2416 Randleman Rd Greensboro, NC 27406-4310

Property Details for 2416 Randleman Rd

Year built

1982

Lot size

0.62 lot acres

Property size

2,586 SF

Zone code

C-M

Property type

Commercial real estate

APN

29742

APU

29742

Description

This exceptional investment opportunity presents a newly constructed, 2,502 square foot Walgreens pharmacy located in Greensboro, NC. The property boasts a strong 6.00% cap rate, generating a substantial net operating income (NOI) of $125,939 annually. Situated on a 1.01-acre lot at 2416 Randleman Rd, this Class A retail asset benefits from a prime location with high visibility and accessibility, fronting Randleman Road (over 21,500 vehicles per day) and conveniently located near I-40 (over 136,000 vehicles per day). The absolute NNN lease with Walgreens, a corporate guarantor, provides significant security and minimal landlord responsibilities. The lease commenced February 28, 2024, and has a remaining term of 9.3 years, with four 5-year renewal options including rental increases. The property's strategic location near three major universities (UNC Greensboro, Greensboro College, and NCA&T) with a combined student and employee population exceeding 36,000, ensures a robust customer base. The surrounding area is densely populated, with over 161,000 people residing within a 5-mile radius, reflecting Greensboro's strong 2% population growth rate. This location also benefits from significant surrounding retail and industrial development, including over 900,000 square feet of retail and over 4.3 million square feet of industrial space within a one-mile radius. The property is a fee simple ownership and represents a compelling investment opportunity in a high-growth market.