740 Ky-15, Jackson, KY 41339

Property Details for 740 Ky-15

Year built

2023

Lot size

1.08 lot acres

Property type

Retail properties & Spaces

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a fee-simple interest in a brand-new, 2,500 square-foot Walgreens pharmacy in Jackson, Kentucky. Built in 2023, this single-tenant property boasts a prime location on KY-15, a major commuter route with high visibility and approximately 14,000 vehicles passing daily. The property sits on a 1.08-acre lot and includes 35 parking spaces. The Walgreens lease is an absolute NNN (triple net) lease with a corporate guarantee, minimizing landlord responsibilities. With 8.5 years remaining on the initial term and four 5-year options, the lease provides long-term stability and predictable income. Rent increases are built-in, with 5% increases every 5 years in the initial term and 7.5% at the beginning of each option period, offering inflation protection. The property's strong location benefits from nearby businesses such as Citizens Bank, Advance Auto Parts, Hardee's, and Walmart, creating a robust retail environment. The surrounding area also includes significant residential development, providing a substantial consumer base. The property's NOI is $103,500, resulting in a 6.25% cap rate, and the asking price is $1,656,000 ($662.40 per square foot). The property is zoned C-1 Commercial and features a drive-thru pharmacy. This is a rare opportunity to acquire a low-management, high-return investment with a nationally recognized tenant. The property's strong demographics, including over 5,900 residents and 2,800 daytime employees within a 5-mile radius, and an average annual household income of $57,911, further enhance its investment appeal. This is a Cooper prototype store, reflecting Walgreens' commitment to health and wellness.

Location Insight

City

Jackson

County

Breathitt

State

Kentucky

Longitude

-83.3681

Latitude

37.5575