Walgreens Absolute NNN
For Sale
Contact for pricing
1835 SAND LAKE RD, Orlando, FL 32809
Absolute NNN structure with a coterminous Ebisu Life Store sublease and continuing Walgreens lease commitment.
Property Size14,490 SF
Price / SF$446.51
Days on Market77
Property Features for 1835 SAND LAKE RD
General Information
Standard status
Active
Size
14,490 SF
Property subtype
Retail
Lease Type
Absolute Net
Net Operating Income
$647,000
Additional Details
Road Access
Yes
Building Details
Year Built
2010
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Cushman & Wakefield - San Diego, California
Listed By:
Brandon Price · License #CA 01822998
Source:
Crexi
Added: Jun 15
Changed: Aug 30
Last Checked: Aug 30 at 12:14AM
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 Cushman & Wakefield - San Diego, California
Investment Insights
Based on property information with market context.
This 14,490-square-foot NNN property is a dark Walgreens location constructed in 2010. Walgreens ceased operations in January 2025 but remains contractually obligated under the lease, which has approximately 10 years remaining. The space is subleased to Ebisu Life Store on a coterminous term. Under the absolute NNN structure, the landlord has no responsibility for repairs or capital expenses.
The property occupies 1835 Sand Lake Road at the intersection of Sand Lake Road and South Orange Blossom Trail in Orlando. The Florida Mall is directly across the street and contains more than 1.8 million square feet of retail space, along with an on-site hotel and department stores including Macy’s, Dillard’s, and JCPenney. More than 4 million square feet of retail development lies within a 1-mile radius, while combined traffic at the two thoroughfares exceeds 118,000 vehicles per day.
The property occupies 1835 Sand Lake Road at the intersection of Sand Lake Road and South Orange Blossom Trail in Orlando. The Florida Mall is directly across the street and contains more than 1.8 million square feet of retail space, along with an on-site hotel and department stores including Macy’s, Dillard’s, and JCPenney. More than 4 million square feet of retail development lies within a 1-mile radius, while combined traffic at the two thoroughfares exceeds 118,000 vehicles per day.
Key Highlights
- 14,490 SF Walgreens property built in 2010
- Walgreens lease has approximately 10‑years of term remaining
- Ebisu Life Store sublease runs coterminous with the Walgreens lease
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
$304,862
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
4.71%
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%
$6,097,240
$6.1M
Cap Rate 7%
$4,355,171
$4.4M
Cap Rate 9%
$3,387,356
$3.4M
Market Conditions
NOI Build-Up for 14,490 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
$420.8K $29.04/SF
− Vacancy
−$14.3K −$0.99/SF
EGI
$406.5K $28.05/SF
− OpEx
−$101.6K −$7.01/SF
NOI
$304.9K $21.04/SF
Area
Orlando, FL
Vacancy
3.40%
Lease Rate
$29.04 /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%
$6,097,240
Cap Rate 7%
$4,355,171
Cap Rate 9%
$3,387,356
Alternative Uses
Best Use
Specialty Retail
$4.36M
$3.81M – $5.08M
NOI $304,862 @ 7.0% cap · market cap 4.71%
Second Best
Retail
$4.06M
$3.56M – $4.74M
NOI $284,538 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$4.67M
$4.08M – $5.45M
NOI $326,741 @ 7.0% cap · market cap 5.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,053
Businesses Nearby
694k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 45%
Shops & Services 26%
Dining 16%
Home Improvements & Furnishings 5%
JCPenney
Apparel
83,090 visits/mo
0.4 miles
American Girl
Shops & Services
60,676 visits/mo
0.4 miles
H&M
Apparel
59,496 visits/mo
0.4 miles
Zara
Apparel
58,022 visits/mo
0.4 miles
Ross Dress for Less
Apparel
35,513 visits/mo
0.3 miles
Demographics for 32809, FL
29,478
Population
10,674
Households
2.8
Avg Household Size
36
Median Age
23%
College-Educated
79%
High-School Grad
10.4 sq mi
ZIP Area
2,834
Density / Sq Mi
$52,203
Median Household Income
$30,985
Median Earnings
$1,368
Median Rent
$281,000
Median Home Value
Market
Vacancy Rate% for Retail in Orlando, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Absolute NNN structure with a coterminous Ebisu Life Store sublease and continuing Walgreens lease commitment.
Where is this nnn property located?
The property is located at 1835 SAND LAKE RD Orlando, FL.
What is the asking price?
The asking price for this property is $6,470,000.
What are key features of this property?
This property features: 14,490 SF Walgreens property built in 2010; Walgreens lease has approximately 10‑years of term remaining; Ebisu Life Store sublease runs coterminous with the Walgreens lease
