investment property located in Des Moines, Iowa. The tenant has operated at the location for over 25 years serving as a pillar in the community and recently exercised its second of 7 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor. The offering only includes Parcels 090/07970-001-000 and 090/07943-001-000 which equals 0.46 acres. The adjacent parcel number 090/07967-000-000 is owned by a private individual and parcel number 090/07969-000-000 is owned by Walgreens.

The Walgreens is located near the signalized, hard corner intersection of Ingersoll Ave and 35th St with a combined (20,000 VPD). Ingersoll Ave is a major retail thoroughfare serving the city of Des Moines. The asset benefits from being located directly across 35th St to the Price Chopper grocery store, both locations draw customers from the adjacent residential communities, schools, and array of apartment buildings, condominiums, and multifamily properties within the immediate vicinity. The community consists of a population of 225,404 residents within a five mile radius 214,979 of which being employees. The average household income in the same five mile radius is $85,666.

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