Leased Walgreens Retail
For Sale
Contact for pricing
6617 Dixie Highway, Florence, KY 41042
Absolute triple-net Walgreens with no landlord responsibilities, benefiting from strong regional connectivity near major healthcare and retail.
Property Size10,504 SF
Price / SF$290.37
Days on Market102
Property Features for 6617 Dixie Highway
General Information
Standard status
Active
Size
10,504 SF
Property subtype
Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$305,000
Additional Details
Highway Access
Yes
Building Details
Year Built
2005
Tenancy
Single
Listing Agency:
Pharma Property Group
Listed By:
Jason Pongsrikul · License #CA 01918332
(619) 297-0055
Source:
Crexi
Added: May 27
Changed: Aug 14
Last Checked: Sep 2 at 3:17AM
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 Pharma Property Group
Investment Insights
Based on property information with market context.
This for-sale Walgreens property is leased on an absolute triple net basis, with no landlord responsibilities. The offering is structured for an owner looking for a stabilized retail asset supported by an existing pharmacy tenant.
The property is located near Interstate 71/75, providing regional connectivity to downtown Cincinnati, Louisville, and Lexington. Cincinnati/Northern Kentucky International Airport is approximately 2 miles away, and St. Elizabeth Florence Hospital is about 1.2 miles from the site. The surrounding area also includes a major retail corridor roughly 1.5 miles away along Mall Road and Houston Road.
For buyers and long-term investors, the absolute triple net structure shifts property-related responsibilities away from the landlord and concentrates the focus on the lease. The nearby hospital campus and established retail destination anchored by national tenants can support consistent daytime demand from local residents and visitors.
The property is located near Interstate 71/75, providing regional connectivity to downtown Cincinnati, Louisville, and Lexington. Cincinnati/Northern Kentucky International Airport is approximately 2 miles away, and St. Elizabeth Florence Hospital is about 1.2 miles from the site. The surrounding area also includes a major retail corridor roughly 1.5 miles away along Mall Road and Houston Road.
For buyers and long-term investors, the absolute triple net structure shifts property-related responsibilities away from the landlord and concentrates the focus on the lease. The nearby hospital campus and established retail destination anchored by national tenants can support consistent daytime demand from local residents and visitors.
Key Highlights
- Walgreens at 6617 Dixie Highway in Florence, KY (41042), built in 2005
- Leased on an absolute triple‑net basis with no landlord responsibilities
- Approximately 2 miles to Cincinnati/Northern Kentucky International Airport
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
$126,792
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
4.16%
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%
$2,535,840
$2.5M
Cap Rate 7%
$1,811,314
$1.8M
Cap Rate 9%
$1,408,800
$1.4M
Market Conditions
NOI Build-Up for 10,504 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
$189.1K $18.00/SF
− Vacancy
−$7.9K −$0.76/SF
EGI
$181.1K $17.24/SF
− OpEx
−$54.3K −$5.17/SF
NOI
$126.8K $12.07/SF
Area
Boone County, KY
Vacancy
4.20%
Lease Rate
$18.00 /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%
$2,535,840
Cap Rate 7%
$1,811,314
Cap Rate 9%
$1,408,800
Alternative Uses
Best Use
Retail
$1.81M
$1.58M – $2.11M
NOI $126,792 @ 7.0% cap · market cap 4.16%
Second Best
Specialty Retail
$1.79M
$1.56M – $2.08M
NOI $124,981 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$2.90M
$2.53M – $3.38M
NOI $202,685 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
956
Businesses Nearby
124k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 47%
Electronics 1%
Home Improvements & Furnishings 1%
McDonald's
Dining
28,032 visits/mo
0.2 miles
United Dairy Farmers
Shops & Services
16,041 visits/mo
0.2 miles
BP
Shops & Services
13,198 visits/mo
0.5 miles
Dunkin' Donuts
Dining
11,990 visits/mo
0.2 miles
Taco Bell
Dining
9,613 visits/mo
0.2 miles
Demographics for 41042, KY
54,183
Population
23,640
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
92%
High-School Grad
22.1 sq mi
ZIP Area
2,452
Density / Sq Mi
$75,582
Median Household Income
$43,501
Median Earnings
$1,240
Median Rent
$210,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drug store - Absolute triple-net Walgreens with no landlord responsibilities, benefiting from strong regional connectivity near major healthcare and retail.
Where is this drug store located?
The property is located at 6617 Dixie Highway Florence, KY.
What is the asking price?
The asking price for this property is $3,050,000.
What are key features of this property?
This property features: Walgreens at 6617 Dixie Highway in Florence, KY (41042), built in 2005; Leased on an absolute triple‑net basis with no landlord responsibilities; Approximately 2 miles to Cincinnati/Northern Kentucky International Airport
