Single-Tenant Walgreens NNN
For Sale
Contact for pricing
1201 Ferris Avenue, Waxahachie, TX 75165
Single-tenant Walgreens building on an absolute NNN lease, offering long-term certainty under a long extension period.
Property Size15,153 SF
Price / SF$373.51
Days on Market54
Property Features for 1201 Ferris Avenue
General Information
Standard status
Active
Size
15,153 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$353,738
Building Details
Year Built
2020
Tenancy
Single
Listing Agency:
Seneca Real Estate Group
Listed By:
Peter Giadla, CCIM · License #IL 471017442
Source:
Crexi
Added: Jun 19
Changed: Aug 10
Last Checked: Aug 11 at 11:48AM
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 Seneca Real Estate Group
Investment Insights
Based on property information with market context.
The property is a single-tenant Walgreens facility comprising a 15,153-square-foot building constructed in 2001, set on 1.47 acres. The offering is structured as an absolute NNN lease with zero landlord responsibilities, designed to shift maintenance and operating obligations away from the property owner. The lease is currently in place with a commencement date of 11/9/2020 and runs through 11/30/2035.
The Walgreens location is identified as 1201 Ferris Avenue in Waxahachie, Texas. The lease includes 12 five-year renewal options extending to 2095, with rental increases scheduled at 5% every five years. This creates a clearly defined long-term framework for an acquiring party.
For investors seeking a single-tenant, net-leased Walgreens asset, the absolute NNN structure and extended lease term are key considerations. The long duration of the current lease through 2035, along with multiple renewal options, supports the asset’s straightforward hold approach. This profile may also appeal to buyers looking for a Walgreens property where the landlord is not responsible for NNN obligations as stated in the lease terms.
The Walgreens location is identified as 1201 Ferris Avenue in Waxahachie, Texas. The lease includes 12 five-year renewal options extending to 2095, with rental increases scheduled at 5% every five years. This creates a clearly defined long-term framework for an acquiring party.
For investors seeking a single-tenant, net-leased Walgreens asset, the absolute NNN structure and extended lease term are key considerations. The long duration of the current lease through 2035, along with multiple renewal options, supports the asset’s straightforward hold approach. This profile may also appeal to buyers looking for a Walgreens property where the landlord is not responsible for NNN obligations as stated in the lease terms.
Key Highlights
- Single‑tenant Walgreens property at 1201 Ferris Avenue, Waxahachie, TX
- 15,153 SF building on 1.47 acres
- Absolute NNN lease with zero landlord responsibilities
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
$270,899
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
4.79%
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%
$5,417,980
$5.4M
Cap Rate 7%
$3,869,986
$3.9M
Cap Rate 9%
$3,009,989
$3.0M
Market Conditions
NOI Build-Up for 15,153 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
$378.2K $24.96/SF
− Vacancy
−$17.0K −$1.12/SF
EGI
$361.2K $23.84/SF
− OpEx
−$90.3K −$5.96/SF
NOI
$270.9K $17.88/SF
Area
Ellis County, TX
Vacancy
4.50%
Lease Rate
$24.96 /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%
$5,417,980
Cap Rate 7%
$3,869,986
Cap Rate 9%
$3,009,989
Alternative Uses
Best Use
Specialty Retail
$3.87M
$3.39M – $4.51M
NOI $270,899 @ 7.0% cap · market cap 4.79%
Second Best
Retail
$3.59M
$3.14M – $4.19M
NOI $251,516 @ 7.0% cap · market cap 4.44%
Theoretical Best
Multifamily LT 5
$165.34M
$144.68M – $192.90M
NOI $11,574,094 @ 7.0% cap · market cap 204.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
703
Businesses Nearby
112k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 43%
Dining 31%
Groceries 15%
Apparel 9%
7-Eleven
Shops & Services
19,070 visits/mo
0.4 miles
Aldi
Groceries
17,093 visits/mo
0.5 miles
Taco Casa
Dining
16,076 visits/mo
0.3 miles
SONIC Drive In
Dining
12,300 visits/mo
0.1 miles
Bealls
Apparel
10,170 visits/mo
0.5 miles
Demographics for 75165, TX
49,805
Population
18,940
Households
2.6
Avg Household Size
36
Median Age
28%
College-Educated
90%
High-School Grad
118.0 sq mi
ZIP Area
422
Density / Sq Mi
$84,780
Median Household Income
$45,677
Median Earnings
$1,473
Median Rent
$308,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- CVS Pharmacy — 701 Ferris Ave, Waxahachie, TX 75165
- CURVES Body Contouring — 210 Lancaster St, Waxahachie, TX 75165, United States
- Tonya Hernandez — 1001 Ferris Ave, Waxahachie, TX 751652557
- Eric Emerson — 701 Ferris Ave, Waxahachie, TX 751652551
- CURVES — 210 Lancaster St, Waxahachie, TX 75165
Frequently Asked Questions
What type of property is this?
Drug store - Single-tenant Walgreens building on an absolute NNN lease, offering long-term certainty under a long extension period.
Where is this drug store located?
The property is located at 1201 Ferris Avenue Waxahachie, TX.
What is the asking price?
The asking price for this property is $5,659,803.
What are key features of this property?
This property features: Single‑tenant Walgreens property at 1201 Ferris Avenue, Waxahachie, TX; 15,153 SF building on 1.47 acres; Absolute NNN lease with zero landlord responsibilities
