20675 Farm To Market 1093 Richmond, TX 77407

Property Details for 20675 Farm To Market 1093

Lot size

2.91 lot acres

Property size

14,775 SF

Property type

Retail properties

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