256 Pleasant St Methuen, MA 01844-7151

Property Details for 256 Pleasant St

Year built

2005

Construction

CONCRETE

Lot size

2.85 lot acres

Property size

13,520 SF

Zone code

BL

Property type

Retail space

APN

METH M:00812 B:00059 L:00100

APU

METHM00812B00059L00100

Description

This exceptional investment opportunity presents a 13,227 square foot Walgreens pharmacy located at 256 Pleasant St, Methuen, MA 01844. Boasting a strong 8.03% cap rate, this property offers a secure, passive income stream with a NNN lease structure, eliminating landlord responsibilities. The lease, corporately guaranteed by Walgreens (NASDAQ: WBA), features a remaining term of approximately 3.9 years and includes rare 10% rent bumps, providing a hedge against inflation. Built in 2005, this single-tenant property sits on a 2.73-acre lot with 57 parking spaces and benefits from a high-traffic location between I-93 and Pleasant St (combined ~76,000 vehicles per day). The property enjoys a prime location near Holy Family Hospital (1.5 miles), Methuen High School (2 miles), and a dense population with high household incomes (over $132,000 within a 1-mile radius). The area also shows strong retail synergy with nearby national tenants such as Target, Home Depot, Chick-fil-A, and Raising Cane's. Methuen's robust development pipeline, including approximately 35 approved projects, further enhances the long-term value of this asset. The lease commenced May 15, 2008, and expires May 31, 2028, providing a clear investment horizon. This is a rare opportunity to acquire a high-performing, passively managed retail investment with significant upside potential. The property is zoned BH and has a 100% occupancy rate.

Location Insight

City

Methuen

County

Essex

State

Massachusetts

Longitude

-71.1694

Latitude

42.7413

CBSA code

14460

CBSA name

BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments