6144 Dewey Dr Citrus Heights, CA 95621

Property Details for 6144 Dewey Dr

Lot size

1.89 lot acres

Property size

15,908 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a single-tenant, Net Leased Walgreens pharmacy located in Citrus Heights, CA (Sacramento MSA). The property boasts a 13,905 square foot building situated on a 1.89-acre lot at the highly visible corner of Dewey Dr and Greenback Ln, experiencing traffic counts exceeding 65,000 vehicles daily. The Walgreens tenant, a credit-rated entity with a corporate guarantee, has occupied this Class A property since January 1, 2000, recently renewing their lease in early 2020 for an additional 10 years, extending the lease term to May 31, 2031. This provides a long-term, secure investment with minimal landlord responsibilities. The property offers a strong 5.69% cap rate on a $8,260,000 asking price, translating to a price per square foot of $519.24. The strong demographics of the area, with a population exceeding 400,000 within a 5-mile radius and an average household income over $107,000, further enhance the investment's appeal. The property features attractive curb appeal and strong frontage, maximizing visibility and accessibility. The Net Operating Income (NOI) is $469,950. The lease includes six, five-year options. This is a rare opportunity to acquire a stable, high-performing investment property anchored by a nationally recognized brand. The property is 100% occupied.

Location Insight

City

Citrus Heights

County

Sacramento

State

California

Longitude

-121.31

Latitude

38.6776