Griffin, GA Walgreens For
For Sale
Contact for pricing
1602 N Expy, Griffin, GA 30223
Single-tenant Walgreens with 12 years remaining on NNN lease.
Property Size14,515 SF
Price / SF$284.12
Days on Market170
Property Features for 1602 N Expy
General Information
Standard status
Active
Size
14,515 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Net Operating Income
$261,900
Building Details
Year Built
2010
Tenancy
Single
Listing Agency:
Forged Real Estate
(610) 608-2621
Listed By:
Marc Mandel · License #NJ
Source:
Crexi
Added: Feb 23
Changed: Aug 10
Last Checked: Aug 10 at 1:18PM
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 Forged Real Estate
Investment Insights
Based on property information with market context.
This single-tenant Walgreens property is located in Griffin, Georgia, approximately 35 miles south of downtown Atlanta. The property is under a fee simple, triple-net (NNN) lease with approximately 12 years remaining. The lease includes a 5% rental increase in March 2028 and every five years thereafter. The property is positioned at the intersection of N. Expressway (US-41) and McIntosh Road, with a combined traffic count of approximately 49,500 vehicles per day. It features three points of ingress and egress, visibility, and a drive-thru pharmacy. This location ranks in the 72nd percentile of Walgreens stores in Georgia and is supported by retail anchors including a Kroger and Walmart Supercenter. Located within the Atlanta MSA, the property benefits from regional demographics and residential growth, with over 400 new apartment units recently delivered or under development within a three-mile radius. The property size is 14,515 square feet. Walgreens is a drugstore operator, with approximately 8,000 locations nationwide and a presence in healthcare services.
Key Highlights
- Triple‑net (NNN) lease with approximately 12 years remaining offers passive, hands‑off ownership and a stable income stream.
- 5% rental increase every five years starting in 2028 provides built‑in income growth.
- High‑traffic location at a signalized intersection of N. Expressway (US‑41) and McIntosh Road with approximately 49,500 vehicles per day.
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
$233,262
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
5.66%
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%
$4,665,240
$4.7M
Cap Rate 7%
$3,332,314
$3.3M
Cap Rate 9%
$2,591,800
$2.6M
Market Conditions
NOI Build-Up for 14,515 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
$334.4K $23.04/SF
− Vacancy
−$23.4K −$1.61/SF
EGI
$311.0K $21.43/SF
− OpEx
−$77.8K −$5.36/SF
NOI
$233.3K $16.07/SF
Area
Spalding County, GA
Vacancy
7.00%
Lease Rate
$23.04 /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%
$4,665,240
Cap Rate 7%
$3,332,314
Cap Rate 9%
$2,591,800
Alternative Uses
Best Use
Specialty Retail
$3.33M
$2.92M – $3.89M
NOI $233,262 @ 7.0% cap · market cap 5.66%
Second Best
Retail
$2.92M
$2.55M – $3.40M
NOI $204,159 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$4.08M
$3.57M – $4.76M
NOI $285,307 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
287k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 42%
Apparel 32%
Dining 12%
Hotels & Casinos 4%
Hobby Lobby
Shops & Services
38,384 visits/mo
0.3 miles
Marshalls
Apparel
37,760 visits/mo
0.5 miles
Dollar Tree
Shops & Services
26,575 visits/mo
0.5 miles
Ollie's Bargain Outlet
Shops & Services
21,981 visits/mo
0.2 miles
Ross Dress for Less
Apparel
21,390 visits/mo
0.2 miles
Demographics for 30223, GA
38,111
Population
15,647
Households
2.4
Avg Household Size
41
Median Age
15%
College-Educated
84%
High-School Grad
108.0 sq mi
ZIP Area
353
Density / Sq Mi
$56,940
Median Household Income
$34,305
Median Earnings
$1,025
Median Rent
$186,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Christopher Wilson, PharmD — 1378 Experiment St, Griffin, GA 30223
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- Phillip Smith — 1569 N Expy, Griffin, GA 302231746
- Sara Khajehei — 1569 N Expy, Griffin, GA 302231746
Frequently Asked Questions
What type of property is this?
Drug store - Single-tenant Walgreens with 12 years remaining on NNN lease.
Where is this drug store located?
The property is located at 1602 N Expy Griffin, GA.
What is the asking price?
The asking price for this property is $4,124,000.
What are key features of this property?
This property features: Triple‑net (NNN) lease with approximately 12 years remaining offers passive, hands‑off ownership and a stable income stream.; 5% rental increase every five years starting in 2028 provides built‑in income growth.; High‑traffic location at a signalized intersection of N. Expressway (US‑41) and McIntosh Road with approximately 49,500 vehicles per day.
