Newberg, OR - Walgreens

1840 Portland Rd, Newberg, OR

For Sale

Retail

$4,562,000

Price

Overview

Cap Rate

NOI

$273,729

Building Size

14,418 sqft

Offered by

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NNN leased, Walgreens investment property located in Newberg, OR. The tenant, Walgreen Co., has 8 years remaining in their initial lease term with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features variable rental increases every 5 years throughout the initial term and at the beginning of each option period. The lease is NNN with landlord responsibilities limited to roof, structure, and utility systems, making it an ideal, low management investment opportunity for a passive investor.

Walgreens is located between two signalized, hard corner intersections along State Highway 219 / E. 1st Street and Portland Road, two arterial thoroughfares traveling through Newberg averaging 78,800 combined vehicles passing by daily. The site benefits from multiple points of ingress/egress from 3 directions, with superior consumer exposure via large pylon sign along Portland Road. The building is complete with a drive-thru pharmacy, providing ease and convenience to consumers. Walgreens is also positioned directly across from Grocery Outlet, a dominant regional grocer chain along the West Coast, significantly increasing consumer draw. Grocery Outlet stores do not include pharmacy branches, promoting crossover shopping to the subject property. Other nearby national/credit tenants within the Portland Road retail corridor include Safeway, Fred Meyer, Ace Hardware, AutoZone, Domino’s, and more, further increasing consumer draw to the immediate trade area. The 5-mile trade area is supported by more than 38,000 residents and 15,000 employees with an affluent average household income of $112,333.

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