Current Use by Public Records
- Retail properties & Spaces
Property Details for 7994 Hwy
- Year built
- 2003
- Lot size
- 1.81 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a fee-simple, 14,560-square-foot Walgreens located at 7994 U.S. Hwy 51, Millington, Tennessee 38053. The property boasts a Class A, absolute triple-net (NNN) lease with Walgreens, an investment-grade tenant, ensuring zero landlord responsibilities. The current lease, commencing March 1, 2005, and expiring February 28, 2030, has a remaining term of approximately 5.3 years, with ten 5-year renewal options. The property sits on a 1.81-acre lot and was built in 2003. The annual net operating income (NOI) is $282,700, representing an 8.00% cap rate on the asking price of $3,534,000 ($242.72 per square foot). Walgreens reports strong annual sales exceeding $3,000,000, resulting in a favorable rent-to-sales ratio. The property benefits from its strategic location at a hard-corner signalized intersection along US Hwy 51, a prime retail area, and its proximity to a Kroger-anchored shopping center attracting over 1.7 million annual visitors. This location ranks in the top 24% nationally and top 29% in Tennessee for Walgreens performance. The property is situated in Shelby County, Tennessee, an income tax-free state, near the Naval Support Activity Mid-South Base and surrounded by over $300 million in new development projects. This is a 1031 exchange eligible property.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Millington
- County
- Shelby
- State
- Tennessee
- Longitude
- -89.9059
- Latitude
- 35.3445
