Mauldin, SC - Walgreens

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Walgreens investment property located in Mauldin, South Carolina. The tenant, Walgreen Co., has over 9 years remaining on their original lease with 9 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years 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 Walgreens is located at the signalized, hard corner intersection of W. Butler Rd and N Main St, combining to average over 55,000 vehicles passing by daily. N Main St is a major retail thoroughfare serving the city of Mauldin. The Walgreens is an outparcel to Miracle Hill Center, a shopping center anchored by Ingles Market, and has other national/credit tenants, including an Ace Hardware, Take 5 Oil Change, First Citizen Bank, Wendy’s, Jiffy Lube, McDonald’s, and More. The asset is located across from Mauldin Square a 100,000+ square foot Publix anchored shopping center with many national/credit tenant pads, including a Chick-fil-A, Chipotle, Spinx Gas, and a Starbucks. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Dollar General, Best Buy, CVS, Whataburger, Little Caesars, Popeyes, Long John Silvers, Tractor Supply, and more, further increasing consumer traffic to the site. The subject property benefits from limited competition, serving as the only Walgreens location in Mauldin, SC. The 5-mile trade area is supported by a population of over 135,603 and 72,209 employees with an average household income of $108,095.

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