Freestanding Walgreens
1169 North Military Highway, Norfolk, VA 23502
For Sale
Contact for pricing
The property is leased to Walgreens under an absolute NNN structure with no landlord responsibilities.
Property Size14,560 SF
Lot Size1.12 Acres
Price / SF$239.30
Days on Market29
Property Features for 1169 North Military Highway
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Corner Location
Traffic Count
Highway Access
Additional Details
Tenant in Place
Building Details
Buildings
Tenancy
Listing Agency:
Matthews
Listed By:
Grant Klepadlo · License VA 475.216011
(773) 598-8642
Source:
Crexi
Added: Oct 12
Changed: Nov 8
Last Checked: Nov 8 at 4:48PM
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 Matthews
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Investment Insights
Based on property information with market context.
Walgreens occupies a freestanding pharmacy building measuring approximately 14,560 square feet on a 1.12-acre site. The property is leased on an absolute NNN basis, and Walgreens has operated there for more than 20 years.
The site is at the signalized intersection of N Military Hwy and Lowery Rd, with exposure to approximately 62,362 vehicles per day and access to I-64. Nearby retail destinations include Walmart Supercenter, JANAF Shopping Yard, Broad Creek Shopping Center, Target, and Home Depot. Lake Taylor Transitional Care Hospital, Sentara Leigh Hospital, Norfolk International Airport, and Naval Station Norfolk are also identified as area demand drivers.
The site is at the signalized intersection of N Military Hwy and Lowery Rd, with exposure to approximately 62,362 vehicles per day and access to I-64. Nearby retail destinations include Walmart Supercenter, JANAF Shopping Yard, Broad Creek Shopping Center, Target, and Home Depot. Lake Taylor Transitional Care Hospital, Sentara Leigh Hospital, Norfolk International Airport, and Naval Station Norfolk are also identified as area demand drivers.
Key Highlights
- Absolute NNN lease to Walgreens, with no landlord responsibilities
- Approximately 14,560 SF freestanding pharmacy on 1.12 acres
- Walgreens has operated at this location for more than 20 years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$181,458
Cap Rate
5.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,629,160
$3.6M
Cap Rate 7%
$2,592,257
$2.6M
Cap Rate 9%
$2,016,200
$2.0M
Market Conditions
NOI Build-Up for 14,560 SF
Gross rent
$253.3K $17.40/SF
− Vacancy
−$11.4K −$0.78/SF
EGI
$241.9K $16.62/SF
− OpEx
−$60.5K −$4.15/SF
NOI
$181.5K $12.46/SF
Area
Norfolk, VA
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,629,160
Cap Rate 7%
$2,592,257
Cap Rate 9%
$2,016,200
Alternative Uses
Best Use
Specialty Retail
$2.59M
$2.27M – $3.02M
NOI $181,458 @ 7.0% cap · market cap 5.21%
Second Best
Retail
$2.36M
$2.07M – $2.76M
NOI $165,335 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$3.09M
$2.70M – $3.60M
NOI $216,208 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
62,362 VPD
Traffic count
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
878k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 28%
Dining 26%
Shops & Services 16%
Home Improvements & Furnishings 12%
Walmart
Superstores
132,231 visits/mo
0.3 miles
Target
Superstores
117,130 visits/mo
0.3 miles
The Home Depot
Home Improvements & Furnishings
60,935 visits/mo
0.4 miles
Wawa
Shops & Services
49,804 visits/mo
0.2 miles
Chick-fil-A
Dining
49,252 visits/mo
0.2 miles
Demographics for 23502, VA
20,547
Population
8,839
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
89%
High-School Grad
9.9 sq mi
ZIP Area
2,075
Density / Sq Mi
$66,467
Median Household Income
$37,213
Median Earnings
$1,335
Median Rent
$244,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Norfolk, VA
Similar Off Market Nearby
- Costco Pharmacy — 850 Glenrock Rd, Norfolk, VA 23502
- PR by Kisha Cole — 5535 E Virginia Beach Blvd #124, Virginia Beach, VA 23462
- Walgreens Pharmacy — 1169 N Military Hwy, Norfolk, VA 23502
- Jela Valencia — 1169 N Military Hwy, Norfolk, VA 235022434
- COVID-19 Drive-Thru Testing at Walgreens — 1169 N Military Hwy, Norfolk, VA 23502
Frequently Asked Questions
What type of property is this?
Drug store - The property is leased to Walgreens under an absolute NNN structure with no landlord responsibilities.
Where is this drug store located?
The property is located at 1169 North Military Highway Norfolk, VA.
What is the asking price?
The asking price for this property is $3,484,211.
What are key features of this property?
This property features: Absolute NNN lease to Walgreens, with no landlord responsibilities; Approximately 14,560 SF freestanding pharmacy on 1.12 acres; Walgreens has operated at this location for more than 20 years
