Walgreens NNN Lease Investment
For Sale
Contact for pricing
1214 W Foxwood Dr, Raymore, MO 64083
NNN leased Walgreens with six years remaining in Raymore, MO.
Property Size14,500 SF
Price / SF$278.75
Days on Market193
Property Features for 1214 W Foxwood Dr
General Information
Standard status
Active
Size
14,500 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$333,455
Building Details
Year Built
2007
Tenancy
Single
Listing Agency:
Marcus & Millichap
Listed By:
Cole Skinner · License #FL SL3407088
Source:
Crexi
Added: Jan 29
Changed: Aug 8
Last Checked: Aug 7 at 9:03AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
This commercial property is an absolute NNN leased Walgreens store with 6 years remaining on the lease and ten, five-year options left. The store is a 14,500 square foot prototype. The lease is corporately guaranteed by Walgreens Boots Alliance, Inc. The property is positioned on a hard corner at a signalized intersection with strong visibility and traffic counts exceeding 25,000 vehicles per day. It is located on a main retail corridor with national tenants including McDonald’s, Chick-Fil-A, Taco Bell, Culver’s, Lowes, Whataburger, Wendy’s, Dairy Queen, Walmart Supercenter, Tractor Supply, Sam’s Club, and Anytime Fitness. The site is one mile from I-49, directly on Highway 58. In 2024, the tenant invested more than $700,000 in renovations to the parking lot, curbs, and sidewalks. The closest Walgreens in Belton, MO, was closed in 2024 as part of an apparent consolidation effort to this location. The property is less than 23 miles from downtown Kansas City, and Raymore is part of the Kansas City MSA with over 2.2 million people. Raymore has consistently been one of the fastest-growing cities in Missouri and was the 66th fastest-growing city in the United States in 2024, according to the US Census. There are more than 35,700 people within a three-mile radius and more than 71,000 people within a five-mile radius. The store is surrounded by a strong residential presence, including newly built homes and apartments. The S&P credit rating is BB.
Key Highlights
- Absolute NNN Lease with 6 Years Remaining and Ten, Five Year Options Left provides a stable, long‑term investment.
- Corporately Guaranteed Lease (Walgreens Boots Alliance, Inc.) ensures financial security.
- High‑Visibility Hard Corner Location at a Signalized Intersection with strong traffic counts (25,000+ VPD) maximizes exposure.
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
$147,341
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
3.65%
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%
$2,946,820
$2.9M
Cap Rate 7%
$2,104,871
$2.1M
Cap Rate 9%
$1,637,122
$1.6M
Market Conditions
NOI Build-Up for 14,500 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
$203.6K $14.04/SF
− Vacancy
−$7.1K −$0.49/SF
EGI
$196.5K $13.55/SF
− OpEx
−$49.1K −$3.39/SF
NOI
$147.3K $10.16/SF
Area
Cass County, MO
Vacancy
3.50%
Lease Rate
$14.04 /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%
$2,946,820
Cap Rate 7%
$2,104,871
Cap Rate 9%
$1,637,122
Alternative Uses
Best Use
Specialty Retail
$2.10M
$1.84M – $2.46M
NOI $147,341 @ 7.0% cap · market cap 3.65%
Second Best
Retail
$2.02M
$1.76M – $2.35M
NOI $141,191 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$3.27M
$2.86M – $3.81M
NOI $228,845 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
34k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Dining 30%
Casey's General Store
Shops & Services
10,570 visits/mo
0.3 miles
SONIC Drive In
Dining
10,202 visits/mo
0.2 miles
Dollar General
Shops & Services
7,593 visits/mo
0.3 miles
Conoco
Shops & Services
3,058 visits/mo
0.5 miles
O'Reilly Auto Parts
Shops & Services
2,704 visits/mo
0.3 miles
Demographics for 64083, MO
24,945
Population
10,058
Households
2.5
Avg Household Size
40
Median Age
37%
College-Educated
95%
High-School Grad
25.7 sq mi
ZIP Area
971
Density / Sq Mi
$99,575
Median Household Income
$53,042
Median Earnings
$1,262
Median Rent
$316,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- COVID-19 Drive-Thru Testing at Walgreens — 1214 W Foxwood Dr, Raymore, MO 64083
- CVS Pharmacy — 1215 W Foxwood Dr, Raymore, MO 64083
- Thuhang Nguyen — 1215 W Foxwood Dr, Raymore, MO 640838301
- Walgreens Pharmacy — 1214 W Foxwood Dr, Raymore, MO 64083
- CVS — 1215 W Foxwood Dr, Raymore, MO 64083
Frequently Asked Questions
What type of property is this?
Drug store - NNN leased Walgreens with six years remaining in Raymore, MO.
Where is this drug store located?
The property is located at 1214 W Foxwood Dr Raymore, MO.
What is the asking price?
The asking price for this property is $4,041,879.
What are key features of this property?
This property features: Absolute NNN Lease with 6 Years Remaining and Ten, Five Year Options Left provides a stable, long‑term investment.; Corporately Guaranteed Lease (Walgreens Boots Alliance, Inc.) ensures financial security.; High‑Visibility Hard Corner Location at a Signalized Intersection with strong traffic counts (25,000+ VPD) maximizes exposure.
