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Walgreens, Spokane, WA

Walgreens

Spokane, Washington

Price $8,363,000
Cap Rate 5.65%
NOI $472,500
Lease Term 10 Years
Lease Type Net Lease, With Tenant Responsible For Taxes, Insurance, Maintenance, Excluding Roof And Structure And Parking Lot Replacement
Rental Increases Contact For Details
Year Built 2000
Building Size 15,120 SF
Lot Size 1.52 Acres (66,257 SF)
Status Available
Lead Broker Information Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

RECENTLY EXTENDED NET LEASE TO ONE OF THE LARGEST DRUG RETAILING CHAINS IN THE U.S.
» Walgreens Boots Alliance, Inc. (NASDAQ: “WBA”) is rated “BBB/Stable” by Standard & Poor’s and is ranked 16th in the Fortune 500
» Walgreens is the second-largest pharmacy store chain in the United States with over 9,000 retail locations
» Walgreens is proud to be a neighborhood health destination serving approximately eight million customers each day
» Six (6) option periods of five (5) years each
» Property features prescription drive-thru lane, providing additional customer convenience and boosting sales revenue
» Washington is an income tax free state

HARD CORNER LOCATION WITH EXCELLENT VISIBILITY AND MULTIPLE ACCESS POINTS
» Hard corner location on Northwest Boulevard and North Ash Street with excellent visibility and access to 54,400 vehicles per day in front of the site
» Beneficial proximity to Interstate 90 (116,000 AADT) and U.S. Route 2/North Division Street (47,000 AADT)
» High-traffic location surrounded by single/multi-family units and several local and national tenants, including Safeway, Planet Fitness, KFC, Jack in the Box, and more
» 2.5 miles from Downtown Spokane and 12 minutes from Spokane International Airport

CENTRAL LOCATION NEAR SCHOOLS, HOSPITALS, AND COMMUNITY HUBS
» Minutes from Gonzaga University (7,295 students), Spokane Community College (10,375 students), Spokane Falls Community College (5,184 students), and Washington State University – Spokane (1,727 students)
» 2.8 miles from MultiCare Deaconess Hospital (388 beds, 1,604 employees)
» Walking distance to Audubon Elementary (426 students) and less than two miles from Shadle Park High School (1,366 students) and North Central High School (1,521 students)
» 223,133 residents live within a five-mile radius, providing a stable customer base



Property Description

The property is conveniently located on the hard corner of West Northwest Boulevard and North Ash Street, with excellent visibility and access to 56,700 vehicles per day directly in front of the site. The site maintains beneficial proximity to Interstate 90 (116,000 AADT) and U.S. Route 2/North Division Street (47,000 AADT). The property is centrally located in a high-traffic area and surrounded by single and multi-family units. Major tenants near the site include Safeway, Planet Fitness, KFC, Jack in the Box, and more.

The property benefits from its proximity to MultiCare Deaconess Hospital (388 beds, 1,604 employees) and many large schools. The site is within walking distance to Audubon Elementary (426 students) and less than two miles from Shadle Park High School (1,366 students), North Central High School (1,521 students), and many more. The property is less than two miles from Gonzaga University (7,295 students), Spokane’s sixth-largest employer, with more than 1,300 employees. Additionally, the site is centrally located minutes from Spokane Falls Community College (5,184 students), Spokane Community College (10,375 students), and Washington State University – Spokane (1,727 students). The property is 2.5 miles from Downtown Spokane and 12 minutes from Spokane International Airport. 223,133 residents live within a five-mile radius, providing a stable customer base. The average household income is $67,067 within five miles of the site and is projected to increase 14 percent by 2026, posing Walgreens and Spokane for concurrent growth.

Contact Us About This Property

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