Walgreens Drug Store with NNN
For Sale
Contact for pricing
6101 West Lake Mead Boulevard, Las Vegas, NV 89108
National net-leased drug store at a signalized intersection within an established retail corridor.
Property Size13,905 SF
Price / SF$243.49
Days on Market18
Property Features for 6101 West Lake Mead Boulevard
General Information
Standard status
Active
Size
13,905 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Net Operating Income
$237,000
Site & Location
Corner Location
Yes
Traffic Count
48,700 vehicles/day
Building Details
Year Built
1996
Tenancy
Single
Listing Agency:
Bang Realty
Listed By:
Brian Brockman · License #378952
(888) 737-2264
Source:
Crexi
Added: Aug 17
Changed: Sep 2
Last Checked: Sep 1 at 8:49PM
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 Bang Realty
Investment Insights
Based on property information with market context.
The 13,905-square-foot Walgreens drug store was built in 1996 and operates under a net lease structure. The tenancy has continued at this site for over 29 years, with 5 years remaining in the firm term and 7 additional 5-year renewal options.
The property occupies the signalized corner of West Lake Mead Boulevard and North Jones Boulevard in northwest Las Vegas. The intersection carries approximately 48,700 vehicles per day, while Interstate 11 is within one mile and carries approximately 174,000 vehicles per day. Within three miles, the surrounding trade area includes 71,299 households and 196,470 residents, with more than 5.1 million square feet of retail space located within two miles.
The property occupies the signalized corner of West Lake Mead Boulevard and North Jones Boulevard in northwest Las Vegas. The intersection carries approximately 48,700 vehicles per day, while Interstate 11 is within one mile and carries approximately 174,000 vehicles per day. Within three miles, the surrounding trade area includes 71,299 households and 196,470 residents, with more than 5.1 million square feet of retail space located within two miles.
Key Highlights
- 13,905‑square‑foot Walgreens property built in 1996
- Walgreens has operated at the site for over 29 years
- 5 years of firm lease term remain, followed by 7 (5‑year) renewal options
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
$197,854
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
5.84%
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%
$3,957,080
$4.0M
Cap Rate 7%
$2,826,486
$2.8M
Cap Rate 9%
$2,198,378
$2.2M
Market Conditions
NOI Build-Up for 13,905 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
$283.7K $20.40/SF
− Vacancy
−$19.9K −$1.43/SF
EGI
$263.8K $18.97/SF
− OpEx
−$66.0K −$4.74/SF
NOI
$197.9K $14.23/SF
Area
ZIP 89108
Vacancy
7.00%
Lease Rate
$20.40 /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%
$3,957,080
Cap Rate 7%
$2,826,486
Cap Rate 9%
$2,198,378
Alternative Uses
Best Use
Specialty Retail
$2.83M
$2.47M – $3.30M
NOI $197,854 @ 7.0% cap · market cap 5.84%
Second Best
Retail
$2.30M
$2.01M – $2.69M
NOI $161,187 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$4.71M
$4.12M – $5.49M
NOI $329,416 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
48,700 VPD
Traffic count
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
666
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89108, NV
73,637
Population
28,377
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
80%
High-School Grad
8.9 sq mi
ZIP Area
8,274
Density / Sq Mi
$57,403
Median Household Income
$36,383
Median Earnings
$1,431
Median Rent
$304,400
Median Home Value
Market
Vacancy Rate% for Retail in Las Vegas, NV
Questions? Ask Rey
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Similar Off Market Nearby
- Drug Center — Las Vegas, NV 89108
- Smith's Pharmacy — 1421 N Jones Blvd, Las Vegas, NV 89108
- Perma Perfect — 6501 Vegas Dr, Las Vegas, NV 89108
- Hypavera — 5348 Vegas Dr, Las Vegas, NV 89108
- Healthplanet — 5348 Vegas Dr Suite 546, Las Vegas, NV 89108
Frequently Asked Questions
What type of property is this?
Drug store - National net-leased drug store at a signalized intersection within an established retail corridor.
Where is this drug store located?
The property is located at 6101 West Lake Mead Boulevard Las Vegas, NV.
What is the asking price?
The asking price for this property is $3,385,714.
What are key features of this property?
This property features: 13,905‑square‑foot Walgreens property built in 1996; Walgreens has operated at the site for over 29 years; 5 years of firm lease term remain, followed by 7 (5‑year) renewal options
