Walgreens NNN Ground
1863 UNION AVE Memphis, TN 38104
1863 UNION AVE, Memphis, TN, 38104
Contact for pricing
For Sale
Contact for pricing
Corporate-guaranteed NNN ground lease with approximately 49 years remaining through 2074.
Property Size13,963 SF
Lot Size2.29 Acres
Price / SF$369.40
Days on Market43
Property Features for 1863 UNION AVE
General Information
- Standard status
- Active
- Size
- 13,963 SF
- Lot size
- 2.29 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1995
Listing agency
Marcus & Millichap - Seattle
Listed by
Hank Wolfer · License #WA 110547
Source
Crexi
Added: Jun 11 Updated: Jul 22 at 5:07PM Checked: Jul 22 at 5:07PM
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 Marcus & Millichap - Seattle
Investment Insights
Based on property information with market context.
The offering consists of a 13,963-square-foot Walgreens on a 2.29-acre parcel. The property is leased under a corporate-guaranteed NNN ground lease with approximately 49 years remaining through September 2074.
The site is located at 1863 Union Avenue in Memphis, Tennessee, along the Union Avenue corridor.
Under the lease structure, Walgreens is responsible for property expenses, maintenance, repairs, taxes, and insurance, supporting a passive ownership profile for investors seeking long-term tenant-backed obligations.
The site is located at 1863 Union Avenue in Memphis, Tennessee, along the Union Avenue corridor.
Under the lease structure, Walgreens is responsible for property expenses, maintenance, repairs, taxes, and insurance, supporting a passive ownership profile for investors seeking long-term tenant-backed obligations.
Key Highlights
- 13,963 SF Walgreens on a 2.29‑acre parcel at 1863 Union Avenue, Memphis, TN
- Corporate‑guaranteed NNN ground lease with approximately 49 years remaining through September 2074
- Walgreens (tenant) responsible for all property expenses, maintenance, repairs, taxes, and insurance
Local 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 | $234.6k | $16.80 |
| − Vacancy | −$10.6k | −$0.76 |
| EGI | $224.0k | $16.04 |
| − OpEx | −$56.0k | −$4.01 |
| NOI | $168.0k | $12.03 |
13,963 SF · lease $16.80/SF/yr · vacancy 4.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.40M
$2.10M – $2.80M
NOI $168,017 @ 7.0% cap · market cap 3.26%
Second Best
Retail
$1.99M
$1.74M – $2.32M
NOI $139,281 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$4.13M
$3.61M – $4.81M
NOI $288,867 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Walgreens Photo
(Bike/Boat/Book/etc) Store
Walgreens Pharmacy
Pharmacy
Redbox
Cinema
Bank of Bartlett ATM
Atm
Western Union
Bank
Similar For Sale Nearby
Similar Off Market Nearby
- CVS Pharmacy — 2115 Union Ave, Memphis, TN 38104
- Dawn R. Wilburn-Goo, Pharm — 2145 Union Ave, Memphis, TN 38104
- Ron L. Williams, DPH — 2145 Union Ave #110, Memphis, TN 38104
- CVS — 2115 Union Ave, Memphis, TN 38104
- Yolanda Tyson — 2145 Union Ave, Memphis, TN 381044206
FAQs
What type of property is this?
Drug store - Corporate-guaranteed NNN ground lease with approximately 49 years remaining through 2074.
Where is this drug store located?
The property is located at 1863 UNION AVE Memphis, TN.
What is the asking price?
The asking price for this property is $5,158,000.
What are key features of this property?
This property features: 13,963 SF Walgreens on a 2.29‑acre parcel at 1863 Union Avenue, Memphis, TN; Corporate‑guaranteed NNN ground lease with approximately 49 years remaining through September 2074; Walgreens (tenant) responsible for all property expenses, maintenance, repairs, taxes, and insurance
