2425 Slappey Blvd Albany, GA 31701-1009

Property Details for 2425 Slappey Blvd

Year built

1999

Construction

STEEL FRAME

Lot size

1.77 lot acres

Property size

11,200 SF

Zone code

C2

Property type

Drug stores

APN

0000N/00003/22A

APU

0000N0000322A

Description

This exceptional investment opportunity presents a 10,908-square-foot Walgreens located at 2425 N Slappey Blvd, Albany, GA 31701. The property boasts a 7.75% cap rate and a strong NOI of $168,493, supported by a credit-rated tenant with a long operational history at this location since 1999. The current lease, assumed by Walgreens in 2018 from Rite Aid, expires July 31, 2024, but includes three 5-year renewal options with a 10% rent increase in each. The building, constructed in 1999, sits on a 1.77-acre lot and features a convenient drive-thru pharmacy. Its prime location at the signalized intersection of North Slappey Blvd and Palmyra Rd (32,000 vehicles per day) benefits from high visibility and traffic. The surrounding area is densely populated, with 75,833 residents within a five-mile radius, boasting an average household income of $63,173. Proximity to Phoebe North Campus Hospital (124 beds) and other strong retail neighbors, including Food Lion and Walmart, further enhances the property's value and appeal. This is a rare opportunity to acquire a well-performing, net-leased Walgreens with significant upside potential. The asking price is $2,174,103, representing a price per square foot of $199.31. The property's strong tenant, location, and lease terms make it an attractive addition to any investment portfolio.