Griffin, GA Walgreens For
For Sale
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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 Market245
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
Listed By:
Marc Mandel · License #NJ
(610) 608-2621
Source:
Crexi
Added: Feb 23
Changed: Oct 26
Last Checked: Oct 26 at 4:16PM
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
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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 / Yr
$233,262
Cap Rate
5.66%
Suggested Prices Based on Cap Rates
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
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 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.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
579
Businesses Nearby
567k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 28%
Superstores 23%
Apparel 21%
Shops & Services 18%
Walmart
Superstores
109,498 visits/mo
0.5 miles
Hobby Lobby
Shops & Services
38,384 visits/mo
0.2 miles
LongHorn Steakhouse
Dining
24,173 visits/mo
0.3 miles
Big Lots
Superstores
22,049 visits/mo
0.3 miles
Ollie's Bargain Outlet
Shops & Services
21,981 visits/mo
0.3 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
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Market
Vacancy Rate% for Retail in South region
Similar Off Market Nearby
- Christopher Wilson, PharmD — 1378 Experiment St, Griffin, GA 30223
- GNC — 1424 N Expy, Griffin, GA 30223
- Walmart Pharmacy — 1569 N Expy, Griffin, GA 30223
- 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.
