Walgreens NNN Lease For
For Sale
Contact for pricing
1800 Airport Rd, Hot Springs, AR 71913
Walgreens NNN lease extended through 2038 for sale.
Property Size14,422 SF
Lot Size2.73 Acres
Price / SF$211.80
Days on Market173
Property Features for 1800 Airport Rd
General Information
Standard status
Active
Size
14,422 SF
Total Parking Spaces
61
Lot size
2.73 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$252,002
Building Details
Year Built
2009
Tenancy
Single
Listing Agency:
CBRE - Atlanta
(404) 504-7893
Listed By:
Brian Pfohl · License #GA 349355
Source:
Crexi
Added: Feb 19
Changed: Aug 7
Last Checked: Aug 10 at 9:55AM
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.
The property features a 14,422-square-foot Walgreens situated on 2.73 acres in Hot Springs, AR, which is part of an MSA with a population exceeding 100,000. The absolute NNN lease with Walgreens, originally set to expire in 2034, has been extended through 2038. The lease now has approximately 12.4 years of primary term remaining, along with eleven 5-year options to renew.
Key Highlights
- Absolute NNN lease extended through 2038, providing a long‑term, passive income stream.
- Enjoy stability with ±12.4 years of primary lease term remaining.
- Located in Hot Springs, AR, within a Metropolitan Statistical Area (MSA) with a population exceeding 100,000.
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
$152,513
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
4.99%
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%
$3,050,260
$3.1M
Cap Rate 7%
$2,178,757
$2.2M
Cap Rate 9%
$1,694,589
$1.7M
Market Conditions
NOI Build-Up for 14,422 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
$216.3K $15.00/SF
− Vacancy
−$13.0K −$0.90/SF
EGI
$203.4K $14.10/SF
− OpEx
−$50.8K −$3.53/SF
NOI
$152.5K $10.58/SF
Area
Garland County, AR
Vacancy
6.00%
Lease Rate
$15.00 /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%
$3,050,260
Cap Rate 7%
$2,178,757
Cap Rate 9%
$1,694,589
Alternative Uses
Best Use
Specialty Retail
$2.18M
$1.91M – $2.54M
NOI $152,513 @ 7.0% cap · market cap 4.99%
Second Best
Retail
$1.63M
$1.42M – $1.90M
NOI $113,876 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$2.64M
$2.31M – $3.08M
NOI $184,625 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
401
Businesses Nearby
91k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 40%
Dining 38%
Shops & Services 21%
Beauty & Spa 1%
Walmart Neighborhood Market
Groceries
35,816 visits/mo
0.2 miles
McDonald's
Dining
21,823 visits/mo
0.5 miles
SONIC Drive In
Dining
10,687 visits/mo
0.1 miles
Arvest Bank
Shops & Services
6,834 visits/mo
0.4 miles
Shell
Shops & Services
3,829 visits/mo
0.2 miles
Demographics for 71913, AR
46,801
Population
25,441
Households
1.8
Avg Household Size
44
Median Age
28%
College-Educated
91%
High-School Grad
134.2 sq mi
ZIP Area
349
Density / Sq Mi
$55,367
Median Household Income
$32,746
Median Earnings
$970
Median Rent
$179,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Drug store - Walgreens NNN lease extended through 2038 for sale.
Where is this drug store located?
The property is located at 1800 Airport Rd Hot Springs, AR.
What is the asking price?
The asking price for this property is $3,054,570.
What are key features of this property?
This property features: Absolute NNN lease extended through 2038, providing a long‑term, passive income stream.; Enjoy stability with ±12.4 years of primary lease term remaining.; Located in Hot Springs, AR, within a Metropolitan Statistical Area (MSA) with a population exceeding 100,000.
