Walgreens NNN Lease
For Sale
$5,523,000
20 Weston St, Waltham, MA 02453
Absolute NNN leased Walgreens in Waltham, MA for sale.
Property Size14,279 SF
Lot Size1.43 Acres
Price / SF$386.79
Days on Market129
Property Features for 20 Weston St
General Information
Standard status
Active
Size
14,279 SF
Lot size
1.43 Acres
Property subtype
Retail
Listing Agency:
Los Angeles - Orange County
(949) 724-5561
Listed By:
Eric Carlton · License #01809955
(949) 724-5561
Source:
Colliers
Added: Apr 2
Changed: Aug 8
Last Checked: Jul 14 at 6:36AM
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 Los Angeles - Orange County
Investment Insights
Based on property information with market context.
This is an opportunity to acquire a net leased Walgreens property in Waltham, MA. The property has been occupied by Walgreens since 1992. The building has 14,279 square feet of space and is situated on a 1.43-acre parcel. The lease has over 11.9 years remaining in the primary term, with twelve 5-year option periods. The property is located at the hard corner signalized intersection of Weston Street and South Street, with a combined traffic count exceeding 29,000 vehicles per day. It is also directly adjacent to Main Street, which sees over 24,900 vehicles per day. Waltham is located within the Massachusetts Supercluster, an area with a concentration of biotech, pharma, and tech firms. The property is located within 16 miles of Boston.
Key Highlights
- Absolute Net Lease: Enjoy zero landlord responsibilities and effortless cash flow.
- Long‑Term Lease: Benefit from over 11.9 years remaining on the primary term with twelve 5‑year option periods.
- Established Tenant: Walgreens, a leading pharmacy chain, has occupied the location since 1992.
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
$267,464
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
4.84%
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%
$5,349,280
$5.3M
Cap Rate 7%
$3,820,914
$3.8M
Cap Rate 9%
$2,971,822
$3.0M
Market Conditions
NOI Build-Up for 14,279 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
$385.5K $27.00/SF
− Vacancy
−$28.9K −$2.03/SF
EGI
$356.6K $24.98/SF
− OpEx
−$89.2K −$6.24/SF
NOI
$267.5K $18.73/SF
Area
Middlesex County, MA
Vacancy
7.50%
Lease Rate
$27.00 /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%
$5,349,280
Cap Rate 7%
$3,820,914
Cap Rate 9%
$2,971,822
Alternative Uses
Best Use
Specialty Retail
$3.82M
$3.34M – $4.46M
NOI $267,464 @ 7.0% cap · market cap 4.84%
Second Best
Retail
$2.93M
$2.57M – $3.42M
NOI $205,229 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$8.45M
$7.40M – $9.86M
NOI $591,718 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,694
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02453, MA
31,854
Population
13,163
Households
2.4
Avg Household Size
34
Median Age
59%
College-Educated
92%
High-School Grad
3.6 sq mi
ZIP Area
8,848
Density / Sq Mi
$114,029
Median Household Income
$58,036
Median Earnings
$2,063
Median Rent
$666,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast 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 - Absolute NNN leased Walgreens in Waltham, MA for sale.
Where is this drug store located?
The property is located at 20 Weston St Waltham, MA.
What is the asking price?
The asking price for this property is $5,523,000.
What are key features of this property?
This property features: Absolute Net Lease: Enjoy zero landlord responsibilities and effortless cash flow.; Long‑Term Lease: Benefit from over 11.9 years remaining on the primary term with twelve 5‑year option periods.; Established Tenant: Walgreens, a leading pharmacy chain, has occupied the location since 1992.
