Walgreens, Cleveland OH

5090 Turney Road, Cleveland, Ohio



Price : $4,800,000
Cap Rate : 8.0%
NOI : $384,000
Price Per SF : $376.77
Building Size : 14,560 Sq Ft
Lot Size (AC) : 0.76
Year Built : 2004
Lease Type : Absolute NNN
Lease Expiration : July 21, 2029
Renewal Options : 10, 5-Year
Rental Increases : Flat
Occupancy : 100%
Status : Available
Property Type : Retail
Sold : No

Investment Highlights

Net Bond Lease | Zero Landlord Responsibilities
Prototypical Free Standing Building with Drive Thru
Essential Pharmacy Business | Covid Resistant Tenant
Over 9 Years Remaining on Original 25 Year Lease Term
Affluent Cleveland Suburb | Household Income over $80,000
Preferred Walgreen's Lease Structure with (10) 5-Year Options
Corporate Backed Guarantee | Walgreens Boots Alliance S&P "BBB" Rating
Surrounded by Dense Residental & Retail with Access to I-480 Interchange
Located on Main Throughfare Less than 1 Mile from Cleveland Clinic Marymount
Signalized Hard Corner Location | Excellent Visability | 3 Ingress/Egress Points
Strong Demographics | 3-mile Population Over 100,000 Residents | 5 Mile Population Exceeds 200,000


Walgreens is located at the signalized, hard corner intersection of Turney Rd and McCracken, averaging a combined 27,700 vehicles passing by daily. The asset benefits from nearby on/off ramp access to Interstate 480 (148,900 VPD), the primary commuter thoroughfare traveling throughout Garfield Heights. In addition, the subject property is within close proximity to a variety of national/ credit tenants including The Home Depot, Rite Aid, Aldi, SaveA-Lot, Giant Eagle, Planet Fitness, Family Dollar, Dollar Tree, and more, increasing consumer draw to the immediate trade area. Moreover, Walgreens is located just 1 mile west of Cleveland Clinic – Marymount Hospital, a 315-registered bed acute care hospital, serving communities in southern and southeastern Cuyahoga County.  The 26-acre hospital campus includes a medical office building, a behavioral health center, the Critical Care Tower, and a state-of-the-art Surgery Center. The property is surrounded by several housing communities including The Village at Marymount, Saxony (202 units), Ridgeview (113 units), and Granger Court (65 units), providing the pharmacy with a direct residential consumer base from which to draw. The 5-mile trade area is supported by nearly 207,000 residents and 133,500 daytime employees with an average household income of $60,000.

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