Absolute Triple Net
For Sale
Contact for pricing
11830 W 75th St, Shawnee, KS 66216
Walgreens operates under an absolute triple net lease with 8+ years remaining.
Property Size14,735 SF
Price / SF$265.87
Days on Market141
Property Features for 11830 W 75th St
General Information
Standard status
Active
Size
14,735 SF
Property subtype
Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$333,000
Building Details
Year Built
2009
Tenancy
Single
Listing Agency:
Pharma Property Group
Listed By:
Jason Pongsrikul · License #CA 01918332
(619) 297-0055
Source:
Crexi
Added: Apr 20
Changed: Aug 22
Last Checked: Sep 7 at 5:07AM
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 Pharma Property Group
Investment Insights
Based on property information with market context.
This for-sale Walgreens property is operated by Walgreens and has been in place for 17 years. The lease is described as an absolute triple net structure, with no landlord obligations, and it provides for more than 8 years remaining.
The property is an outparcel to Westbrooke Green Shopping Center. In January 2026, the City of Shawnee approved renovations to the shopping center, including a new lease with El Mercado Fresca replacing the former Dillon’s Grocery store.
The surrounding area includes recently delivered residential and employment drivers. A completed Chadwick multifamily development less than 0.25 miles north delivered 345 luxury apartment units, and AdventHealth Shawnee Mission, a 504-bed hospital campus, is about 1.5 miles east following a $35 million expansion. Pine Ridge Business Park, less than one mile south, is a 232-acre campus with over 5.9 million square feet of industrial and manufacturing space.
The property is an outparcel to Westbrooke Green Shopping Center. In January 2026, the City of Shawnee approved renovations to the shopping center, including a new lease with El Mercado Fresca replacing the former Dillon’s Grocery store.
The surrounding area includes recently delivered residential and employment drivers. A completed Chadwick multifamily development less than 0.25 miles north delivered 345 luxury apartment units, and AdventHealth Shawnee Mission, a 504-bed hospital campus, is about 1.5 miles east following a $35 million expansion. Pine Ridge Business Park, less than one mile south, is a 232-acre campus with over 5.9 million square feet of industrial and manufacturing space.
Key Highlights
- Walgreens at 11830 W 75th St, Shawnee, KS 66214, built in 2009
- Absolute triple net lease with 8+ years remaining on the lease term
- Walgreens has operated at this location for 17 years
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
$152,613
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
3.90%
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%
$3,052,260
$3.1M
Cap Rate 7%
$2,180,186
$2.2M
Cap Rate 9%
$1,695,700
$1.7M
Market Conditions
NOI Build-Up for 14,735 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
$212.2K $14.40/SF
− Vacancy
−$8.7K −$0.59/SF
EGI
$203.5K $13.81/SF
− OpEx
−$50.9K −$3.45/SF
NOI
$152.6K $10.36/SF
Area
Johnson County, KS
Vacancy
4.10%
Lease Rate
$14.40 /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%
$3,052,260
Cap Rate 7%
$2,180,186
Cap Rate 9%
$1,695,700
Alternative Uses
Best Use
Specialty Retail
$2.18M
$1.91M – $2.54M
NOI $152,613 @ 7.0% cap · market cap 3.90%
Second Best
Retail
$2.03M
$1.78M – $2.37M
NOI $142,439 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$3.57M
$3.12M – $4.16M
NOI $249,630 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
483
Businesses Nearby
130k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 38%
Dining 27%
Shops & Services 18%
Apparel 16%
Hy-Vee
Groceries
44,055 visits/mo
0.1 miles
Savers Thrift Store
Apparel
20,230 visits/mo
0.2 miles
SONIC Drive In
Dining
16,884 visits/mo
0.2 miles
Burger King
Dining
9,404 visits/mo
0.1 miles
Commerce Bank
Shops & Services
6,070 visits/mo
0.2 miles
Demographics for 66216, KS
25,169
Population
9,925
Households
2.5
Avg Household Size
41
Median Age
54%
College-Educated
96%
High-School Grad
7.9 sq mi
ZIP Area
3,186
Density / Sq Mi
$109,714
Median Household Income
$54,483
Median Earnings
$1,298
Median Rent
$324,900
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?
Drug store - Walgreens operates under an absolute triple net lease with 8+ years remaining.
Where is this drug store located?
The property is located at 11830 W 75th St Shawnee, KS.
What is the asking price?
The asking price for this property is $3,917,647.
What are key features of this property?
This property features: Walgreens at 11830 W 75th St, Shawnee, KS 66214, built in 2009; Absolute triple net lease with 8+ years remaining on the lease term; Walgreens has operated at this location for 17 years
