Walgreens NNN Ground
For Sale
$4,760,000
1863 Union Ave, Memphis, TN 38104
Corporate-guaranteed NNN ground lease with approximately 49 years remaining through 2074.
Property Size13,963 SF
Lot Size2.29 Acres
Price / SF$340.90
Days on Market131
Property Features for 1863 Union Ave
General Information
Standard status
Active
Size
13,963 SF
Lot size
2.29 Acres
Property subtype
Drug Store
Site & Location
Neighborhood
Central Gardens Association
Additional Details
Cap Rate
6%
Amenities
Corporate Ground Lease with 49 Years of Remaining Lease Term
Placer.ai Ranks the Store in the 99th Percentile Nationally (11th / 6,724) and the #1 Store in TN Out of 243 Walgreens Stores
Absolute NNN - No landlord Responsibilities
Large 2.29 Acre Parcel With Future Development Potential - Infill Midtown Memphis Location
Dense Urban Area – Property Surrounded by Newer Construction Midrise Mixed-Use Development Projects
Building Details
Building Size
13,963 SF
Tenancy
Single
Listing Agency:
Atlanta Office
Listed By:
Hank Wolfer · License #License(s): WA: 110547, NV: S.0205892
(206) 826-5730
Source:
Marcusmillichap
Added: Jun 16
Changed: Oct 23
Last Checked: Oct 23 at 3:20AM
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 Atlanta Office
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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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$168,017
Cap Rate
3.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,360,340
$3.4M
Cap Rate 7%
$2,400,243
$2.4M
Cap Rate 9%
$1,866,856
$1.9M
Market Conditions
NOI Build-Up for 13,963 SF
Gross rent
$234.6K $16.80/SF
− Vacancy
−$10.6K −$0.76/SF
EGI
$224.0K $16.04/SF
− OpEx
−$56.0K −$4.01/SF
NOI
$168.0K $12.03/SF
Area
Memphis, TN
Vacancy
4.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,360,340
Cap Rate 7%
$2,400,243
Cap Rate 9%
$1,866,856
Alternative Uses
Best Use
Specialty Retail
$2.40M
$2.10M – $2.80M
NOI $168,017 @ 7.0% cap · market cap 3.53%
Second Best
Retail
$1.99M
$1.74M – $2.32M
NOI $139,281 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$4.13M
$3.61M – $4.81M
NOI $288,867 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,606
Businesses Nearby
340k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Groceries 21%
Shops & Services 15%
Apparel 2%
Kroger
Groceries
70,178 visits/mo
0.3 miles
Chick-fil-A
Dining
55,414 visits/mo
0.2 miles
McDonald's
Dining
25,061 visits/mo
0.4 miles
Starbucks
Dining
14,400 visits/mo
0.0 miles
7 Brew Coffee
Dining
14,264 visits/mo
0.5 miles
Demographics for 38104, TN
22,584
Population
14,315
Households
1.6
Avg Household Size
38
Median Age
52%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
4,517
Density / Sq Mi
$56,452
Median Household Income
$48,300
Median Earnings
$1,073
Median Rent
$301,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Memphis, TN
Similar Off Market Nearby
- CVS Pharmacy — 2115 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
- Dawn R. Wilburn-Goo, Pharm — 2145 Union Ave, Memphis, TN 38104
Frequently Asked Questions
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 $4,760,000.
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
