Walgreens| Strong Store Sales | NNN Lease

Walgreens| Strong Store Sales | NNN Lease

2100 East Ridge Rd
Rochester, NY

Price: $5,823,000
Cap: 6.75%
NOI: $393,000
Building Size: 14,805
Lot Size: 1.43 AC

Investment Highlights

1 MILE FROM ROCHESTER GENERAL HOSPITAL (528 BEDS)
• Rochester General Hospital is only 1 mile from this Walgreens and has 528 Beds with 745 employees.
• Other nearby hospitals include Rochester Regional Health, Unity Specialty Hospital, Rochester General Health and more.
 
DENSE RETAIL CORRIDOR | 3.5M SF OF RETAIL IN 1 MILE RADIUS
• Located in a dense retail corridor with 3.5M SF of retail in a 1 mile radius with national tenants including Target, The Home Depot, Walmart and more.
• The subject property is directly across the street from a 192,287 SF Marshalls Anchored Shopping Center.
 
SUPERIOR DEMOS (5 MILE: 265,690) & TRAFFIC COUNTS ( 30,124 VPD)
• This Walgreens is located in a dense residential area with 265,690 people in a 5 mile radius. • Positioned at the signalized intersection of Hwy 241 & Culver Rd with a combined 30,124 VPD.
 
ROCHESTER | 4TH MOST POPULOUS CITY IN NY
• Rochester is the 4th most populous city and 10th most populous municipality in NY with an MSA population of 1.09 million.
• Rochester is home to a number of Fortune 1000 and international businesses, including Paychex (Fortune #662), as well as several national and regional companies, such as Carestream Health.
• Tech Valley, the technologically recognized area of eastern New York, has spawned a western offshoot into the Rochester and Finger Lakes areas.
• Home to multiple colleges and universities including the University of Rochester (12,197 Students) and Rochester Institute of Technology (2,515 Students).
 
7.5 YEAR CORPORATE NNN LEASE
• This is a 14,805 SF Walgreens with a drive thru that has been operating at this location since 2006.
• The subject property has a corporate guaranteed NNN Lease with Walgreens that commenced in May 2006 and expires in May 2031.
• Tenant has options to terminate the lease every 5 years beginning on May 31, 2031 with 6 months notice.
• The Tenant is 100% responsible for all expenses including taxes, insurance, CAM, roof and structure.
 
WALGREENS OPERATES 9,000+ LOCATIONS IN ALL 50 STATES
• Walgreens has over 9,000 retail pharmacies across the US with 78% of the US population living with 5 miles of a Walgreens.
• Employs more than 85,000 healthcare service providers, including pharmacy technicians, nurse practitioners and other health professionals.
• In 2021, Walgreens Co. purchased the majority of VillageMD and in the beginning of 2023 VillageMD closed on its acquisition of Summit Health.
• This acquisition creates one of the largest independent provider groups in the country operating more than 680 provider locations in 26 markets with 20,000 employees.
• Walgreens Co. plans to open 600 more VillageMD locations at existing Walgreens in more than 30 markets by 2025 and 1,000 by 2027.
Don McMinn
OFFERING MEMORANDUM

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