Walgreens Drug
For Sale
Contact for pricing
6721 S Congress Ave, Austin, TX 78745
Drug store property on South Congress Avenue, built in 2003.
Property Size13,227 SF
Price / SF$421.30
Days on Market81
Property Features for 6721 S Congress Ave
General Information
Standard status
Active
Size
13,227 SF
Class
A
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$404,004
Building Details
Year Built
2003
Tenancy
Single
Listing Agency:
Matthews
Listed By:
Seri Bryant · License #CA 02042062
Source:
Crexi
Added: Jun 11
Changed: Aug 30
Last Checked: Aug 30 at 1:40AM
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 Matthews
Investment Insights
Based on property information with market context.
Identified as Walgreens, this drug store property contains 13,227 square feet and was built in 2003.
The property is located at 6721 S. Congress Ave in Austin, Texas 78745.
The property is located at 6721 S. Congress Ave in Austin, Texas 78745.
Key Highlights
- 13,227‑square‑foot drug store property
- Built in 2003
- Located at 6721 S. Congress Ave, Austin, TX 78745
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
$249,540
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
4.48%
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%
$4,990,800
$5.0M
Cap Rate 7%
$3,564,857
$3.6M
Cap Rate 9%
$2,772,667
$2.8M
Market Conditions
NOI Build-Up for 13,227 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
$344.4K $26.04/SF
− Vacancy
−$11.7K −$0.89/SF
EGI
$332.7K $25.15/SF
− OpEx
−$83.2K −$6.29/SF
NOI
$249.5K $18.87/SF
Area
ZIP 78745
Vacancy
3.40%
Lease Rate
$26.04 /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%
$4,990,800
Cap Rate 7%
$3,564,857
Cap Rate 9%
$2,772,667
Alternative Uses
Best Use
Specialty Retail
$3.56M
$3.12M – $4.16M
NOI $249,540 @ 7.0% cap · market cap 4.48%
Second Best
Retail
$3.33M
$2.91M – $3.88M
NOI $232,904 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$5.53M
$4.84M – $6.45M
NOI $387,045 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
714
Businesses Nearby
199k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 29%
Shops & Services 27%
Dining 24%
Superstores 13%
Academy Sports + Outdoors
Apparel
44,263 visits/mo
0.5 miles
Dollar Tree
Shops & Services
31,567 visits/mo
0.5 miles
Big Lots
Superstores
25,618 visits/mo
0.4 miles
Jack in the Box
Dining
13,406 visits/mo
0.1 miles
Melrose
Apparel
12,808 visits/mo
0.4 miles
Demographics for 78745, TX
59,843
Population
31,246
Households
1.9
Avg Household Size
36
Median Age
54%
College-Educated
93%
High-School Grad
13.7 sq mi
ZIP Area
4,368
Density / Sq Mi
$84,529
Median Household Income
$56,551
Median Earnings
$1,655
Median Rent
$459,100
Median Home Value
Market
Vacancy Rate% for Retail in Austin, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drug store - Drug store property on South Congress Avenue, built in 2003.
Where is this drug store located?
The property is located at 6721 S Congress Ave Austin, TX.
What is the asking price?
The asking price for this property is $5,572,469.
What are key features of this property?
This property features: 13,227‑square‑foot drug store property; Built in 2003; Located at 6721 S. Congress Ave, Austin, TX 78745
