Walgreens NNN Investment
For Sale
Contact for pricing
11440 Windemere Pkwy, San Ramon, CA 94582
Single-tenant Walgreens in high-traffic San Ramon location.
Property Size12,868 SF
Lot Size1.00 Acre
Price / SF$673.51
Days on Market166
Property Features for 11440 Windemere Pkwy
General Information
Standard status
Active
Size
12,868 SF
Lot size
1.00 Acre
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Core
Net Operating Income
$520,000
Building Details
Tenancy
Single
Listing Agency:
The Kase Group
(510) 388-4438
Listed By:
Kase Abusharkh · License #TX 708586
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Aug 10 at 9:41AM
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 The Kase Group
Investment Insights
Based on property information with market context.
This investment opportunity features a single-tenant Walgreens property located at 11440 Windemere Pkwy, San Ramon, CA. The property is fully leased to Walgreens with a corporate guarantee under an Absolute NNN lease, which includes scheduled rent increases at each option. The building spans 12,868 square feet with an additional second-level mezzanine for stock, situated on a 1-acre lot. The location benefits from high traffic and three access points. Neighboring retailers include Safeway, Wells Fargo, Peet's Coffee, Chase Bank, and Stanford Health Care. The property is the only national free standing pharmacy within 4 miles and is well-positioned for visibility and access in a community with significant barriers to entry.
Key Highlights
- Long‑term Absolute NNN lease to Walgreens with corporate guarantee.
- Only national free‑standing pharmacy within a 4‑mile radius.
- Located in a prime, high‑traffic area of San Ramon, CA.
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
$329,059
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
3.80%
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%
$6,581,180
$6.6M
Cap Rate 7%
$4,700,843
$4.7M
Cap Rate 9%
$3,656,211
$3.7M
Market Conditions
NOI Build-Up for 12,868 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
$501.9K $39.00/SF
− Vacancy
−$31.8K −$2.47/SF
EGI
$470.1K $36.53/SF
− OpEx
−$141.0K −$10.96/SF
NOI
$329.1K $25.57/SF
Area
Contra Costa County, CA
Vacancy
6.33%
Lease Rate
$39.00 /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%
$6,581,180
Cap Rate 7%
$4,700,843
Cap Rate 9%
$3,656,211
Alternative Uses
Best Use
Retail
$4.70M
$4.11M – $5.48M
NOI $329,059 @ 7.0% cap · market cap 3.80%
Second Best
Specialty Retail
$3.29M
$2.87M – $3.83M
NOI $229,951 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$4.86M
$4.26M – $5.67M
NOI $340,487 @ 7.0% cap · market cap 3.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
214
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94582, CA
49,311
Population
16,531
Households
3
Avg Household Size
39
Median Age
77%
College-Educated
97%
High-School Grad
13.4 sq mi
ZIP Area
3,680
Density / Sq Mi
$211,159
Median Household Income
$114,953
Median Earnings
$2,880
Median Rent
$1,543,800
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Walgreens Pharmacy — 11440 Windemere Pkwy, San Ramon, CA 94582
- COVID-19 Drive-Thru Testing at Walgreens — 11440 Windemere Pkwy, San Ramon, CA 94582
Frequently Asked Questions
What type of property is this?
Drug store - Single-tenant Walgreens in high-traffic San Ramon location.
Where is this drug store located?
The property is located at 11440 Windemere Pkwy San Ramon, CA.
What is the asking price?
The asking price for this property is $8,666,667.
What are key features of this property?
This property features: Long‑term Absolute NNN lease to Walgreens with corporate guarantee.; Only national free‑standing pharmacy within a 4‑mile radius.; Located in a prime, high‑traffic area of San Ramon, CA.
