Walgreens Drug Store with
For Sale
Contact for pricing
3614 S 31ST ST, Temple, TX 76502
Double-net Walgreens location with a renewed lease commitment and corporate-backed tenancy.
Property Size13,573 SF
Lot Size1.77 Acres
Price / SF$267.96
Days on Market115
Property Features for 3614 S 31ST ST
General Information
Standard status
Active
Size
13,573 SF
Lot size
1.77 Acres
Property subtype
Retail
Investment Type
Net Lease
Net Operating Income
$300,000
Site & Location
Traffic Count
37,729 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1996
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Dallas
(972) 755-5205
Listed By:
Vincent Knipp · License #TX 0579633
Source:
Crexi
Added: May 8
Changed: Aug 30
Last Checked: Aug 30 at 4:31AM
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 Marcus & Millichap - Dallas
Investment Insights
Based on property information with market context.
This 13,573-square-foot Walgreens occupies a 1.77-acre site in Temple, Texas. The property operates under a double-net lease, and the tenant has exercised its second renewal option, extending the term. The store is corporate-guaranteed, providing a defined lease structure and established occupancy profile.
The site has frontage on both South 31st Street and Marlandwood Road, with combined traffic of 37,729 VPD. Access to H K Dodgen Loop connects the property with the surrounding retail corridor, which includes Walmart Supercenter and Temple Mall. Baylor Scott & White Medical Center and McLane Children’s Medical Center are also nearby. The building was constructed in 1996.
The site has frontage on both South 31st Street and Marlandwood Road, with combined traffic of 37,729 VPD. Access to H K Dodgen Loop connects the property with the surrounding retail corridor, which includes Walmart Supercenter and Temple Mall. Baylor Scott & White Medical Center and McLane Children’s Medical Center are also nearby. The building was constructed in 1996.
Key Highlights
- 13,573‑square‑foot Walgreens on a 1.77‑acre parcel
- Double‑net lease with the second renewal option exercised
- Corporate‑guaranteed store
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
$240,112
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
6.60%
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%
$4,802,240
$4.8M
Cap Rate 7%
$3,430,171
$3.4M
Cap Rate 9%
$2,667,911
$2.7M
Market Conditions
NOI Build-Up for 13,573 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
$338.8K $24.96/SF
− Vacancy
−$18.6K −$1.37/SF
EGI
$320.1K $23.59/SF
− OpEx
−$80.0K −$5.90/SF
NOI
$240.1K $17.69/SF
Area
Bell County, TX
Vacancy
5.50%
Lease Rate
$24.96 /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%
$4,802,240
Cap Rate 7%
$3,430,171
Cap Rate 9%
$2,667,911
Alternative Uses
Best Use
Specialty Retail
$3.43M
$3.00M – $4.00M
NOI $240,112 @ 7.0% cap · market cap 6.60%
Second Best
Retail
$2.63M
$2.30M – $3.06M
NOI $183,850 @ 7.0% cap · market cap 5.05%
Theoretical Best
Multifamily LT 5
$151.52M
$132.58M – $176.78M
NOI $10,606,648 @ 7.0% cap · market cap 291.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
37,729 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,014
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 76502, TX
47,297
Population
19,497
Households
2.4
Avg Household Size
37
Median Age
37%
College-Educated
91%
High-School Grad
58.3 sq mi
ZIP Area
811
Density / Sq Mi
$80,504
Median Household Income
$45,332
Median Earnings
$1,411
Median Rent
$252,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Drug store - Double-net Walgreens location with a renewed lease commitment and corporate-backed tenancy.
Where is this drug store located?
The property is located at 3614 S 31ST ST Temple, TX.
What is the asking price?
The asking price for this property is $3,637,000.
What are key features of this property?
This property features: 13,573‑square‑foot Walgreens on a 1.77‑acre parcel; Double‑net lease with the second renewal option exercised; Corporate‑guaranteed store
