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244 N Lake Dr Prestonsburg, KY 41653

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For Sale
$1,730,000

NNN leased Walgreens in Prestonsburg, KY with drive-thru.

Property size:
2,537 SF
Lot size:
0.70 Acres

Property Features for 244 N Lake Dr

General Information

Size
2,537 SF
Lot size
0.70 Acres

Source: Hogan Real Estate Agent Justin R Phelps

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Prestonsburg Walgreens With Drive-Thru

This property presents an opportunity to acquire a fee simple interest in a corporate-signed, investment-grade, drive-thru Walgreens located in Prestonsburg, KY. The property is situated in downtown Prestonsburg on N. Lake Drive, a well-established thoroughfare and retail corridor. The location benefits from high visibility on one of the busiest roads in the market, surrounded by national and local retailers. The newly constructed 2,500 square foot building includes a drive-thru and pylon signage. The property is positioned for maximum exposure and access to surrounding national retailers and area tourist attractions. Prestonsburg serves as the dominant retail destination for Floyd County, reaching surrounding communities. Historically reliant on coal mining, Prestonsburg's economy has diversified to include healthcare, education, retail, and tourism. The property is suitable for a 1031 exchange or private equity investment, offering stable cash flow and sound real estate fundamentals. Walgreen Co. has signed a new 10-year lease with options for four additional 5-year terms. The lease includes a 5% rental increase in years 6-10, with 7.5% increases at the beginning of each option period. The lease is absolute NNN, with zero landlord responsibilities.
Insight Report Location Intelligence

Current Use by Public Records

Drug stores

Suggested Use

Realty agency Restaurant Spa & Massage Law Firm Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Skin Care Clinic

Zoning and permitted uses should be independently verified with local authorities.

Similar Places Nearby

Wanda K. Salyer, RPh, Brown Bag Remedies, Huff Drug, Grey Area CBD, Harold W. Cooley, R

Location Insight

  • Map
  • Local Demand
City
Prestonsburg
County
Floyd
State
Kentucky
Longitude
-82.771859
Latitude
37.666154

FAQs

What type of property is this?
Drug store - NNN leased Walgreens in Prestonsburg, KY with drive-thru.
Where is this drug store located?
The property is located at 244 N Lake Dr Prestonsburg, KY.
What is the asking price?
The asking price for this property is $1,730,000.
What are key features of this property?
This property features: - Absolute NNN Lease: Zero landlord responsibilities, simplifying ownership and maximizing net income.; - Investment Grade Tenant: Corporate signed lease from Walgreens (S&P: Baa3) provides financial stability and security.; - New 10-Year Lease with Rental Increases: Provides stable cash flow with a 5% increase in years 6-10 and 7.5% increases at the beginning of each 5-year option period.
More about this property
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