Walgreens in TX | 6.5 Yrs | NNN | 6.5 CAP

1305 West University Boulevard, Odessa, TX

$5,230,769

Price

6.5%

Cap Rate

$340,000

NOI

Overview
Cap Rate
6.5%
NOI
$340,000
Building Size
15,120 sqft
Lot Area
66,237 sqft
Occupancy
100%
Lease Type
Absolute Net
Year Built
2001
Price Per Sqft
$345.95
Tenancy
Single
Lease Expire Year
09/23/2026
Description

We are pleased to present for sale the opportunity to acquire the Walgreens property located in Odessa, Texas. This property is available for purchase and operates on an absolute net lease basis with approximately 6.5 years remaining on the lease term and ten (5-year) options to follow with no landlord responsibilities whatsoever. Income guaranteed by Walgreens corporation which has an investment grade credit rating of BBB (S&P) and is a top 20 Fortune 500 company with approximately 9,800 locations. This location has reported sales volumes of over $5,000,000 which is substantially better than the national average for Walgreens and is the only 24-hour Walgreens store and pharmacy in the Odessa market. This store also sells beer and wine and offers vaccinations.

The subject property is an out-parcel to the Westgate Neighborhood Shopping Center (97,000 SF) which also is anchored by McDonalds, Planet Fitness, Dollar General, and Subway. Across the street is an Albertson's grocery store, Pacific Tan, and Jack in the Box. Just over a mile west is a Walmart Supercenter with neighboring national retailers such as HEB, Wells Fargo, CVS, Cricket Wireless, GameStop, Pizza Hut, and Domino's Pizza. The area also includes several financial institutions such as Southwest 66 Credit Union, Frost Bank Financial Center, Members Financial Credit Union, West Texas State Bank, Liberty Mutual and Citibank.

Average household income is $68,549 and population is 122,843 in a five-mile radius. The subject property is located at the signalized corner of University Boulevard and North County Road, the major thoroughfare and retail corridor of Odessa Traffic counts with ±49,418 vehicles per day. It is surrounded by residential communities, industrial areas, and two college campuses.

Highlights
  • STABLE INCOME - Income guaranteed by Walgreens corp., investment grade credit rating of BBB (S&P), top 20 Fortune 500, with ±9,800 locations.
  • ABSOLUTE NET LEASE WITH ±6.5 LEASE TERM REMAINING – ±6.5 years remaining and ten (5-year) options to follow on an absolute net lease.
  • 24-HR STORE WITH EXCEPTIONAL SALES VOLUMES - Reported sales of over $5M and only 24-hour Walgreens store and pharmacy in the Odessa market.
  • OUT-PARCEL TO ±97,000 SF CENTER - Out-parcel to Westgate Shopping Center (97,000 SF) anchored by McDonalds and Planet Fitness.
  • SOLID DEMOS & TRAFFIC OF OVER 49,000 VPD – Avg. HH income is $68,549 and population is 122,843 in a five mile radius.
Documents
Title
Download Marketing Package
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Location
Gallery