Walgreens NNN Leasehold
For Sale
Contact for pricing
219n Woodland Dr, Forest, MS 39074
NNN leased Walgreens with consistent income through January 2034.
Property Size13,605 SF
Price / SF$264.02
Days on Market184
Property Features for 219n Woodland Dr
General Information
Standard status
Active
Size
13,605 SF
Property subtype
Retail
Zoning
C-3
Building Details
Year Built
2009
Listing Agency:
Pharma Property Group
(619) 297-0055
Listed By:
Jason Pongsrikul · License #CA 01918332
Source:
Crexi
Added: Feb 9
Changed: Aug 8
Last Checked: Aug 8 at 6:38AM
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 Pharma Property Group
Investment Insights
Based on property information with market context.
The leasehold interest for the Walgreens property located at 219 North Woodland Drive, Forest, MS 39074 is available for sale. The property is subject to a long-term absolute triple-net (NNN) lease with no landlord responsibilities. The lease runs through January 31, 2034, providing consistent income throughout the remaining term. The lease structure allows for a significant portion of the purchase price to be recaptured during the initial term. The property is located just off U.S. Route 80, the primary east-west corridor connecting Meridian and Jackson, Mississippi. This route supports steady regional traffic and provides direct access to Forest’s commercial and industrial districts. With no other Walgreens within a 32-mile radius, this site serves as the tenant’s primary location in the surrounding area. Forest is home to two of the region’s largest industrial employers: Tyson Foods, operating a 288,710-square-foot processing facility with over 1,500 employees, and Raytheon Technologies, which maintains a 407,000-square-foot consolidated Manufacturing Center. In 2022, Tyson invested $90 million in expanding their processing plant which in turn created an additional 320 jobs and made it the single largest capital investment in Scott County. As the county seat of Scott County, Forest also hosts Lackey Memorial Hospital, a 25-bed medical facility providing primary and emergency care. The area supports a mix of government, education, and small business employers, contributing to its role as a regional center for services and employment. The property size is 13605 square feet.
Key Highlights
- Long‑term absolute NNN lease with Walgreens, running through January 31, 2034, providing consistent income with no landlord responsibilities.
- Strategic location off U.S. Route 80, a primary east‑west corridor with steady regional traffic.
- No other Walgreens within a 32‑mile radius, making it the primary location in the surrounding area.
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
$151,220
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
4.21%
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%
$3,024,400
$3.0M
Cap Rate 7%
$2,160,286
$2.2M
Cap Rate 9%
$1,680,222
$1.7M
Market Conditions
NOI Build-Up for 13,605 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
$212.2K $15.60/SF
− Vacancy
−$10.6K −$0.78/SF
EGI
$201.6K $14.82/SF
− OpEx
−$50.4K −$3.70/SF
NOI
$151.2K $11.11/SF
Area
Scott County, MS
Vacancy
5.00%
Lease Rate
$15.60 /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%
$3,024,400
Cap Rate 7%
$2,160,286
Cap Rate 9%
$1,680,222
Alternative Uses
Best Use
Specialty Retail
$2.16M
$1.89M – $2.52M
NOI $151,220 @ 7.0% cap · market cap 4.21%
Second Best
Retail
$1.93M
$1.69M – $2.25M
NOI $134,853 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $163,195 @ 7.0% cap · market cap 4.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 39074, MS
14,552
Population
6,222
Households
2.3
Avg Household Size
36
Median Age
14%
College-Educated
75%
High-School Grad
277.4 sq mi
ZIP Area
52
Density / Sq Mi
$46,890
Median Household Income
$31,378
Median Earnings
$795
Median Rent
$114,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Walgreens Pharmacy — 219 Woodland Dr N, Forest, MS 39074
- CVS — 822 MS-35, Forest, MS 39074
- CVS Pharmacy — 822 MS-35, Forest, MS 39074, United States
- Trenton D. Lott, PharmD — 237 Woodland Dr, Forest, MS 39074
- My Quang T. Pham, PharmD — 219 Woodland Dr N, Forest, MS 39074
Frequently Asked Questions
What type of property is this?
Drug store - NNN leased Walgreens with consistent income through January 2034.
Where is this drug store located?
The property is located at 219n Woodland Dr Forest, MS.
What is the asking price?
The asking price for this property is $3,592,000.
What are key features of this property?
This property features: Long‑term absolute NNN lease with Walgreens, running through January 31, 2034, providing consistent income with no landlord responsibilities.; Strategic location off U.S. Route 80, a primary east‑west corridor with steady regional traffic.; No other Walgreens within a 32‑mile radius, making it the primary location in the surrounding area.
