Walgreens Pharmacy with Drive
For Sale
Contact for pricing
2329 W Clay St, Saint Charles, MO 63301
17,612 SF Walgreens on 2.6 acres in Saint Charles.
Property Size17,612 SF
Lot Size2.60 Acres
Price / SF$221.11
Days on Market469
Property Features for 2329 W Clay St
General Information
Standard status
Active
Size
17,612 SF
Lot size
2.60 Acres
Property subtype
Retail
Zoning
C-2
Building Details
Year Built
1960
Listing Agency:
SURMOUNT
(786) 522-7017
Listed By:
Gabriel Britti · License #FL SL3211804
Source:
Crexi
Added: Apr 28, 2025
Changed: Aug 8
Last Checked: May 12 at 9:34PM
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 SURMOUNT
Investment Insights
Based on property information with market context.
This Walgreens Pharmacy with Drive Thru is located at 2329 W. Clay Street in Saint Charles, Missouri. The building has a larger format of 17,612 square feet and is situated on an oversized 2.6 acre parcel of land. Saint Charles is the county seat of Saint Charles County, Missouri, with a population of 70,493. It is located on the Missouri River and is a northwestern suburb of Saint Louis. Major employers in Saint Charles include Ameristar Casinos, Saint Joseph Health Center, Boeing, Lindenwood University, AT & T Missouri and Central States Coca Cola. Walgreens has signed a new 15 year absolute NNN Lease with 5 percent Rental Increases every 5 years. Numerous apartment complexes surround this Walgreens Property including Villa Roma Apartments, Courtland Ridge Apartments, Lago Vista Apartments, Cedarbrook Apartment Homes, Country Club Place, Glen at Bogey Hills, Metro on 5th, Crestview Apartments, St. Andrews Apartments and River Crossing Apartments. New home developments nearby include The Villages At Sandfort Farms with 253 Sold Homesites on 125 acres, Villages of Provence by Consort Homes, TR Hughes Homes Charlestown, and Charlestowne Landing by McBride. Colleges and universities nearby this Walgreens include John Thomas College (1,949 Enrolled Students), Lindenwood University (7,000 Enrolled Students), Allied College (653 Enrolled Students), St. Louis Community College (26,621 Enrolled Students) and Chamberlain University-St. Louis (25,569 Enrolled Students). Shopping centers nearby include Saint Charles Plaza, Mark Twain Village, Plaza at DePaul, Bridgeton Oaks Shopping Center and Dorsett Square. Walgreens has approximately 240,000 team members with 9,000 stores in all 50 states, The District of Columbia, Puerto Rico and the U.S. Virgin Islands. Walgreens is one of the nation’s largest drugstore chains within the U.S. Retail Pharmacy Segment of Walgreens Boots Alliance, Inc.
Key Highlights
- New 15‑year absolute NNN lease with Walgreens
- 5% rental increases every 5 years
- Large 17,612 square foot building on an oversized 2.6‑acre parcel
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
$320,915
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
8.24%
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%
$6,418,300
$6.4M
Cap Rate 7%
$4,584,500
$4.6M
Cap Rate 9%
$3,565,722
$3.6M
Market Conditions
NOI Build-Up for 17,612 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
$448.0K $25.44/SF
− Vacancy
−$20.2K −$1.14/SF
EGI
$427.9K $24.30/SF
− OpEx
−$107.0K −$6.07/SF
NOI
$320.9K $18.22/SF
Area
St. Charles County, MO
Vacancy
4.50%
Lease Rate
$25.44 /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%
$6,418,300
Cap Rate 7%
$4,584,500
Cap Rate 9%
$3,565,722
Alternative Uses
Best Use
Specialty Retail
$4.58M
$4.01M – $5.35M
NOI $320,915 @ 7.0% cap · market cap 8.24%
Second Best
Retail
$3.48M
$3.04M – $4.05M
NOI $243,259 @ 7.0% cap · market cap 6.25%
Theoretical Best
Warehouse
$4.66M
$4.08M – $5.44M
NOI $326,283 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
735
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 63301, MO
50,890
Population
22,687
Households
2.2
Avg Household Size
39
Median Age
39%
College-Educated
94%
High-School Grad
84.3 sq mi
ZIP Area
604
Density / Sq Mi
$83,551
Median Household Income
$46,433
Median Earnings
$1,093
Median Rent
$249,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Schnucks Pharmacy — 1616 Trendley Ave, St Charles, MO 63301
- CVS — 2100 1st Capitol Dr, St Charles, MO 63301
- Walgreens Pharmacy — 2329 W Clay St, St Charles, MO 63301
- CVS Pharmacy — 1900 1st Capitol Dr, St Charles, MO 63301
- CVS Pharmacy — 2100 1st Capitol Dr, St Charles, MO 63301
Frequently Asked Questions
What type of property is this?
Drug store - 17,612 SF Walgreens on 2.6 acres in Saint Charles.
Where is this drug store located?
The property is located at 2329 W Clay St Saint Charles, MO.
What is the asking price?
The asking price for this property is $3,894,135.
What are key features of this property?
This property features: New 15‑year absolute NNN lease with Walgreens; 5% rental increases every 5 years; Large 17,612 square foot building on an oversized 2.6‑acre parcel
