Griffin, GA Walgreens Investment
405 S Hill St Griffin, GA 30224
405 S Hill St, Griffin, GA, 30224
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For Sale
Contact for pricing
Single-tenant Walgreens with prime location and established customer base.
Property Size11,220 SF
Lot Size1.00 Acre
Price / SF$214.23
Days on Market560
Property Features for 405 S Hill St
General Information
- Standard status
- Active
- Size
- 11,220 SF
- Lot size
- 1.00 Acre
- Property subtype
- Retail
Building Details
- Year Built
- 1996
Listing agency
Prime Net Lease
(800) 948-1250
Listed by
Paul Matusik · License #CA 01351021
Source
Crexi
Added: Jan 7, 2025 Updated: Jul 6 at 7:38AM Checked: Jul 21 at 7:06AM
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 Prime Net Lease
Investment Insights
Based on property information with market context.
The property is a single-tenant Walgreens located in Griffin, GA. Originally built in 1996 as a build-to-suit for Rite Aid, the 11,220 SF building sits on a parcel of just under 1 acre. In 2017, after Walgreens' acquisition of part of a Rite Aid portfolio, this location was converted to Walgreens, including an interior and exterior remodel. The property is centrally located within the city and has no immediate competition aside from a CVS that is located over 1 mile away. Walgreens is located directly next to Ace Hardware and is near Advance Auto Parts, Lowe's, Kroger, Aldi, Burger King, KFC, McDonald's, Krystal, and Dairy Queen. Wellstar Spalding Regional Medical Center with 160 total beds and Southern Crescent Technical College with over 5,000 students enrolled are nearby. The current NN lease, executed after the remodel in 2017 for 10 years, expires in October 2027, leaving 2.5 years of term remaining. The first 5-year option has a 20% rental increase. The remaining Six, 5-year options each feature 7% rental increases. Walgreens has reached out to Landlord with interest to extend the lease for up to 10-years.
Key Highlights
- Established Walgreens location, a primary pharmacy for the Griffin population for 25 years.
- Below market price point compared to other Walgreens investments.
- Walgreens has expressed interest in extending the lease for up to 10 years.
Local 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 | $258.5k | $23.04 |
| − Vacancy | −$18.1k | −$1.61 |
| EGI | $240.4k | $21.43 |
| − OpEx | −$60.1k | −$5.36 |
| NOI | $180.3k | $16.07 |
11,220 SF · lease $23.04/SF/yr · vacancy 7.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.58M
$2.25M – $3.01M
NOI $180,310 @ 7.0% cap · market cap 7.50%
Second Best
Retail
$2.25M
$1.97M – $2.63M
NOI $157,814 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$3.15M
$2.76M – $3.68M
NOI $220,540 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
higi
Physician
Walgreens Photo
(Bike/Boat/Book/etc) Store
FedEx OnSite
Postal Service
Western Union
Bank
BB&T ATM
Atm
Similar For Sale Nearby
Similar Off Market Nearby
- Walgreens Pharmacy — 405 S Hill St, Griffin, GA 30224
- Amanda Turner — 405 S Hill St, Griffin, GA 302244225
- Joe Pittman — 405 S Hill St, Griffin, GA 302244225
- Walter Williams — 405 S Hill St, Griffin, GA 302244225
- Claxton Hobbs Pharmacy — 131 W Taylor St, Griffin, GA 30223
FAQs
What type of property is this?
Drug store - Single-tenant Walgreens with prime location and established customer base.
Where is this drug store located?
The property is located at 405 S Hill St Griffin, GA.
What is the asking price?
The asking price for this property is $2,403,616.
What are key features of this property?
This property features: Established Walgreens location, a primary pharmacy for the Griffin population for 25 years.; Below market price point compared to other Walgreens investments.; Walgreens has expressed interest in extending the lease for up to 10 years.
