NNN Walgreens Property For
For Sale
Contact for pricing
1901 S Oneida St, Appleton, WI 54915
NNN Walgreens with rare rent increases in strong retail corridor.
Property Size13,000 SF
Price / SF$289.62
Days on Market176
Property Features for 1901 S Oneida St
General Information
Standard status
Active
Size
13,000 SF
Total Parking Spaces
39
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$286,000
Building Details
Year Built
1992
Tenancy
Single
Listing Agency:
Equity Investment Advisors
Listed By:
Rich Lydon · License #CA 01466991
Source:
Crexi
Added: Feb 27
Changed: Aug 11
Last Checked: Aug 20 at 7:08AM
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 Equity Investment Advisors
Investment Insights
Based on property information with market context.
This is a fee simple absolute NNN lease property with no landlord responsibilities, guaranteed by Walgreens. The new lease is for 13 years and includes rare five percent rent increases every five years, along with twelve 5-year options. The signing of this new lease confirms Walgreens' dedication to this store. The property is located on S. Oneida Street, which sees over 16,400 vehicles per day. It is strategically positioned in a strong retail corridor, surrounded by national tenants such as Pizza Hut, Dairy Queen, and a Shell gas station. The Walgreens is less than one mile from St. Elizabeth Campus of Ascension NE Wisconsin Hospital, which has 279 beds, and State Highway 47, the main northwest-southeast highway in Wisconsin. The property size is 13,000 square feet.
Key Highlights
- Brand new 13‑year absolute NNN lease with no landlord responsibilities, guaranteed by Walgreens.
- RARE 5% rent increases every 5 years.
- 12 5‑year options to renew the 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
$196,151
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
5.21%
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%
$3,923,020
$3.9M
Cap Rate 7%
$2,802,157
$2.8M
Cap Rate 9%
$2,179,456
$2.2M
Market Conditions
NOI Build-Up for 13,000 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
$273.0K $21.00/SF
− Vacancy
−$11.5K −$0.88/SF
EGI
$261.5K $20.12/SF
− OpEx
−$65.4K −$5.03/SF
NOI
$196.2K $15.09/SF
Area
Outagamie County, WI
Vacancy
4.20%
Lease Rate
$21.00 /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%
$3,923,020
Cap Rate 7%
$2,802,157
Cap Rate 9%
$2,179,456
Alternative Uses
Best Use
Specialty Retail
$2.80M
$2.45M – $3.27M
NOI $196,151 @ 7.0% cap · market cap 5.21%
Second Best
Retail
$2.40M
$2.10M – $2.80M
NOI $168,050 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$3.58M
$3.14M – $4.18M
NOI $250,900 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
852
Businesses Nearby
9k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 38%
Little Caesars Pizza
Dining
5,261 visits/mo
0.2 miles
Shell
Shops & Services
2,451 visits/mo
0.1 miles
Pantry
Shops & Services
811 visits/mo
0.2 miles
Demographics for 54915, WI
43,190
Population
18,373
Households
2.4
Avg Household Size
38
Median Age
38%
College-Educated
95%
High-School Grad
15.0 sq mi
ZIP Area
2,879
Density / Sq Mi
$83,814
Median Household Income
$49,554
Median Earnings
$974
Median Rent
$247,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest 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 - NNN Walgreens with rare rent increases in strong retail corridor.
Where is this drug store located?
The property is located at 1901 S Oneida St Appleton, WI.
What is the asking price?
The asking price for this property is $3,765,000.
What are key features of this property?
This property features: Brand new 13‑year absolute NNN lease with no landlord responsibilities, guaranteed by Walgreens.; RARE 5% rent increases every 5 years.; 12 5‑year options to renew the lease.
