1602 Expressway Griffin, GA 30223

Property Details for 1602 Expressway

Year built

2007

Lot size

1.94 lot acres

Property size

14,725 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a 14,725-square-foot Walgreens pharmacy located at 1602 N Expy, Griffin, GA 30223. The property sits on a 1.94-acre lot and boasts a 100% occupancy rate with a strong, creditworthy tenant. The Walgreens lease features an absolute NNN structure with 13.6 years remaining, providing significant long-term stability and minimal landlord responsibilities. Rent increases of 5% are built into the lease every five years, ensuring consistent growth in rental income. The property's strategic location benefits from high visibility on North Expressway and McIntosh Road, experiencing over 49,300 vehicles per day. Its proximity to major retailers, educational institutions (including Southern Crescent Technical College and the University of Georgia Griffin Campus), and Wellstar Spalding Medical Center further enhances its value. The property's NOI is $261,900, resulting in a 6.25% cap rate. The asking price is $4,190,400, translating to $284.58 per square foot. The lease includes twelve 5-year renewal options, providing substantial long-term income potential. Built in 2007, this asset offers a compelling investment opportunity for those seeking a stable, high-performing retail property with a proven track record. The property is ranked in the 81st percentile of Walgreens stores in Georgia, and is adjacent to highly-ranked shopping centers. This presents a passive income opportunity with exceptional real estate fundamentals.

Location Insight

City

Griffin

County

Spalding

State

Georgia

Longitude

-84.2904

Latitude

33.2747