Walgreens NNN Retail
For Sale
Contact for pricing
4420 N Ocoee St, Cleveland, TN 37312
Freestanding pharmacy offering drive-thru service under an absolute net lease structure.
Property Size14,550 SF
Lot Size2.98 Acres
Price / SF$280.07
Days on Market213
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Property Features for 4420 N Ocoee St
General Information
Standard status
Active
Size
14,550 SF
Lot size
2.98 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$305,550
Additional Details
Drive-Thru
Yes
Building Details
Year Built
2008
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
SURMOUNT
Listed By:
Gabriel Britti · License #FL SL3211804
(786) 522-7017
Source:
Crexi
Added: Mar 17
Changed: Oct 7
Last Checked: Oct 14 at 10:05PM
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 SURMOUNT
Investment Insights
Based on property information with market context.
Built in 2008, the property is a 14,550-square-foot freestanding Walgreens facility with a drive-thru pharmacy on a 2.98-acre parcel. The recently executed absolute net lease has an initial term extending through August 31st, 2035, includes increases during the initial term and option periods, and provides twelve five-year renewal options. The lease also includes a corporate guarantee.
The property occupies 4420 N Ocoee St in Cleveland, Tennessee, along Lee Highway (U.S. Highway 11), identified as the area’s primary commercial corridor. The surrounding retail corridor includes national and regional operators such as Walmart Supercenter, Lowe’s, Chick-fil-A, McDonald’s, Olive Garden, and Tractor Supply. Life Care Center of Cleveland is nearby, while Bradley Medical Center is located less than two miles away. Cleveland forms part of the broader Chattanooga metropolitan region and has employment across healthcare, manufacturing, logistics, and retail.
The property occupies 4420 N Ocoee St in Cleveland, Tennessee, along Lee Highway (U.S. Highway 11), identified as the area’s primary commercial corridor. The surrounding retail corridor includes national and regional operators such as Walmart Supercenter, Lowe’s, Chick-fil-A, McDonald’s, Olive Garden, and Tractor Supply. Life Care Center of Cleveland is nearby, while Bradley Medical Center is located less than two miles away. Cleveland forms part of the broader Chattanooga metropolitan region and has employment across healthcare, manufacturing, logistics, and retail.
Key Highlights
- 14,550‑square‑foot freestanding Walgreens building with drive‑thru pharmacy
- 2.98‑acre parcel at 4420 N Ocoee St, Cleveland, TN 37312
- Absolute net lease with corporate guarantee
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$146,926
Cap Rate
3.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,938,520
$2.9M
Cap Rate 7%
$2,098,943
$2.1M
Cap Rate 9%
$1,632,511
$1.6M
Market Conditions
NOI Build-Up for 14,550 SF
Gross rent
$209.5K $14.40/SF
− Vacancy
−$13.6K −$0.94/SF
EGI
$195.9K $13.46/SF
− OpEx
−$49.0K −$3.37/SF
NOI
$146.9K $10.10/SF
Area
Bradley County, TN
Vacancy
6.50%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,938,520
Cap Rate 7%
$2,098,943
Cap Rate 9%
$1,632,511
Alternative Uses
Best Use
Specialty Retail
$2.10M
$1.84M – $2.45M
NOI $146,926 @ 7.0% cap · market cap 3.61%
Second Best
Retail
$1.96M
$1.72M – $2.29M
NOI $137,498 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$3.05M
$2.67M – $3.56M
NOI $213,710 @ 7.0% cap · market cap 5.24%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
794
Businesses Nearby
472k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Shops & Services 26%
Home Improvements & Furnishings 9%
Apparel 8%
Chick-fil-A
Dining
43,506 visits/mo
0.4 miles
Hobby Lobby
Shops & Services
43,435 visits/mo
0.4 miles
Lowe's
Home Improvements & Furnishings
40,230 visits/mo
0.4 miles
McDonald's
Dining
30,671 visits/mo
0.3 miles
Olive Garden
Dining
21,693 visits/mo
0.2 miles
Demographics for 37312, TN
36,291
Population
15,023
Households
2.4
Avg Household Size
42
Median Age
36%
College-Educated
93%
High-School Grad
64.4 sq mi
ZIP Area
564
Density / Sq Mi
$75,369
Median Household Income
$41,148
Median Earnings
$1,080
Median Rent
$270,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
NNN property - Freestanding pharmacy offering drive-thru service under an absolute net lease structure.
Where is this nnn property located?
The property is located at 4420 N Ocoee St Cleveland, TN.
What is the asking price?
The asking price for this property is $4,075,000.
What are key features of this property?
This property features: 14,550‑square‑foot freestanding Walgreens building with drive‑thru pharmacy; 2.98‑acre parcel at 4420 N Ocoee St, Cleveland, TN 37312; Absolute net lease with corporate guarantee
