Griffin, GA Walgreens For
1602 N Expy Griffin, GA 30223
For Sale
Contact for pricing
Single-tenant Walgreens with 12 years remaining on NNN lease.
Property Size14,515 SF
Price / SF$284.12
Days on Market155
Property Features for 1602 N Expy
General Information
Standard status
Active
Size
14,515 SF
Property subtype
Retail
Building Details
Year Built
2010
Listing Agency:
Forged Real Estate
(215) 460-2603
Listed By:
Marc Mandel · License #NJ
Source:
Crexi
Added: Feb 23
Changed: Jul 10
Last Checked: Jul 27 at 1:49PM
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 For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $334.4k | $23.04 |
| − Vacancy | −$23.4k | −$1.61 |
| EGI | $311.0k | $21.43 |
| − OpEx | −$77.8k | −$5.36 |
| NOI | $233.3k | $16.07 |
14,515 SF · lease $23.04/SF/yr · vacancy 7.00% · expense 25.00%
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
Location Intelligence
Current Use
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.
