Walgreens Leased Property For
For Sale
$5,460,900
2589 Jensen Ave, Sanger, CA 93657
Thriving Walgreens property in Sanger, CA with long-term absolute NNN lease.
Property Size13,779 SF
Price / SF$396.32
Days on Market274
Property Features for 2589 Jensen Ave
General Information
Standard status
Active
Size
13,779 SF
Property subtype
Retail
Building Details
Building Size
13,779 SF
Year Built
2009
Listing Agency:
NAI Northern California
(415) 297-5586
Listed By:
Mary Alam, MBA · License #CalDRE #01927340
(415) 297-5586
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Aug 12
Last Checked: Aug 22 at 4:53AM
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 NAI Northern California
Investment Insights
Based on property information with market context.
Located at 2589 Jensen Avenue in Sanger, California, this property is a standalone retail building occupied by a Walgreens pharmacy. The property is situated just 12 miles from the Fresno Yosemite International Airport and approximately 3.5 hours by car from Los Angeles International Airport. The pharmacy has a longer-term absolute NNN lease. The store is positioned at a signalized hard corner within an established commercial area, near a Walmart Supercenter, Dollar Tree, 99-cent Only, O'Reilly Auto Parts, AT&T, T-Mobile, and Subway. As the only Walgreens in Sanger, it is located at the major signalized retail intersection of Jensen and Bethel Avenues, which experiences a high traffic count of 25,000 vehicles per day. The property has been at this location since 2009. The building includes a drive-thru pharmacy and a 3,000 square foot mezzanine with a separate entrance. The property is on a 1.03-acre parcel with ample parking and easy access. Multiple medical and educational services are located less than one mile from the property. The location is considered a main and main location at one of the busiest signalized intersections in downtown Sanger. Retail synergy is enhanced by a Walmart Supercenter and a busy shopping center across the street, the EECU Credit Union next door, and nearby national retailers including Starbucks, Dollar Tree, O'Reilly's, AT&T, Grocery Outlet and Quest Diagnostics. The property size is 13,779 square feet.
Key Highlights
- Long‑term absolute NNN lease with Walgreens, guaranteeing $36,406 net monthly income and no landlord expenses.
- High‑performing Walgreens store, ranked in the 91st percentile nationwide, with a 10% sales increase from 2020 to 2024.
- Located at a major signalized intersection with high traffic count (25,000 VPD) in Sanger, the only Walgreens in town.
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
$190,818
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
3.49%
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%
$3,816,360
$3.8M
Cap Rate 7%
$2,725,971
$2.7M
Cap Rate 9%
$2,120,200
$2.1M
Market Conditions
NOI Build-Up for 13,779 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
$269.5K $19.56/SF
− Vacancy
−$15.1K −$1.10/SF
EGI
$254.4K $18.46/SF
− OpEx
−$63.6K −$4.62/SF
NOI
$190.8K $13.85/SF
Area
Fresno County, CA
Vacancy
5.60%
Lease Rate
$19.56 /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%
$3,816,360
Cap Rate 7%
$2,725,971
Cap Rate 9%
$2,120,200
Alternative Uses
Best Use
Specialty Retail
$2.73M
$2.39M – $3.18M
NOI $190,818 @ 7.0% cap · market cap 3.49%
Second Best
Retail
$2.54M
$2.23M – $2.97M
NOI $178,097 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$3.91M
$3.42M – $4.56M
NOI $273,372 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 93657, CA
37,464
Population
11,677
Households
3.2
Avg Household Size
34
Median Age
15%
College-Educated
76%
High-School Grad
225.8 sq mi
ZIP Area
166
Density / Sq Mi
$77,655
Median Household Income
$37,574
Median Earnings
$1,123
Median Rent
$382,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Walmart Pharmacy — 2761 Jensen Ave, Sanger, CA 93657
- Rodney A. Chang, PharmD — 2589 Jensen Ave, Sanger, CA 93657
- Daniel Perez, PharmD — 2589 Jensen Ave, Sanger, CA 93657
- Walgreens Pharmacy — 2589 Jensen Ave, Sanger, CA 93657
Frequently Asked Questions
What type of property is this?
Drug store - Thriving Walgreens property in Sanger, CA with long-term absolute NNN lease.
Where is this drug store located?
The property is located at 2589 Jensen Ave Sanger, CA.
What is the asking price?
The asking price for this property is $5,460,900.
What are key features of this property?
This property features: Long‑term absolute NNN lease with Walgreens, guaranteeing $36,406 net monthly income and no landlord expenses.; High‑performing Walgreens store, ranked in the 91st percentile nationwide, with a 10% sales increase from 2020 to 2024.; Located at a major signalized intersection with high traffic count (25,000 VPD) in Sanger, the only Walgreens in town.
