Walgreens Absolute NNN at Signalized
For Sale
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1505 East Innes Street, Salisbury, NC 28146
Absolute NNN Walgreens with an extended lease structure and multiple renewal options, positioned at a high-traffic signalized intersection.
Property Size15,125 SF
Price / SF$307.12
Days on Market54
Property Features for 1505 East Innes Street
General Information
Standard status
Active
Size
15,125 SF
Total Parking Spaces
65
Property subtype
Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$360,000
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2006
Tenancy
Single
Listing Agency:
CBRE - Atlanta
Listed By:
Brian Pfohl · License #GA 349355
(404) 504-7893
Source:
Crexi
Added: Jul 23
Changed: Aug 13
Last Checked: Sep 13 at 4:04AM
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 CBRE - Atlanta
Investment Insights
Based on property information with market context.
This Walgreens offering is structured as an absolute NNN lease. The lease was extended an additional 5 years through 2037 and includes one additional 5-year option to renew. The current absolute NNN lease features approximately 10.7 years of term remaining with eleven, 5-year renewal options. The property is a retail building constructed in 2006 with a total size of 15,125 SF.
The site is positioned at a hard-corner, signalized intersection of East Innes Street and Faith Road, just feet from access to Interstate 85. East Innes Street carries approximately 18,000 VPD and Faith Road carries approximately 10,000 VPD, while I-85 is approximately 86,500 VPD. The location is immediately adjacent to Exxon, Kim's Nails & Spa, and Oasis Car Spa, with Mattress Firm and Heroes Car Wash immediately across the street.
Within a 3-mile radius, there are 4.3 MSF of retail, 1.7 MSF of office, 7.0 MSF of industrial, and 2,257 multifamily units. Proximate retailers include Walmart Supercenter, Lowe's Home Improvement, Marshalls, Old Navy, and Food Lion, among many others.
The site is positioned at a hard-corner, signalized intersection of East Innes Street and Faith Road, just feet from access to Interstate 85. East Innes Street carries approximately 18,000 VPD and Faith Road carries approximately 10,000 VPD, while I-85 is approximately 86,500 VPD. The location is immediately adjacent to Exxon, Kim's Nails & Spa, and Oasis Car Spa, with Mattress Firm and Heroes Car Wash immediately across the street.
Within a 3-mile radius, there are 4.3 MSF of retail, 1.7 MSF of office, 7.0 MSF of industrial, and 2,257 multifamily units. Proximate retailers include Walmart Supercenter, Lowe's Home Improvement, Marshalls, Old Navy, and Food Lion, among many others.
Key Highlights
- Absolute NNN lease with approximately 10.7 years of term remaining
- Lease extended through 2037 with eleven, 5‑year renewal options plus one additional 5‑year option to renew
- Hard‑corner, signalized intersection on East Innes Street (18,000 VPD) and Faith Road (10,000 VPD)
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
$185,684
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
4.00%
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%
$3,713,680
$3.7M
Cap Rate 7%
$2,652,629
$2.7M
Cap Rate 9%
$2,063,156
$2.1M
Market Conditions
NOI Build-Up for 15,125 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
$286.8K $18.96/SF
− Vacancy
−$21.5K −$1.42/SF
EGI
$265.3K $17.54/SF
− OpEx
−$79.6K −$5.26/SF
NOI
$185.7K $12.28/SF
Area
Rowan County, NC
Vacancy
7.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$3,713,680
Cap Rate 7%
$2,652,629
Cap Rate 9%
$2,063,156
Alternative Uses
Best Use
Retail
$2.65M
$2.32M – $3.09M
NOI $185,684 @ 7.0% cap · market cap 4.00%
Second Best
Specialty Retail
$1.25M
$1.09M – $1.45M
NOI $87,283 @ 7.0% cap · market cap 1.88%
Theoretical Best
Office A
$4.76M
$4.17M – $5.55M
NOI $333,234 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
459
Businesses Nearby
502k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 25%
Shops & Services 23%
Apparel 18%
Groceries 12%
Lowe's
Home Improvements & Furnishings
52,614 visits/mo
0.2 miles
Marshalls
Apparel
51,490 visits/mo
0.3 miles
Food Lion Grocery Store
Groceries
41,071 visits/mo
0.3 miles
Cinemark Tinseltown
Leisure
24,044 visits/mo
0.4 miles
Circle K
Shops & Services
23,736 visits/mo
0.4 miles
Demographics for 28146, NC
29,572
Population
14,111
Households
2.1
Avg Household Size
44
Median Age
24%
College-Educated
92%
High-School Grad
97.1 sq mi
ZIP Area
305
Density / Sq Mi
$67,053
Median Household Income
$43,106
Median Earnings
$888
Median Rent
$227,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
NNN property - Absolute NNN Walgreens with an extended lease structure and multiple renewal options, positioned at a high-traffic signalized intersection.
Where is this nnn property located?
The property is located at 1505 East Innes Street Salisbury, NC.
What is the asking price?
The asking price for this property is $4,645,200.
What are key features of this property?
This property features: Absolute NNN lease with approximately 10.7 years of term remaining; Lease extended through 2037 with eleven, 5‑year renewal options plus one additional 5‑year option to renew; Hard‑corner, signalized intersection on East Innes Street (18,000 VPD) and Faith Road (10,000 VPD)
