2360 Justin Road, Highland Village, TX 75077

Listing Agency: The Kase Group

Listed By: Jeff Bracco · License CA #01336201 Show Phone

Source: Crexi

Added: Oct 5 Changed: Nov 8 Last Checked: Nov 8 at 3:59PM

Report an Issue

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 The Kase Group

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

The Walgreens drugstore at 2360 Justin Road contains 13,820 square feet and is leased under a corporate-backed NNN structure. The tenant is responsible for repairs and replacements, and the current lease runs through December 2034. Twelve additional five-year renewal options are included, with rent increases of 5% every five years during the lease term.

The property is in Highland Village, Texas, within the Dallas-Fort Worth metroplex.

Key Highlights

• 13,820‑square‑foot Walgreens drugstore
• Corporate‑backed NNN lease runs through December 2034
• 12 additional five‑year renewal options

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$261,322

Cap Rate

6.48%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,226,440 $5.2M

Cap Rate 7%

$3,733,171 $3.7M

Cap Rate 9%

$2,903,578 $2.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,820 SF

Gross rent

$364.8K $26.40/SF

− Vacancy

−$16.4K −$1.19/SF

EGI

$348.4K $25.21/SF

− OpEx

−$87.1K −$6.30/SF

NOI

$261.3K $18.91/SF

Area

Denton County, TX

Vacancy

4.50%

Lease Rate

$26.40 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,226,440

Cap Rate 7%

$3,733,171

Cap Rate 9%

$2,903,578

Alternative Uses

Best Use

Specialty Retail

$3.73M

$3.27M – $4.36M (±1% cap)

NOI $261,322 @ 7.0% cap · market cap 6.48%

Second Best

Retail

$3.28M

$2.87M – $3.82M (±1% cap)

NOI $229,390 @ 7.0% cap · market cap 5.69%

Theoretical Best

Office A

$4.86M

$4.25M – $5.67M (±1% cap)

NOI $340,304 @ 7.0% cap · market cap 8.44%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Drug stores

Suggested Use

Top Pick Law Firm Real Estate Agency Restaurant Hair Salon Spa & Massage Center Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

111

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 75077, TX

38,073

Population

14,768

Households

2.6

Avg Household Size

42

Median Age

48%

College-Educated

97%

High-School Grad

14.1 sq mi

ZIP Area

2,700

Density / Sq Mi

$121,220

Median Household Income

$60,140

Median Earnings

$1,886

Median Rent

$418,800

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Frequently Asked Questions

What type of property is this?

Drug store - A corporate-backed NNN lease places property repairs and replacements with the tenant.

Where is this drug store located?

The property is located at 2360 Justin Road Highland Village, TX.

What is the asking price?

The asking price for this property is $4,029,751.

What are key features of this property?

This property features: 13,820‑square‑foot Walgreens drugstore; Corporate‑backed NNN lease runs through December 2034; 12 additional five‑year renewal options