Walgreens Absolute NNN Drug
For Sale
Contact for pricing
1006 Monroe St, Carthage, NC 28327
Pharmacy property leased under an Absolute NNN structure with HC zoning.
Property Size11,368 SF
Lot Size1.23 Acres
Price / SF$263.90
Days on Market157
Property Features for 1006 Monroe St
General Information
Standard status
Active
Size
11,368 SF
Class
A
Total Parking Spaces
52
Lot size
1.23 Acres
Property subtype
Retail
Zoning
HC
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Institutional
Net Operating Income
$210,000
Additional Details
Corner Location
Yes
Building Details
Year Built
2005
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
C.F. Smith Property Group
(910) 997-2544
Listed By:
Steve Trythall · License #312506
Source:
Crexi
Added: Mar 27
Changed: Aug 30
Last Checked: Aug 30 at 4:43AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of C.F. Smith Property Group
Investment Insights
Based on property information with market context.
This 11,368-square-foot drug store was built in 2005 and is occupied by Walgreens under an Absolute NNN lease. The lease structure places landlord responsibilities at zero, and the property carries HC zoning.
The store is positioned at 1006 Monroe Street in Carthage, North Carolina, on a 1.23-acre parcel. Carthage is the Moore County seat, and the surrounding area includes more than 40 golf courses within a 35-minute drive. Since September 2025, more than 280 single-family building permits have been issued within a 15-minute drive of the property.
The store is positioned at 1006 Monroe Street in Carthage, North Carolina, on a 1.23-acre parcel. Carthage is the Moore County seat, and the surrounding area includes more than 40 golf courses within a 35-minute drive. Since September 2025, more than 280 single-family building permits have been issued within a 15-minute drive of the property.
Key Highlights
- 11,368 SF Walgreens drug store built in 2005
- Absolute NNN lease with zero landlord responsibilities
- 1.23‑acre property at 1006 Monroe Street, Carthage, NC
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$151,630
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,032,600
$3.0M
Cap Rate 7%
$2,166,143
$2.2M
Cap Rate 9%
$1,684,778
$1.7M
Market Conditions
NOI Build-Up for 11,368 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$215.5K $18.96/SF
− Vacancy
−$13.4K −$1.18/SF
EGI
$202.2K $17.78/SF
− OpEx
−$50.5K −$4.45/SF
NOI
$151.6K $13.34/SF
Area
Moore County, NC
Vacancy
6.20%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,032,600
Cap Rate 7%
$2,166,143
Cap Rate 9%
$1,684,778
Alternative Uses
Best Use
Specialty Retail
$2.17M
$1.90M – $2.53M
NOI $151,630 @ 7.0% cap · market cap 5.05%
Second Best
Retail
$1.33M
$1.17M – $1.55M
NOI $93,290 @ 7.0% cap · market cap 3.11%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
190
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28327, NC
18,118
Population
7,874
Households
2.3
Avg Household Size
40
Median Age
36%
College-Educated
94%
High-School Grad
186.6 sq mi
ZIP Area
97
Density / Sq Mi
$84,850
Median Household Income
$43,066
Median Earnings
$1,362
Median Rent
$299,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Walgreens Pharmacy — 1006 Monroe St, Carthage, NC 28327
- COVID-19 Drive-Thru Testing at Walgreens — 1006 Monroe St, Carthage, NC 28327
- Marshall R. Sweat, RPH — 1006 Monroe St, Carthage, NC 28327
Frequently Asked Questions
What type of property is this?
Drug store - Pharmacy property leased under an Absolute NNN structure with HC zoning.
Where is this drug store located?
The property is located at 1006 Monroe St Carthage, NC.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 11,368 SF Walgreens drug store built in 2005; Absolute NNN lease with zero landlord responsibilities; 1.23‑acre property at 1006 Monroe Street, Carthage, NC
