Walgreens

Walgreens

211 West College Street
Colquitt, GA

Price: $942,000
Cap: 5.65%
NOI: $53,200
Building Size: 6,732 SF
Lot Size: 0.58 AC

Investment Highlights

ATTRACTIVE LOW RENT & STRONG SALES
• The current rent being paid at this location is $55,500 which is below market and equates to a low price point.
• 2020 Sales at this Location were over $4.4M which is a 32% increase from the 2019 sales of $3.33M. This equates to a very healthy rent to sales ratio of 1.2%.

NO DRUG STORE COMPETITION
• There are no other national pharmacies in the city of Colquitt.
• The nearest Walgreens is 14 miles South of this location.
• The nearest CVS is over 20 miles away from this location.

STRATEGICALLY LOCATED NEAR HOSPITAL
• This Walgreens is strategically located in the center of downtown Colquitt and less than a mile from the Miller County hospital which has been in operation since 1957.
• Surrounding national retailers include Dollar General, Hardee’s, NAPA Auto Parts, BP, Family Dollar, Shell and others.
• Colquitt is located approximately 90 miles South of Columbus, 44 miles Southwest of Albany, and 57 miles Northwest of Tallahassee, FL.
• Colquitt is the county seat for Miller County and this Walgreens is situated within a five-mile radius of several government buildings.

WALGREENS EXTENDED THE LEASE IN 2019
• The subject property is a 6,732 SF Walgreens that sits on 0.58 acres in Colquitt, GA.
• This has been a drug store location for over 20 years and Walgreens exercised a 5-year option early in 2019 demonstrating their commitment to the location.
• There are approximately 6 years remaining on the current lease term with an additional 5 year option period.
• Walgreens is responsible for taxes and CAM while the Landlord is responsible for insurance, roof and structure. The insurance cost has already been taken out of the NOI.

INVESTMENT GRADE TENANT
• Walgreens Boots Alliance is the largest retail pharmacy, health and daily living destination across the U.S. and Europe with 9,277 stores in all 50 states.
• Walgreens is publicly traded (WBA: NYSE) with a net worth in excess of $110 billion.
• Both Walgreen Co. and Walgreens Boots Alliance, Inc. are investment-grade rated each with a Standard & Poor’s rating of BBB.

Don McMinn
OFFERING MEMORANDUM

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