2500 Grant St Gary, IN 46404

Property Details for 2500 Grant St

Year built

2005

Lot size

2.31 lot acres

Property size

14,820 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a 14,820-square-foot Walgreens located at 2500 Grant St, Gary, IN 46404. The property sits on a 2.31-acre lot and features a single-story building constructed in 2005. It's situated on a hard corner with excellent visibility at the signalized intersection of Grant St and W 25th Ave, boasting combined daily traffic counts of 28,882 vehicles. The property benefits from its proximity to Interstate-94, experiencing high daily traffic volume (178,595 vehicles). The Walgreens location includes a convenient drive-thru. The property is subject to an absolute triple-net (NNN) lease with Walgreens Boots Alliance, offering a passive investment structure. The lease, commencing December 26, 2005, has a remaining term of approximately 6.1 years, with ten 5-year renewal options. The asking price is $3,670,000, representing a price per square foot of $247.64 and a 7.49% cap rate, with a net operating income (NOI) of $275,000. The property is zoned R33 and has a 100% occupancy rate. The location is approximately 15 minutes from the Gary/Chicago International Airport. This Walgreens consistently outperforms national sales averages. The lease is corporately guaranteed by Walgreens Boots Alliance. The property's APN is 45-08-17-426-016.000-004.

Location Insight

City

Gary

County

Lake

State

Indiana

Longitude

-87.3585

Latitude

41.5727