Property Details for 1210 Business Interstate Hwy

Lot size

1.97 lot acres

Property size

14,820 SF

Property type

Retail properties & Spaces

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a 14,820-square-foot Walgreens located at 1210 N Business Interstate Hwy 35, New Braunfels, TX 78130. The property sits on a 1.97-acre lot in a high-traffic area, boasting over 40,000 vehicles per day on N Business Interstate Highway 35 and over 112,339 vehicles daily on nearby Interstate 35. This prime location benefits from its proximity to major retailers such as The Home Depot, Taco Bell, Olive Garden, and more, ensuring consistent customer traffic. The Walgreens is also less than three miles from Resolute Baptist Hospital and near Comal Independent School District, serving over 4,000 students. A new 15.1-year absolute NNN lease commenced September 1, 2024, and expires September 30, 2039, with twelve 5-year renewal options. The lease includes a corporate guarantee from Walgreens (NASDAQ:WBA) and features 5% rent increases every five years in the initial term and options. The current asking price is $5,475,000, yielding a 6.50% cap rate and a net operating income (NOI) of $355,860. The tenant is currently undertaking over $400,000 in improvements, including a new roof, exterior repainting, parking lot restripes, landscaping refresh, LED lighting upgrades, and sign panel replacement. This property offers a secure, passive income stream in a rapidly growing area with a projected 16% population increase within five years. The below-market rent of $24 per square foot further enhances the investment potential. This is a rare opportunity to acquire a high-performing, well-located Walgreens with a long-term lease and significant upside potential.

Location Insight

City

New Braunfels

County

Comal

State

Texas

Longitude

-98.0954

Latitude

29.7023