1199 49 Frontage Rd, Richland, MS 39218

Property Details for 1199 49 Frontage Rd

Year built

2005

Lot size

1.31 lot acres

Property type

Retail properties & Spaces

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a 14,560-square-foot Walgreens pharmacy, situated on a 1.31-acre lot in Richland, Mississippi. The property boasts a highly visible location at 1199 U.S. 49 Frontage Rd, benefiting from significant daily traffic volume exceeding 51,000 cars at the intersection of Highway 49 South and Scarbrough Street. This absolute triple-net (NNN) lease with a corporate guarantee from Walgreens offers exceptional security and stability. The lease, originally commencing September 30, 2005, has a remaining term of 5.9 years, with 10 and 5-year renewal options. The property's strong performance is reflected in its current NOI of $339,000, yielding an attractive 8.50% cap rate. The asking price is $3,988,000, translating to $273.90 per square foot. Built in 2005, the property benefits from its location within a thriving retail corridor, surrounded by national brands such as Walmart, Kroger, Burger King, McDonald's, and Tractor Supply Co. Its proximity to Richland High School (800 students) and its location within a 20-minute drive of downtown Jackson and Jackson-Medgar Wiley Evers International Airport further enhance its appeal. The property is situated in a growing trade area within the Jackson MSA, serving a population of 38,740 residents within a 5-mile radius. Walgreens' robust financial performance, with FY 2023 sales increasing by 4.8% to $139.1 billion and Q1 2024 sales up 10% year-over-year to $36.7 billion, underscores the strength and stability of this investment.

Location Insight

City

Richland

County

Rankin

State

Mississippi

Longitude

-90.1653

Latitude

32.2419