244 N Lake Dr, Prestonsburg, KY 41653

Property Details for 244 N Lake Dr

Lot size

0.72 lot acres

Property type

Commercial real estate

APN

045-30-16-006.01

APU

45301600601

Description

This offering presents a fee-simple investment opportunity in a newly constructed (2023), 2,500 square foot Walgreens pharmacy in Prestonsburg, Kentucky. The property sits on a 0.72-acre lot with 20 parking spaces and is located at a signalized intersection on a primary retail corridor, boasting high visibility and traffic counts (22,600 vehicles daily). The property features a drive-thru and benefits from a strong tenant presence in the immediate vicinity, including US Bank, ACE Hardware, and several national restaurant chains. The Walgreens lease is an absolute NNN (triple net) with a corporate guarantee (S&P: BBB-), providing minimal landlord responsibilities. The remaining lease term is nine years, with four five-year options. Rent increases are built-in, with 5% increases every five years during the initial term and 7.5% at the beginning of each option period, providing inflation protection. The property's NOI is $103,800, resulting in a 6.25% cap rate and a price per square foot of $664.40. The asking price is $1,661,000. The property is zoned C-3 Commercial and has a strong demographic base within a five-mile radius, including over 10,600 residents and 6,700 daytime employees, with an average household income of $65,488. This is a rare opportunity to acquire a low-management, high-yield investment property anchored by a well-established national brand. The property is a Cooper prototype store, reflecting Walgreens' focus on health and wellness.

Location Insight

City

Prestonsburg

County

Floyd

State

Kentucky

Longitude

-82.7759

Latitude

37.672

Property Tax & Assessments