Walgreens on Dimond
For Sale
Contact for pricing
2197 Dimond Blvd, Anchorage, AK 99515
Anchorage Walgreens with absolute net lease and drive-thru.
Property Size13,791 SF
Price / SF$427.82
Days on Market168
Property Features for 2197 Dimond Blvd
General Information
Standard status
Active
Size
13,791 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$471,999
Building Details
Year Built
2009
Tenancy
Single
Listing Agency:
RX Syndicate
Listed By:
Arthur Griffith · License #CA 01876378
Source:
Crexi
Added: Feb 24
Changed: Aug 8
Last Checked: Aug 10 at 12:39PM
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 RX Syndicate
Investment Insights
Based on property information with market context.
The Walgreens property is strategically located along West Dimond Boulevard, a primary retail corridor serving residential neighborhoods and commercial areas in South Anchorage. The location benefits from high daily traffic, excellent visibility, and convenient access, making it a functional neighborhood retail site. The property is leased to Walgreens under an absolute net lease with no landlord responsibilities. The on-site pharmacy, accessible via a drive-thru, attracts repeat customers and reinforces the property's role as a community service location. Surrounded by grocery stores, big-box retailers, and service-oriented businesses, the store benefits from a stable trade area. Limited new retail development and geographic barriers in Anchorage support the long-term durability of this pharmacy investment. The property offers an opportunity to acquire a corner location with Walgreens as a tenant and strong real estate fundamentals. The property size is 13791 square feet. It is an ideal 1031 exchange property for investors seeking a passive, no-management asset with a long-term, absolute net lease.
Key Highlights
- Absolute Net Lease with Walgreens: Enjoy zero landlord responsibilities with over eight years remaining until the next option period.
- Strategic Location: High‑traffic location on W Dimond Blvd, a primary retail arterial in Anchorage, ensuring excellent visibility and access.
- Stable, Necessity‑Based Trade Area: Surrounded by grocery, big‑box, and service retailers, providing a consistent customer base.
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
$262,139
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
4.44%
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%
$5,242,780
$5.2M
Cap Rate 7%
$3,744,843
$3.7M
Cap Rate 9%
$2,912,656
$2.9M
Market Conditions
NOI Build-Up for 13,791 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
$364.1K $26.40/SF
− Vacancy
−$14.6K −$1.06/SF
EGI
$349.5K $25.34/SF
− OpEx
−$87.4K −$6.34/SF
NOI
$262.1K $19.01/SF
Area
Anchorage, AK
Vacancy
4.00%
Lease Rate
$26.40 /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%
$5,242,780
Cap Rate 7%
$3,744,843
Cap Rate 9%
$2,912,656
Alternative Uses
Best Use
Specialty Retail
$3.74M
$3.28M – $4.37M
NOI $262,139 @ 7.0% cap · market cap 4.44%
Second Best
Retail
$3.32M
$2.90M – $3.87M
NOI $232,326 @ 7.0% cap · market cap 3.94%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 99515, AK
22,532
Population
8,137
Households
2.8
Avg Household Size
37
Median Age
41%
College-Educated
95%
High-School Grad
10.6 sq mi
ZIP Area
2,126
Density / Sq Mi
$112,445
Median Household Income
$55,657
Median Earnings
$1,716
Median Rent
$400,500
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drug store - Anchorage Walgreens with absolute net lease and drive-thru.
Where is this drug store located?
The property is located at 2197 Dimond Blvd Anchorage, AK.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: Absolute Net Lease with Walgreens: Enjoy zero landlord responsibilities with over eight years remaining until the next option period.; Strategic Location: High‑traffic location on W Dimond Blvd, a primary retail arterial in Anchorage, ensuring excellent visibility and access.; Stable, Necessity‑Based Trade Area: Surrounded by grocery, big‑box, and service retailers, providing a consistent customer base.
