Single-Tenant Walgreens
For Sale
Contact for pricing
7039 Mechanicsville Turnpike, Mechanicsville, VA 23111
Absolute triple-net leased Walgreens on a signalized corner with prominent frontage and dual access points.
Property Size14,470 SF
Price / SF$436.15
Days on Market51
Property Features for 7039 Mechanicsville Turnpike
General Information
Standard status
Active
Size
14,470 SF
Property subtype
Retail
Additional Details
Highway Access
Yes
Building Details
Year Built
2011
Tenancy
Single
Listing Agency:
Horvath & Tremblay Alexandria
Listed By:
Kyle Danielson · License #9538605
Source:
Crexi
Added: Jun 16
Changed: Jul 10
Last Checked: Aug 4 at 11:45AM
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 Horvath & Tremblay Alexandria
Investment Insights
Based on property information with market context.
This is a single-tenant Walgreens pharmacy offered for sale on an absolute triple-net basis. The property has been occupied by Walgreens since construction in 2011 and features a long remaining lease term of 10+ years, along with ten (10) 5-year renewal options. As an absolute NNN structure, the lease is designed to shift responsibility for ongoing property expenses to the tenant.
The site is located on a highly visible corner at the signalized intersection of Lee Davis Road and Mechanicsville Turnpike (US Route 360). The property benefits from prominent frontage and dual access points, supporting consumer accessibility and exposure throughout the Mechanicsville trade area. It is positioned as an outparcel to Hanover Village, a regional shopping destination anchored by Aldi and Tractor Supply Co, and the property sits immediately adjacent to Publix. The broader corridor includes a concentration of national retailers, restaurants, service businesses, and nearby schools, with surrounding residential development contributing to consistent local activity.
For buyers seeking an income-oriented, single-tenant retail asset with a long-dated absolute NNN lease, this Walgreens offers a durable operating setup at a signalized intersection within a retail-focused shopping center environment. Tenant continuity is supported by Walgreens’ established presence since 2011 and the available renewal options, while regional connectivity is enhanced by convenient access to Interstate 295 (approximately 1.25 miles away) and proximity to Downtown Richmond (about 8.5 miles southwest).
The site is located on a highly visible corner at the signalized intersection of Lee Davis Road and Mechanicsville Turnpike (US Route 360). The property benefits from prominent frontage and dual access points, supporting consumer accessibility and exposure throughout the Mechanicsville trade area. It is positioned as an outparcel to Hanover Village, a regional shopping destination anchored by Aldi and Tractor Supply Co, and the property sits immediately adjacent to Publix. The broader corridor includes a concentration of national retailers, restaurants, service businesses, and nearby schools, with surrounding residential development contributing to consistent local activity.
For buyers seeking an income-oriented, single-tenant retail asset with a long-dated absolute NNN lease, this Walgreens offers a durable operating setup at a signalized intersection within a retail-focused shopping center environment. Tenant continuity is supported by Walgreens’ established presence since 2011 and the available renewal options, while regional connectivity is enhanced by convenient access to Interstate 295 (approximately 1.25 miles away) and proximity to Downtown Richmond (about 8.5 miles southwest).
Key Highlights
- Single‑tenant Absolute NNN leased Walgreens built in 2011
- Tenant has been in place since 2011 with 10+ years remaining on the lease and ten (10), 5‑year renewal options
- Signalized corner location at the intersection of Lee Davis Road and Mechanicsville Turnpike (US Route 360)
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $260.5k | $18.00 |
| − Vacancy | −$11.2k | −$0.77 |
| EGI | $249.3k | $17.23 |
| − OpEx | −$62.3k | −$4.31 |
| NOI | $186.9k | $12.92 |
14,470 SF · lease $18.00/SF/yr · vacancy 4.30% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.67M
$2.34M – $3.12M
NOI $186,945 @ 7.0% cap · market cap 2.96%
Second Best
Retail
$2.13M
$1.86M – $2.48M
NOI $148,896 @ 7.0% cap · market cap 2.36%
Theoretical Best
Office A
$4.36M
$3.81M – $5.08M
NOI $304,987 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
342
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23111, VA
38,151
Population
15,773
Households
2.4
Avg Household Size
43
Median Age
34%
College-Educated
95%
High-School Grad
77.2 sq mi
ZIP Area
494
Density / Sq Mi
$96,736
Median Household Income
$52,106
Median Earnings
$1,558
Median Rent
$324,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Walgreens Pharmacy — 7039 Mechanicsville Tpke, Mechanicsville, VA 23111
- GNC — 7354 Bell Creek Rd, Mechanicsville, VA 23111
- Linda Corbin — 7324 Bell Creek Rd, Mechanicsville, VA 231113545
- Macshelle Hays — 7039 Mechanicsville Tpke, Mechanicsville, VA 231117100
- Phillip T. Gibson, RPH — 7235 Bell Creek Rd, Mechanicsville, VA 23111
Frequently Asked Questions
What type of property is this?
Drug store - Absolute triple-net leased Walgreens on a signalized corner with prominent frontage and dual access points.
Where is this drug store located?
The property is located at 7039 Mechanicsville Turnpike Mechanicsville, VA.
What is the asking price?
The asking price for this property is $6,311,111.
What are key features of this property?
This property features: Single‑tenant Absolute NNN leased Walgreens built in 2011; Tenant has been in place since 2011 with 10+ years remaining on the lease and ten (10), 5‑year renewal options; Signalized corner location at the intersection of Lee Davis Road and Mechanicsville Turnpike (US Route 360)
