Walgreens Drug Store
For Sale
Contact for pricing
4823 John F Kennedy Blvd, North Little Rock, AR 72116
Existing occupancy includes a recently exercised five-year lease extension and operating hours continuing until midnight.
Property Size13,500 SF
Price / SF$113.19
Days on Market18
Property Features for 4823 John F Kennedy Blvd
General Information
Standard status
Active
Size
13,500 SF
Property subtype
Retail
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$152,800
Building Details
Year Built
1995
Tenancy
Single
Listing Agency:
RX Syndicate
Listed By:
Arthur Griffith · License #CA 01876378
Source:
Crexi
Added: Aug 17
Changed: Aug 30
Last Checked: Aug 30 at 1:18PM
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 RX Syndicate
Investment Insights
Based on property information with market context.
The offering includes a 13,500-square-foot drug store building completed in 1995. The sale covers the building and leasehold interest, excluding the underlying land. Walgreens has exercised an option extending the lease for another five years, and the store operates until midnight.
The property is located at 4823 John F Kennedy Blvd in North Little Rock, along a north-south arterial near the Lakewood neighborhood. Its position places the building just north of the McCain Boulevard retail concentration and across from Reasor's. The surrounding context includes residential density, commuter movement, and access to the area’s established retail corridor.
The property is located at 4823 John F Kennedy Blvd in North Little Rock, along a north-south arterial near the Lakewood neighborhood. Its position places the building just north of the McCain Boulevard retail concentration and across from Reasor's. The surrounding context includes residential density, commuter movement, and access to the area’s established retail corridor.
Key Highlights
- 13,500‑square‑foot building completed in 1995
- Building and leasehold interest offered; underlying land excluded
- Walgreens exercised an option extending the lease for another five 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
$124,585
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
8.15%
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%
$2,491,700
$2.5M
Cap Rate 7%
$1,779,786
$1.8M
Cap Rate 9%
$1,384,278
$1.4M
Market Conditions
NOI Build-Up for 13,500 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
$189.5K $14.04/SF
− Vacancy
−$11.6K −$0.86/SF
EGI
$178.0K $13.18/SF
− OpEx
−$53.4K −$3.96/SF
NOI
$124.6K $9.23/SF
Area
Pulaski County, AR
Vacancy
6.10%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
30.00%
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%
$2,491,700
Cap Rate 7%
$1,779,786
Cap Rate 9%
$1,384,278
Alternative Uses
Best Use
Specialty Retail
$2.58M
$2.25M – $3.00M
NOI $180,260 @ 7.0% cap · market cap 11.80%
Second Best
Retail
$1.78M
$1.56M – $2.08M
NOI $124,585 @ 7.0% cap · market cap 8.15%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
547
Businesses Nearby
156k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 56%
Dining 41%
Electronics 2%
Home Improvements & Furnishings 1%
Hobby Lobby
Shops & Services
43,606 visits/mo
0.2 miles
Kum & Go
Shops & Services
22,078 visits/mo
0.2 miles
7 Brew Coffee
Dining
19,964 visits/mo
0.0 miles
Starbucks
Dining
11,862 visits/mo
0.1 miles
Hardee's
Dining
10,362 visits/mo
0.1 miles
Demographics for 72116, AR
21,715
Population
10,556
Households
2.1
Avg Household Size
42
Median Age
42%
College-Educated
97%
High-School Grad
6.5 sq mi
ZIP Area
3,341
Density / Sq Mi
$75,490
Median Household Income
$46,256
Median Earnings
$1,058
Median Rent
$218,700
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 - Existing occupancy includes a recently exercised five-year lease extension and operating hours continuing until midnight.
Where is this drug store located?
The property is located at 4823 John F Kennedy Blvd North Little Rock, AR.
What is the asking price?
The asking price for this property is $1,528,000.
What are key features of this property?
This property features: 13,500‑square‑foot building completed in 1995; Building and leasehold interest offered; underlying land excluded; Walgreens exercised an option extending the lease for another five years
