Hartselle Walgreens NNN Lease
For Sale
Contact for pricing
Pending
201 Hwy 31 NW, Hartselle, AL 35640
Walgreens NNN lease extended through 2038, Hartselle, Alabama.
Property Size14,754 SF
Days on Market167
Property Features for 201 Hwy 31 NW
General Information
Standard status
Pending
Size
14,754 SF
Total Parking Spaces
70
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Building Details
Year Built
2007
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
CBRE - Atlanta
(404) 504-7893
Listed By:
Brian Pfohl · License #GA 349355
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Jul 25 at 3:00PM
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 CBRE - Atlanta
Investment Insights
Based on property information with market context.
Located approximately 11 miles south of Decatur and 28 miles southwest of Huntsville, this property is a Walgreens situated at the hard-corner, signalized intersection of Highway 31 Northwest (21,225 VPD) and Main Street (11,318 VPD). It is less than 3 miles west of access to Interstate 65 (44,933 VPD). The absolute NNN lease, originally set to expire in 2034, was extended through 2038 and now features approximately 12.4 years of primary term remaining, with eleven 5-year options to renew. The property size is 14,754 square feet.
Key Highlights
- Absolute NNN lease extended through 2038.
- Approximately 12.4 years of primary lease term remaining.
- Located at a hard‑corner, signalized intersection of Highway 31 Northwest and Main Street.
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
$164,596
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
4.96%
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%
$3,291,920
$3.3M
Cap Rate 7%
$2,351,371
$2.4M
Cap Rate 9%
$1,828,844
$1.8M
Market Conditions
NOI Build-Up for 14,754 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
$235.5K $15.96/SF
− Vacancy
−$16.0K −$1.09/SF
EGI
$219.5K $14.87/SF
− OpEx
−$54.9K −$3.72/SF
NOI
$164.6K $11.16/SF
Area
Morgan County, AL
Vacancy
6.80%
Lease Rate
$15.96 /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%
$3,291,920
Cap Rate 7%
$2,351,371
Cap Rate 9%
$1,828,844
Alternative Uses
Best Use
Specialty Retail
$2.35M
$2.06M – $2.74M
NOI $164,596 @ 7.0% cap · market cap 4.96%
Second Best
Retail
$1.74M
$1.53M – $2.03M
NOI $122,013 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$3.07M
$2.69M – $3.58M
NOI $214,865 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
724
Businesses Nearby
197k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Shops & Services 34%
Groceries 15%
Home Improvements & Furnishings 4%
Kroger
Groceries
29,340 visits/mo
0.3 miles
McDonald's
Dining
23,793 visits/mo
0.2 miles
Zaxby's Chicken Fingers & Buffalo Wings
Dining
15,268 visits/mo
0.0 miles
Wendy's
Dining
11,964 visits/mo
0.4 miles
Kroger Fuel Center
Shops & Services
10,664 visits/mo
0.3 miles
Demographics for 35640, AL
25,913
Population
11,023
Households
2.4
Avg Household Size
41
Median Age
25%
College-Educated
89%
High-School Grad
106.9 sq mi
ZIP Area
242
Density / Sq Mi
$69,686
Median Household Income
$43,844
Median Earnings
$767
Median Rent
$196,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Kroger Pharmacy — 241 Hwy 31 SW Ste K, Hartselle, AL 35640
- Gilchrist Pharmacy — 615 Mynatt St SW suite b, Hartselle, AL 35640
- EATON WIZE NUTRITION — 907 Hwy 31 SW, Hartselle, AL 35640
- CVS Pharmacy — 240 hwy 31 sw, hartselle, al 35640
- Hartselle Fitness Center — 800 Hwy 31 SW Suite G, Hartselle, AL 35640
Frequently Asked Questions
What type of property is this?
Drug store - Walgreens NNN lease extended through 2038, Hartselle, Alabama.
Where is this drug store located?
The property is located at 201 Hwy 31 NW Hartselle, AL.
What is the asking price?
The asking price for this property is $3,319,600.
What are key features of this property?
This property features: Absolute NNN lease extended through 2038.; Approximately 12.4 years of primary lease term remaining.; Located at a **hard‑corner, signalized intersection** of Highway 31 Northwest and Main Street.
