Freestanding Walgreens Pharmacy with
32798 Walker Rd Avon Lake, OH 44012
For Sale
Contact for pricing
Absolute NNN Walgreens property with drive-thru and long-term corporate-backed lease through March 31, 2067.
Property Size14,990 SF
Price / SF$173.45
Days on Market24
Property Features for 32798 Walker Rd
General Information
Standard status
Active
Size
14,990 SF
Property subtype
RETAIL
Listing Agency:
Goodman Real Estate
(440) 567-8768
Listed By:
Shaun Brady · License #SAL.2010003126
(440) 567-8768
Source:
Moodyscre
Added: Jul 7
Changed: Jul 29
Last Checked: Jul 29 at 3:50AM
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 Goodman Real Estate
Investment Insights
Based on property information with market context.
This freestanding Walgreens pharmacy includes a drive-thru and is offered under an absolute NNN structure, with the tenant responsible for taxes, insurance, and maintenance. The property is described as a long-term, successful pharmacy operation with a remaining lease term through March 31, 2067, backed by a corporate guarantee by Walgreens (Sycamore Partners). Reported financial performance includes $224,595 in annual NOI and an 8.63% cap rate based on the stated list price.
The offering highlights a corner location at the high-visibility northwest corner of Route 83 and Walker Road, supported by the trade area’s stated demographic strength, including $115,567 median household income and active new home construction.
The offering highlights a corner location at the high-visibility northwest corner of Route 83 and Walker Road, supported by the trade area’s stated demographic strength, including $115,567 median household income and active new home construction.
Key Highlights
- Corporate‑backed Walgreens pharmacy with drive‑thru in a 14,990 SF building
- Absolute NNN lease: tenant pays all taxes, insurance, and maintenance
- Long‑term term remaining through March 31, 2067; corporate guarantee by Walgreens (Sycamore Partners)
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $224.9k | $15.00 |
| − Vacancy | −$9.4k | −$0.63 |
| EGI | $215.4k | $14.37 |
| − OpEx | −$53.9k | −$3.59 |
| NOI | $161.6k | $10.78 |
14,990 SF · lease $15.00/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.31M
$2.02M – $2.69M
NOI $161,555 @ 7.0% cap · market cap 6.21%
Second Best
Retail
$2.15M
$1.88M – $2.51M
NOI $150,784 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$3.78M
$3.31M – $4.41M
NOI $264,424 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Similar Off Market Nearby
- Tina Hicov, RPh — 32798 Walker Rd, Avon Lake, OH 44012
- Walgreens Pharmacy — 32798 Walker Rd, Avon Lake, OH 44012
- COVID-19 Drive-Thru Testing at Walgreens — 32798 Walker Rd, Avon Lake, OH 44012
- Tara Kunzelman — 32798 Walker Rd, Avon Lake, OH 440121443
- Jeremy S. Klepper, PharmD — 32798 Walker Rd, Avon Lake, OH 44012
Frequently Asked Questions
What type of property is this?
Drug store - Absolute NNN Walgreens property with drive-thru and long-term corporate-backed lease through March 31, 2067.
Where is this drug store located?
The property is located at 32798 Walker Rd Avon Lake, OH.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Corporate‑backed Walgreens pharmacy with drive‑thru in a 14,990 SF building; Absolute NNN lease: tenant pays all taxes, insurance, and maintenance; Long‑term term remaining through March 31, 2067; corporate guarantee by Walgreens (Sycamore Partners)
