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    New Walgreens with Drive-Thru Title is generated by Realmo AI

    244 N Lake Dr, Prestonsburg, KY 41653

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    New Walgreens in Prestonsburg, KY with long-term corporate lease.

    Type:Retail
    Property size:
    2,500 SF
    Price / SF:
    $664/SF
    Added:
    May 28, 2024
    Days on Market:
    738
    Last Refresh:
    May 12 at 11:14 pm

    Property Features for 244 N Lake Dr

    General Information

    Standard status
    Active
    Size
    2,500 SF
    Property subtype
    Retail

    Building Details

    Year Built
    2023

    We can help!

    Listing Contact
    Sean Lutz

    Listing agent Sean Lutz License #IL 475132482

    Listing office SRS Real Estate Partners Chicago

    Listing date May 28, 2024

    Source Crexi

    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 SRS Real Estate Partners Chicago

    HighLights

    • Absolute NNN lease with zero landlord responsibilities.
    • Corporate‑backed lease with 7+ years of firm term remaining.
    • Rare rental increases of 5% throughout the initial term and 7.50% during option periods.
    • Newly built (2023) Walgreens featuring the brand new “Cooper” prototype.
    • Strategically located at a signalized, hard corner intersection with high traffic volume (22,600 vehicles daily).
    • Located near residential communities and supported by a strong 5‑mile trade area.

    Overview

    This newly built Walgreens investment property is located in Prestonsburg, KY. The property features a drive-thru. The tenant, Walgreen Co., has over 7 years of firm term remaining with an additional 4 (5-year) option periods. The lease includes 5% rental increases throughout the initial term and 7.50% increases throughout the options. The lease is signed by the corporate entity and is absolute NNN with zero landlord responsibilities. This is one of Walgreens’ brand new “Cooper” prototype pharmacies, with a health and wellness focus. The property is located near the signalized, hard corner intersection of Lake Drive and State Highway 114, with an average of 22,600 vehicles passing by daily. Lake Drive serves as the community’s primary retail corridor. Surrounding tenants include U.S. Bank, Yamato Steak House of Japan, ACE Hardware, KFC, Mr. Tire Auto, AutoZone, and Wendy’s. The asset is near numerous single-family communities and multi-family complexes including Highland Terrace (80 units) and Cliffside Apartments (94 units). The 5-mile trade area is supported by over 10,600 residents and 6,700 daytime employees, with an average annual household income of $65,488. The property size is 2,500 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Drug stores

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Law Firm Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Wanda K. Salyer, RPh — Prestonsburg, KY 41653
    • Brown Bag Remedies — 274 W Court St, Prestonsburg, KY 41653
    • Huff Drug — 115 Village Dr, Prestonsburg, KY 41653
    • Grey Area CBD — 101 Village Dr, Prestonsburg, KY 41653
    • Harold W. Cooley, R — 128 N Lake Dr, Prestonsburg, KY 41653

    Location Insight

    • Map
    • Local Demand
    City
    Prestonsburg
    County
    Floyd
    State
    Kentucky
    Longitude
    -82.771859
    Latitude
    37.666154

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    FAQs

    What type of property is this?
    Drug store - New Walgreens in Prestonsburg, KY with long-term corporate lease.
    Where is this drug store located?
    The property is located at 244 N Lake Dr Prestonsburg, KY.
    What is the asking price?
    The asking price for this property is $1,661,000.
    What are key features of this property?
    This property features: Absolute NNN lease with zero landlord responsibilities.; Corporate‑backed lease with 7+ years of firm term remaining.; Rare rental increases of 5% throughout the initial term and 7.50% during option periods.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Sean Lutz
    Real Estate License ID: IL 475132482
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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