22 Us-41 Schererville, IN 46375

Property Details for 22 Us-41

Year built

2003

Lot size

1.73 lot acres

Property size

15,120 SF

Property type

Retail properties & Spaces

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a fee-simple, single-tenant Walgreens located at 22 US-41, Schererville, IN 46375. The 15,120 square foot building, constructed in 2003 on a 1.73-acre lot, sits on a highly visible corner lot at the southwest intersection of Main Street and Indianapolis Boulevard (US Highway 41). The property benefits from a strong location within the Town Square Shopping Center, a 153,000 square foot retail center anchored by national tenants such as TJ Maxx, Old Navy, and Barnes & Noble. The surrounding area boasts a dense population exceeding 180,000 residents within a five-mile radius, offering significant consumer traffic. The Walgreens lease, a double net (NN+) structure, features a remaining term of approximately 6.4 years, with a recently executed 10-year extension through April 30, 2031, and further five-year renewal options extending to April 30, 2066. The lease includes a built-in Village Medical health clinic, occupying approximately 3,474 square feet. The property offers a 7.5% cap rate with a current NOI of $375,000 and an asking price of $5,000,000. The property is situated in a prime location, less than half a marathon from Lake Michigan and within easy access to Chicago. Walgreens, a publicly traded company (NASDAQ: WBA), demonstrates financial strength and stability, further enhancing the investment's appeal. This is a rare opportunity to acquire a well-positioned, high-performing Walgreens property with a long-term lease and significant upside potential.

Location Insight

City

Schererville

County

Lake

State

Indiana

Longitude

-87.4722

Latitude

41.5228