NNN Walgreens Investment
For Sale
$4,500,000
601 W Will Rogers Boulevard, Claremore, OK 74017
Passive NNN investment opportunity with corporate-guaranteed lease.
Property Size14,412 SF
Lot Size1.28 Acres
Price / SF$312.24
Days on Market166
Property Features for 601 W Will Rogers Boulevard
General Information
Standard status
Active
Size
14,412 SF
Lot size
1.28 Acres
Listing Agency:
Maher Commercial Realty
Listed By:
Oron Maher · License #01299093
(310) 464-1453
Source:
Myfabuloushome
Added: Mar 27
Changed: Sep 8
Last Checked: Sep 8 at 3:55AM
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 Maher Commercial Realty
Investment Insights
Based on property information with market context.
This is an opportunity to acquire a retail investment property leased to Walgreens Co. The property is under an absolute triple-net (NNN) lease, transferring all operating responsibilities to the tenant. Walgreens assumes responsibility for all property expenses, including real estate taxes, insurance, utilities, maintenance, capital expenditures, and environmental compliance. The landlord has zero operating responsibility. The property generates a net cash flow of $360,000 annually ($30,000 monthly). The current rent is approximately $24.98 per square foot. There are 10 years and four months remaining on the lease, with an additional nine 5-year options through 2081. The lease provides credit quality through a direct agreement with Walgreens Co. and a full corporate guarantee. The lease commenced November 1, 2003, following construction of the 14,412-square-foot pharmacy on a 1.28-acre corner site at West Will Rogers Boulevard and Lynn Riggs Boulevard in Claremore, Oklahoma. Walgreens has operated this location for over 20 years. The lease includes rolling five-year tenant termination rights beginning June 30, 2036, and the tenant retains assignment and sublease rights and is permitted to go dark subject to continued rent payment. The property occupies a high-visibility corner location with frontage on two commercial corridors, generating a traffic count exceeding 32,000 vehicles per day. The freestanding building features a drive-thru pharmacy configuration and 82–88 surface parking spaces. Located approximately 30 miles northeast of Tulsa, the property serves an established trade area. This investment offers a turnkey asset with minimal management requirements and long-term income stability.
Key Highlights
- Absolute Triple‑Net (NNN) Lease: Walgreens assumes 100% of operating responsibility.
- Institutional‑Grade Credit Quality: Direct lease agreement with Walgreens Co.
- Passive Income Stream: Generates $360,000 annually in predictable net cash flow.
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
$252,671
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
5.61%
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%
$5,053,420
$5.1M
Cap Rate 7%
$3,609,586
$3.6M
Cap Rate 9%
$2,807,456
$2.8M
Market Conditions
NOI Build-Up for 14,412 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
$345.9K $24.00/SF
− Vacancy
−$9.0K −$0.62/SF
EGI
$336.9K $23.38/SF
− OpEx
−$84.2K −$5.84/SF
NOI
$252.7K $17.53/SF
Area
Rogers County, OK
Vacancy
2.60%
Lease Rate
$24.00 /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%
$5,053,420
Cap Rate 7%
$3,609,586
Cap Rate 9%
$2,807,456
Alternative Uses
Best Use
Specialty Retail
$3.61M
$3.16M – $4.21M
NOI $252,671 @ 7.0% cap · market cap 5.61%
Second Best
Retail
$2.89M
$2.53M – $3.37M
NOI $202,278 @ 7.0% cap · market cap 4.50%
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
336
Businesses Nearby
28k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 97%
Hotels & Casinos 3%
Kum & Go
Shops & Services
18,165 visits/mo
0.3 miles
Dollar General
Shops & Services
7,806 visits/mo
0.3 miles
FedEx Office Print & Ship Center
Shops & Services
895 visits/mo
0.1 miles
Super 8
Hotels & Casinos
784 visits/mo
0.3 miles
Demographics for 74017, OK
29,083
Population
12,038
Households
2.4
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
140.5 sq mi
ZIP Area
207
Density / Sq Mi
$65,519
Median Household Income
$38,165
Median Earnings
$1,015
Median Rent
$184,400
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
- CVS Pharmacy — 100 N J M Davis Blvd, Claremore, OK 74017
- GNC — 437 N Lynn Riggs Blvd, Claremore, OK 74017
Frequently Asked Questions
What type of property is this?
Drug store - Passive NNN investment opportunity with corporate-guaranteed lease.
Where is this drug store located?
The property is located at 601 W Will Rogers Boulevard Claremore, OK.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Absolute Triple‑Net (NNN) Lease: Walgreens assumes 100% of operating responsibility.; Institutional‑Grade Credit Quality: Direct lease agreement with Walgreens Co.; Passive Income Stream: Generates $360,000 annually in predictable net cash flow.
