High-Performing Walgreens Investment
For Sale
$5,291,139
729 W Northland Ave, Appleton, WI 54914
Opportunity to purchase a Walgreens with an absolute NNN lease in Appleton, WI
Property Size14,490 SF
Lot Size1.87 Acres
Price / SF$365.16
Days on Market583
Property Features for 729 W Northland Ave
General Information
Standard status
Active
Property type
Other retail properties, Individual retail properties, Retail properties & Spaces
Size
14,490 SF
Elevators
N/A
Lot size
1.87 Acres
Net Operating Income
$418,000
Building Details
Buildings
1
Stories
1
Units
1
Listing Agency:
(415) 269-2474
Listed By:
Jacob
(415) 269-2474
Added: Jan 24, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This investment opportunity features a Walgreens property located in Appleton, WI. The property includes a 14,490 square foot building on a 1.87-acre lot, complete with a drive-thru. This Walgreens location is a high-performing store nationwide. The property operates under an absolute NNN lease, which eliminates landlord responsibilities. The lease is corporately guaranteed by Walgreens (NASDAQ:WBA) and includes fifty years of options with a twelve-month cancellation right. Situated in Appleton, Wisconsin, the property benefits from its proximity to major retailers such as Kohl's, Aldi, McDonald's, and Starbucks, ensuring high visibility and consistent customer traffic. Appleton is the sixth-most populous city in Wisconsin and is part of the Fox Cities metropolitan area. The property's strong performance, secure lease terms, and prime location make it an attractive investment.
Key Highlights
- Absolute NNN Lease
- Zero Landlord Obligations
- High Performing Location - Massive Sales
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
$187,311
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
3.54%
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%
$3,746,220
$3.7M
Cap Rate 7%
$2,675,871
$2.7M
Cap Rate 9%
$2,081,233
$2.1M
Market Conditions
NOI Build-Up for 14,490 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
$274.7K $18.96/SF
− Vacancy
−$7.1K −$0.49/SF
EGI
$267.6K $18.47/SF
− OpEx
−$80.3K −$5.54/SF
NOI
$187.3K $12.93/SF
Area
Outagamie County, WI
Vacancy
2.60%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$3,746,220
Cap Rate 7%
$2,675,871
Cap Rate 9%
$2,081,233
Alternative Uses
Best Use
Retail
$2.68M
$2.34M – $3.12M
NOI $187,311 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.00M
$3.50M – $4.66M
NOI $279,657 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
836
Businesses Nearby
Explore this area
Business Placement
Demographics for 54914, WI
31,082
Population
14,002
Households
2.2
Avg Household Size
38
Median Age
31%
College-Educated
93%
High-School Grad
19.2 sq mi
ZIP Area
1,619
Density / Sq Mi
$77,199
Median Household Income
$42,481
Median Earnings
$936
Median Rent
$210,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Other retail property - Opportunity to purchase a Walgreens with an absolute NNN lease in Appleton, WI
Where is this other retail property located?
The property is located at 729 W Northland Ave Appleton, WI.
What is the asking price?
The asking price for this property is $5,291,139.
What are key features of this property?
This property features: Absolute NNN Lease; Zero Landlord Obligations; High Performing Location - Massive Sales
