3703 Lawndale Dr Greensboro, NC 27455-3001

Property Details for 3703 Lawndale Dr

Year built

2004

Construction

FRAME

Lot size

1.71 lot acres

Property size

14,430 SF

Zone code

C-M

Property type

Commercial real estate

APN

55942

APU

55942

Description

This exceptional investment opportunity presents a 14,430 square foot Walgreens, situated on a 1.7+ acre lot in Greensboro, North Carolina. The property boasts a 15-year absolute NNN lease with Walgreens, a corporate guarantor, commencing February 21, 2024, and expiring February 27, 2039. The lease includes attractive 5% rent bumps every five years, and twelve five-year extension options. The property generates a substantial net operating income (NOI) of $291,000, resulting in a compelling 6.00% cap rate. Located in a high-traffic area with excellent visibility on three roads (Lawndale Dr, Martinsville Rd, and Pisgah Church Rd), this property benefits from a densely populated area with a high average household income of approximately $107,000 within a three-mile radius. The strong retail node features over 1.2 million square feet of retail space within a one-mile radius, exhibiting a low 1.8% vacancy rate and proximity to major retailers such as Walmart, Target, Trader Joe's, Aldi, and a top-performing Lowe's. The property's strategic location near three universities (UNC Greensboro, Greensboro College, and NCA&T) further enhances its appeal, with a combined student and employee population exceeding 41,000. The oversized parcel offers significant future redevelopment potential. The property was built in 2004 and is classified as Class A. This is a fee simple ownership opportunity with zero landlord responsibilities. The asking price is $4,850,000.

Location Insight

City

Greensboro

County

Guilford

State

North Carolina

Longitude

-79.8292

Latitude

36.1178

CBSA code

24660

CBSA name

GREENSBORO-HIGH POINT, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments