6300 Crain Hwy La Plata, MD 20646

Property Details for 6300 Crain Hwy

Year built

2008

Lot size

1.56 lot acres

Property size

14,742 SF

Property type

Drug stores

APN

01-001396

Description

This exceptional investment opportunity presents a fee-simple ownership of a 14,742 square-foot Walgreens pharmacy in La Plata, Maryland. The property boasts a brand-new 15-year absolute NNN lease (commencing November 20, 2023, and expiring November 29, 2038) with a corporate guarantee from Walgreens (NASDAQ: WBA). The lease includes twelve 5-year renewal options and features a 5% rent increase every five years, providing built-in inflation protection and consistent NOI growth. The property, built in 2008, sits on a 1.56-acre lot with 71 parking spaces and is zoned Commercial Highway (CH). Its prime location at the signalized intersection of Crain Highway and Hawthorne Road benefits from high daily traffic volume (45,600 vehicles). The strong surrounding retail environment includes national brands like McDonald's, Starbucks, and Walmart, further enhancing the property's value. The property's strong demographics include a 5-mile trade area with over 37,000 residents and 17,000 employees, boasting an average household income of $141,708. The current NOI is $305,550, resulting in a 6.15% cap rate, and the asking price is $4,968,000 ($337 per square foot). This is a truly passive, management-free investment opportunity with significant long-term potential. APN: 01-001396.