Corner Walgreens Retail
For Sale
Contact for pricing
2803 Ridge Pike, Norristown, PA 19403
Single-tenant Walgreens retail property at a high-traffic intersection on Ridge Pike and N Park Ave.
Property Size14,490 SF
Price / SF$372.67
Days on Market241
Property Features for 2803 Ridge Pike
General Information
Standard status
Active
Size
14,490 SF
Property subtype
RETAIL
Additional Details
Traffic Count
33,000 vehicles/day
Listing Agency:
Equity CRE
(610) 645-7700
Listed By:
Ken Yanni
(484) 417-2223
Source:
Moodyscre
Added: Jan 12
Changed: Sep 3
Last Checked: Sep 9 at 5:04PM
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 Equity CRE
Investment Insights
Based on property information with market context.
This is a single-tenant Walgreens retail building with a recently extended lease. Walgreens has been at the location since 2005, and the lease expires in 2037, with nine 5-year renewal options.
The property is prominently situated on the corner of Ridge Pike and N Park Ave, a high-traffic intersection with over 33,000 vehicles per day. It is located in a strong retail corridor with many national tenants nearby, and it benefits from proximity to Shannondell at Valley Forge, a Continuing Care Retirement Community with over 1,100 residents.
According to Placer.ai, the Walgreens location ranks in the 74th percentile in visits in Pennsylvania and 63rd percentile nationally, with over 323,000 visits in the past 12 months.
The property is prominently situated on the corner of Ridge Pike and N Park Ave, a high-traffic intersection with over 33,000 vehicles per day. It is located in a strong retail corridor with many national tenants nearby, and it benefits from proximity to Shannondell at Valley Forge, a Continuing Care Retirement Community with over 1,100 residents.
According to Placer.ai, the Walgreens location ranks in the 74th percentile in visits in Pennsylvania and 63rd percentile nationally, with over 323,000 visits in the past 12 months.
Key Highlights
- Single‑tenant Walgreens property at the corner of Ridge Pike and N Park Ave
- Lease expires in 2037 with nine 5‑year renewal options
- Walgreens lease is guaranteed by Walgreens, rated BB- by Standard & Poor’s
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
$174,906
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
3.24%
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%
$3,498,120
$3.5M
Cap Rate 7%
$2,498,657
$2.5M
Cap Rate 9%
$1,943,400
$1.9M
Market Conditions
NOI Build-Up for 14,490 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
$260.8K $18.00/SF
− Vacancy
−$11.0K −$0.76/SF
EGI
$249.9K $17.24/SF
− OpEx
−$75.0K −$5.17/SF
NOI
$174.9K $12.07/SF
Area
Montgomery County, PA
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,498,120
Cap Rate 7%
$2,498,657
Cap Rate 9%
$1,943,400
Alternative Uses
Best Use
Specialty Retail
$8.33M
$7.29M – $9.72M
NOI $583,436 @ 7.0% cap · market cap 10.80%
Second Best
Retail
$2.50M
$2.19M – $2.92M
NOI $174,906 @ 7.0% cap · market cap 3.24%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
33,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
363
Businesses Nearby
36k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Ollie's Bargain Outlet
Shops & Services
15,636 visits/mo
0.3 miles
Turkey Hill Minit Market
Shops & Services
10,011 visits/mo
0.5 miles
Dollar Tree
Shops & Services
9,844 visits/mo
0.4 miles
Extra Space Storage
Shops & Services
226 visits/mo
0.4 miles
Demographics for 19403, PA
43,734
Population
19,720
Households
2.2
Avg Household Size
45
Median Age
48%
College-Educated
96%
High-School Grad
22.4 sq mi
ZIP Area
1,952
Density / Sq Mi
$101,996
Median Household Income
$59,809
Median Earnings
$1,640
Median Rent
$355,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- ACME Markets Pharmacy — 2761 Ridge Pike, Norristown, PA 19403
- Sav-On Pharmacy — 2775 W Main St, Norristown, PA 19404
- John F. Morrione, BSC — 2775 W Main St, Norristown, PA 19403
- Diana M. Lorch, PharmD — 2803 W Main St, Norristown, PA 19403
- Matthew A. Bartolo, PharmD — 2803 W Main St, Norristown, PA 19403, United States
Frequently Asked Questions
What type of property is this?
Drug store - Single-tenant Walgreens retail property at a high-traffic intersection on Ridge Pike and N Park Ave.
Where is this drug store located?
The property is located at 2803 Ridge Pike Norristown, PA.
What is the asking price?
The asking price for this property is $5,400,000.
What are key features of this property?
This property features: Single‑tenant Walgreens property at the corner of Ridge Pike and N Park Ave; Lease expires in 2037 with nine 5‑year renewal options; Walgreens lease is guaranteed by Walgreens, rated BB- by Standard & Poor’s
