Memphis Walgreens Investment
3515 Park Ave, Memphis, TN 38111
Walgreens property for sale with long-term lease and rental increases.
Type:Retail
Property size:
15,435 SFPrice / SF:
$240/SF- Added:
- Feb 10, 2026
- Days on Market:
- 91
- Last Refresh:
- Mar 17 at 1:15 pm
Property Features for 3515 Park Ave
General Information
- Standard status
- Active
- Size
- 15,435 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2003
Listing agent Jason Pongsrikul License #CA 01918332
Listing office Pharma Property Group
Listing date Feb 10, 2026
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 Pharma Property Group
HighLights
- Long‑term Walgreens tenancy with 9 years remaining on the lease, providing stable income.
- Absolute triple net (NNN) lease structure, eliminating landlord responsibilities.
- Strong Walgreens performance, ranking in the top 25% nationwide according to Placer.AI.
- Strategic location near the University of Memphis (0.5 miles) with a large student and faculty population (over 24,000).
- Rental increases of 5% every 5 years, including option periods, ensuring income growth.
- High‑density retail corridor location with significant existing retail space (8.6 million sq ft) and low vacancy rate (under 4%).
Overview
The Walgreens property, located at 3515 Park Ave, Memphis, TN 38111, is available for sale. Walgreens has operated at this location for 23 years and has 9 years remaining on its lease. The lease includes 5% rental increases every 5 years, including in each of the twelve 5-year options. After the next increase, the rent will be $16.80 per square foot, aligning with the local retail market rate of $16 to $18 per square foot. The lease is an absolute triple net lease, meaning there are no landlord obligations. The property ranks in the top 25% of Walgreens nationwide. It is strategically located 0.5 miles from the University of Memphis, which has over 24,000 students and faculty. The property is also 5.5 miles from Downtown Memphis, supporting 101,000 households and a total population of over 245,000 within a 5-mile radius. Additionally, it is 2.5 miles from the FedEx World Hub, which employs over 30,000 people locally and generates annual revenues exceeding $45 billion. The property is situated within a dense retail corridor with over 8.6 million square feet of existing retail space within a 3-mile radius, with a vacancy rate under 4%. The property size is 15,435 square feet.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Walgreens Pharmacy
Pharmacy
COVID-19 Drive-Thru Testing ...
Pharmacy
FedEx OnSite
Postal Service
Western Union
Bank
Bank of Bartlett ATM
Atm
Similar Places Nearby
- Walgreens Pharmacy — 3515 Park Ave, Memphis, TN 38111
- COVID-19 Drive-Thru Testing at Walgreens — 3515 Park Ave, Memphis, TN 38111
- Kimberly Gardella — 1201 Getwell Rd, Memphis, TN 381117315
- Katerina Alharir — 1201 Getwell Rd, Memphis, TN 381117315
- Tonya Burress — 1201 Getwell Rd, Memphis, TN 381117315
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -89.9452399
- Latitude
- 35.1073865
Nearby Similar for Sale
FAQs
What type of property is this?
Drug store - Walgreens property for sale with long-term lease and rental increases.
Where is this drug store located?
The property is located at 3515 Park Ave Memphis, TN.
What is the asking price?
The asking price for this property is $3,704,400.
What are key features of this property?
This property features: Long‑term Walgreens tenancy with 9 years remaining on the lease, providing stable income.; Absolute triple net (NNN) lease structure, eliminating landlord responsibilities.; **Strong Walgreens performance, ranking in the top 25% nationwide according to Placer.AI.**
