Griffin, GA Walgreens Investment
For Sale
Contact for pricing
405 S Hill St, Griffin, GA 30224
Single-tenant Walgreens with prime location and established customer base.
Property Size11,220 SF
Lot Size1.00 Acre
Price / SF$214.23
Days on Market606
Property Features for 405 S Hill St
General Information
Standard status
Active
Size
11,220 SF
Class
B
Lot size
1.00 Acre
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$135,804
Building Details
Year Built
1996
Year Renovated
2017
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Prime Net Lease
Listed By:
Paul Matusik · License #CA 01351021
(800) 948-1250
Source:
Crexi
Added: Jan 7, 2025
Changed: Aug 14
Last Checked: Sep 1 at 9:07AM
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 Prime Net Lease
Investment Insights
Based on property information with market context.
The property is a single-tenant Walgreens located in Griffin, GA. Originally built in 1996 as a build-to-suit for Rite Aid, the 11,220 SF building sits on a parcel of just under 1 acre. In 2017, after Walgreens' acquisition of part of a Rite Aid portfolio, this location was converted to Walgreens, including an interior and exterior remodel. The property is centrally located within the city and has no immediate competition aside from a CVS that is located over 1 mile away. Walgreens is located directly next to Ace Hardware and is near Advance Auto Parts, Lowe's, Kroger, Aldi, Burger King, KFC, McDonald's, Krystal, and Dairy Queen. Wellstar Spalding Regional Medical Center with 160 total beds and Southern Crescent Technical College with over 5,000 students enrolled are nearby. The current NN lease, executed after the remodel in 2017 for 10 years, expires in October 2027, leaving 2.5 years of term remaining. The first 5-year option has a 20% rental increase. The remaining Six, 5-year options each feature 7% rental increases. Walgreens has reached out to Landlord with interest to extend the lease for up to 10-years.
Key Highlights
- Established Walgreens location, a primary pharmacy for the Griffin population for 25 years.
- Below market price point compared to other Walgreens investments.
- Walgreens has expressed interest in extending the lease for up to 10 years.
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
$180,310
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
7.50%
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%
$3,606,200
$3.6M
Cap Rate 7%
$2,575,857
$2.6M
Cap Rate 9%
$2,003,444
$2.0M
Market Conditions
NOI Build-Up for 11,220 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
$258.5K $23.04/SF
− Vacancy
−$18.1K −$1.61/SF
EGI
$240.4K $21.43/SF
− OpEx
−$60.1K −$5.36/SF
NOI
$180.3K $16.07/SF
Area
Spalding County, GA
Vacancy
7.00%
Lease Rate
$23.04 /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%
$3,606,200
Cap Rate 7%
$2,575,857
Cap Rate 9%
$2,003,444
Alternative Uses
Best Use
Specialty Retail
$2.58M
$2.25M – $3.01M
NOI $180,310 @ 7.0% cap · market cap 7.50%
Second Best
Retail
$2.25M
$1.97M – $2.63M
NOI $157,814 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$3.15M
$2.76M – $3.68M
NOI $220,540 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,186
Businesses Nearby
55k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Shops & Services 38%
Beauty & Spa 2%
Burger King
Dining
10,667 visits/mo
0.5 miles
KFC
Dining
9,297 visits/mo
0.5 miles
Shell
Shops & Services
7,231 visits/mo
0.4 miles
Waffle House
Dining
6,916 visits/mo
0.5 miles
Truist
Shops & Services
6,704 visits/mo
0.4 miles
Demographics for 30224, GA
26,696
Population
11,457
Households
2.3
Avg Household Size
40
Median Age
22%
College-Educated
88%
High-School Grad
67.7 sq mi
ZIP Area
394
Density / Sq Mi
$70,134
Median Household Income
$39,667
Median Earnings
$1,105
Median Rent
$210,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Claxton Hobbs Pharmacy — 131 W Taylor St, Griffin, GA 30223
- Walgreens Pharmacy — 405 S Hill St, Griffin, GA 30224
- Amanda Turner — 405 S Hill St, Griffin, GA 302244225
- Joe Pittman — 405 S Hill St, Griffin, GA 302244225
- Walter Williams — 405 S Hill St, Griffin, GA 302244225
Frequently Asked Questions
What type of property is this?
Drug store - Single-tenant Walgreens with prime location and established customer base.
Where is this drug store located?
The property is located at 405 S Hill St Griffin, GA.
What is the asking price?
The asking price for this property is $2,403,616.
What are key features of this property?
This property features: Established Walgreens location, a primary pharmacy for the Griffin population for 25 years.; Below market price point compared to other Walgreens investments.; Walgreens has expressed interest in extending the lease for up to 10 years.
