20675 Farm To Market 1093, Richmond, TX 77407

Property Details for 20675 Farm To Market 1093

Lot size

2.91 lot acres

Property type

Retail properties & Spaces

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a 14,775 square foot Walgreens pharmacy situated on a 2.91-acre lot at 20675 Farm to Market 1093, Richmond, TX 77407. The property boasts a highly visible location at the entrance to the Westpark Tollway, experiencing over 38,000 vehicles per day. The strong tenant, Walgreens, has a remaining lease term of 12.8 years under a triple-net (NNN) lease, ensuring passive ownership with the tenant responsible for all operating expenses including taxes, insurance, and common area maintenance. The property benefits from a substantial 6.60% cap rate and a net operating income (NOI) of $382,984, with an asking price of $5,800,000 ($392.55/sq ft). The surrounding area demonstrates robust demographics, with over 249,215 people within a 5-mile radius and a population growth exceeding 5% in the past five years. Further enhancing the property's value is the recently added Village Medical in-store clinic, a full-service primary care facility, with all renovations and additions paid for by Walgreens. The property's location in Texas offers the added benefit of no state tax, and the fee-simple ownership structure allows for potential bonus depreciation. This investment is backed by the financial strength of Walgreens, a national corporation with over 8,000 stores and a significant market capitalization.

Location Insight

City

Richmond

County

Fort Bend

State

Texas

Longitude

-95.7417

Latitude

29.7021