Columbia Walgreens on Nashville
For Sale
Contact for pricing
805 Nashville Hwy, Columbia, TN 38401
Freestanding Walgreens with excellent visibility and access on Nashville Highway.
Property Size14,550 SF
Price / SF$342.96
Days on Market195
Property Features for 805 Nashville Hwy
General Information
Standard status
Active
Size
14,550 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Net Operating Income
$363,750
Building Details
Year Built
2005
Tenancy
Single
Listing Agency:
Equity Investment Advisors
Listed By:
Rich Lydon · License #CA 01466991
Source:
Crexi
Added: Jan 28
Changed: Aug 8
Last Checked: Aug 10 at 12:36PM
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 Equity Investment Advisors
Investment Insights
Based on property information with market context.
Located just two miles north of downtown Columbia, this property is a freestanding Walgreens. It benefits from excellent access and visibility along Nashville Highway, also known as U.S. Highway 31, which sees a traffic volume of 23,220 vehicles per day. U.S. Highway 31 spans over 1,200 miles from northern Michigan to the Gulf Shores in Alabama. The property is situated directly adjacent to a Kroger and the Northway Shopping Center, which is anchored by Family Dollar. It is also located less than a mile from Duck River. Columbia is part of the Nashville-Davidson-Franklin Metropolitan Statistical Area, with a population of 2 million, and is 40 miles southwest of Nashville. The Nashville metropolitan area's major industries include Health Care Management, Higher Education, Insurance, Music Production, Technology Manufacturing, and Tourism. The area's music history and culture attract millions of tourists annually. The property size is 14,550 square feet.
Key Highlights
- Excellent visibility and access on Nashville Highway (U.S. Highway 31) with high traffic volume (23,220 VPD).
- Located just two miles north of downtown Columbia, TN.
- Part of the Nashville‑Davidson‑Franklin MSA (Population: 2 million).
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
$248,650
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
4.98%
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%
$4,973,000
$5.0M
Cap Rate 7%
$3,552,143
$3.6M
Cap Rate 9%
$2,762,778
$2.8M
Market Conditions
NOI Build-Up for 14,550 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
$345.7K $23.76/SF
− Vacancy
−$14.2K −$0.97/SF
EGI
$331.5K $22.79/SF
− OpEx
−$82.9K −$5.70/SF
NOI
$248.7K $17.09/SF
Area
Maury County, TN
Vacancy
4.10%
Lease Rate
$23.76 /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%
$4,973,000
Cap Rate 7%
$3,552,143
Cap Rate 9%
$2,762,778
Alternative Uses
Best Use
Specialty Retail
$3.55M
$3.11M – $4.14M
NOI $248,650 @ 7.0% cap · market cap 4.98%
Second Best
Retail
$3.21M
$2.81M – $3.75M
NOI $225,041 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$4.27M
$3.73M – $4.98M
NOI $298,566 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
843
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
FedEx Office Print & Ship Center
Shops & Services
843 visits/mo
0.4 miles
Demographics for 38401, TN
63,075
Population
28,470
Households
2.2
Avg Household Size
40
Median Age
24%
College-Educated
92%
High-School Grad
296.7 sq mi
ZIP Area
213
Density / Sq Mi
$69,467
Median Household Income
$42,314
Median Earnings
$1,084
Median Rent
$295,200
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
- Jennifer K. Phillips, PharmD — Columbia, TN 38401
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Frequently Asked Questions
What type of property is this?
Drug store - Freestanding Walgreens with excellent visibility and access on Nashville Highway.
Where is this drug store located?
The property is located at 805 Nashville Hwy Columbia, TN.
What is the asking price?
The asking price for this property is $4,990,000.
What are key features of this property?
This property features: Excellent visibility and access on Nashville Highway (U.S. Highway 31) with high traffic volume (23,220 VPD).; Located just two miles north of downtown Columbia, TN.; Part of the Nashville‑Davidson‑Franklin MSA (Population: 2 million).
