Walgreens NNN Lease Investment
For Sale
Contact for pricing
1498 White Mountain Hwy, Conway, NH
NNN leased Walgreens with over 9 years remaining.
Property Size13,666 SF
Lot Size1.90 Acres
Price / SF$405.97
Days on Market525
Property Features for 1498 White Mountain Hwy
General Information
Standard status
Active
Size
13,666 SF
Lot size
1.90 Acres
Property subtype
RETAIL
Listing Agency:
Commercial Investment Advisors (CIA) - Corporate
(480) 214-5089
Listed By:
Justin Carlson
(480) 214-5089
Source:
Moodyscre
Added: Mar 4, 2025
Changed: Jul 6
Last Checked: Aug 11 at 7:39AM
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 Commercial Investment Advisors (CIA) - Corporate
Investment Insights
Based on property information with market context.
This property features a Walgreens location with over 9 years remaining on an initial 25-year Absolute NNN FLAT lease, set to expire on September 30, 2033, and includes fifty 1-year renewal options. The property is positioned on a large approximately 1.935-acre lot, offering significant visibility and access on White Mountain Hwy, a primary north-south thoroughfare, which sees traffic counts of 44,346 cars per day. The location benefits from year-round tourism and the Settlers Green Outlets, which attract 2.4 million shoppers annually, drawing economic activity from several surrounding communities. Walgreens operates nearly 9,000 retail locations across the U.S. and Puerto Rico, serving approximately 9 million customers and patients daily. From a traffic standpoint, this site ranks in the top 22% of Walgreens locations in New Hampshire and the top 32% nationally. Moreover, it outperforms the CVS across the street, which received 278,000 visits in the past year, making it the number one Walgreens within a 30-mile radius. The 2023 demographics within a 5-mile radius include a total population of 9,322, and the average household income within a 1-mile radius is $98,619. The property size is 13,666 square feet.
Key Highlights
- Absolute NNN FLAT lease with over 9 years remaining through September 30, 2033, plus fifty 1‑year renewal options.
- High traffic location on White Mountain Hwy with 44,346 CPD.
- Walgreens location ranks in the top 22% in New Hampshire and top 32% nationally.
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
$173,422
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
3.13%
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%
$3,468,440
$3.5M
Cap Rate 7%
$2,477,457
$2.5M
Cap Rate 9%
$1,926,911
$1.9M
Market Conditions
NOI Build-Up for 13,666 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
$246.0K $18.00/SF
− Vacancy
−$14.8K −$1.08/SF
EGI
$231.2K $16.92/SF
− OpEx
−$57.8K −$4.23/SF
NOI
$173.4K $12.69/SF
Area
Carroll County, NH
Vacancy
6.00%
Lease Rate
$18.00 /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%
$3,468,440
Cap Rate 7%
$2,477,457
Cap Rate 9%
$1,926,911
Alternative Uses
Best Use
Specialty Retail
$2.48M
$2.17M – $2.89M
NOI $173,422 @ 7.0% cap · market cap 3.13%
Second Best
Retail
$1.97M
$1.73M – $2.30M
NOI $138,040 @ 7.0% cap · market cap 2.49%
Theoretical Best
Office A
$3.41M
$2.99M – $3.98M
NOI $238,864 @ 7.0% cap · market cap 4.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
350
Businesses Nearby
136k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 32%
Apparel 27%
Shops & Services 23%
Groceries 12%
Circle K
Shops & Services
25,067 visits/mo
0.1 miles
Starbucks
Dining
20,503 visits/mo
0.1 miles
L.L.Bean
Apparel
19,669 visits/mo
0.1 miles
REI
Apparel
17,578 visits/mo
0.0 miles
Shaw's Supermarket
Groceries
16,463 visits/mo
0.4 miles
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Walgreens Pharmacy — 1498 White Mountain Hwy, North Conway, NH 03860
- Walmart Pharmacy — 46 North-South Rd, North Conway, NH 03860
- CVS Pharmacy — 1351 White Mountain Hwy, North Conway, NH 03860
- COVID-19 Drive-Thru Testing at Walgreens — 1498 White Mountain Hwy, North Conway, NH 03860
- Shaw's Pharmacy — 1150 Eastman Rd Center, Conway, NH 03813
Frequently Asked Questions
What type of property is this?
Drug store - NNN leased Walgreens with over 9 years remaining.
Where is this drug store located?
The property is located at 1498 White Mountain Hwy Conway, NH.
What is the asking price?
The asking price for this property is $5,548,000.
What are key features of this property?
This property features: Absolute NNN FLAT lease with over 9 years remaining through September 30, 2033, plus fifty 1‑year renewal options.; High traffic location on White Mountain Hwy with **44,346 CPD**.; Walgreens location ranks in the top 22% in New Hampshire and top 32% nationally.
