Walgreens NNN Property For
For Sale
Contact for pricing
Pending
4238 W Hundred Rd, Chester, VA 23831
NNN Walgreens property with over 11 years remaining on lease.
Property Size14,820 SF
Days on Market190
Property Features for 4238 W Hundred Rd
General Information
Standard status
Pending
Size
14,820 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$240,000
Building Details
Tenancy
Single
Listing Agency:
SRS Real Estate Partners McLean
(703) 268-0854
Listed By:
Andrew Fallon · License #VA 0225193951
Source:
Crexi
Added: Feb 2
Changed: Aug 11
Last Checked: Aug 11 at 9:30AM
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 SRS Real Estate Partners McLean
Investment Insights
Based on property information with market context.
The Walgreens property has over 11 years remaining on its initial lease, with 8 (5-year) options to extend. Walgreens demonstrated commitment to the site in 2022 when they amended the lease to extend the primary term through May 31, 2037, with options to control the site until May 31, 2077. The property is an absolute NNN fee simple ownership with zero landlord responsibilities, where the tenant pays for CAM, taxes, insurance and maintains all aspects of the premises. This is an ideal, management-free investment for a passive investor. The site is located in a dense retail corridor near Kroger, Target, Home Depot, Dunkin’, Ulta, HomeGoods, Hobby Lobby, and Lowe’s. The asset is near Thomas Dale High School (2,570 students), CE Curtis Elementary School (727 students), Hyde Park Townhomes and Ashton Creek Apartments. The property is located at the signalized, hard corner intersection of W Hundred Rd and Centre St with a combined 46,000 vehicles passing by daily. The site has direct on/off ramp access to Interstate 95, which averages 128,000 VPD. The asset has street frontage and a large monument sign. The trade area is supported by more than 85,000 residents and 37,000 employees, with an average household income of $109,307. The property size is 14,820 square feet.
Key Highlights
- 11+ years remaining on initial lease with options to extend to 2077**, demonstrating long‑term tenant commitment.
- Absolute NNN lease with zero landlord responsibilities**, offering a management‑free, passive investment.
- Located at a signalized, hard corner intersection with high traffic volume (46,000 VPD) and excellent visibility.
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
$231,881
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
6.04%
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%
$4,637,620
$4.6M
Cap Rate 7%
$3,312,586
$3.3M
Cap Rate 9%
$2,576,456
$2.6M
Market Conditions
NOI Build-Up for 14,820 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
$325.4K $21.96/SF
− Vacancy
−$16.3K −$1.10/SF
EGI
$309.2K $20.86/SF
− OpEx
−$77.3K −$5.22/SF
NOI
$231.9K $15.65/SF
Area
Chesterfield County, VA
Vacancy
5.00%
Lease Rate
$21.96 /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%
$4,637,620
Cap Rate 7%
$3,312,586
Cap Rate 9%
$2,576,456
Alternative Uses
Best Use
Specialty Retail
$3.31M
$2.90M – $3.86M
NOI $231,881 @ 7.0% cap · market cap 6.04%
Second Best
Retail
$2.68M
$2.35M – $3.13M
NOI $187,840 @ 7.0% cap · market cap 4.89%
Theoretical Best
Healthcare Medical
$29.69M
$25.98M – $34.64M
NOI $2,078,487 @ 7.0% cap · market cap 54.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23831, VA
37,216
Population
15,430
Households
2.4
Avg Household Size
40
Median Age
37%
College-Educated
94%
High-School Grad
23.6 sq mi
ZIP Area
1,577
Density / Sq Mi
$92,092
Median Household Income
$52,114
Median Earnings
$1,560
Median Rent
$300,200
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.
Similar Off Market Nearby
- Walgreens Pharmacy — 4238 W Hundred Rd, Chester, VA 23831
- Power of Pink Makeover Studio - Anita Ruffin — 11923 Centre St, Chester, VA 23831
- Todd Wagner, RPh — 4408 W Hundred Rd, Chester, VA 23831, United States
- Shannon Kennedy — 4238 w hundred rd, chester, va 238311505
- Zenobia Hurdle — 4408 W Hundred Rd, Chester, VA 238311738
Frequently Asked Questions
What type of property is this?
Drug store - NNN Walgreens property with over 11 years remaining on lease.
Where is this drug store located?
The property is located at 4238 W Hundred Rd Chester, VA.
What is the asking price?
The asking price for this property is $3,840,000.
What are key features of this property?
This property features: 11+ years remaining on initial lease with options to extend to 2077**, demonstrating long‑term tenant commitment.; Absolute NNN lease with zero landlord responsibilities**, offering a management‑free, passive investment.; Located at a signalized, hard corner intersection with high traffic volume (46,000 VPD) and excellent visibility.
