2840 Alexandria Pike, Highland Heights, KY 41076-1523
- Commercial real estate
- 14,040 SF
- 1.66 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 2840 Alexandria Pike
- Year built
- 1997
- Lot size
- 1.66 lot acres
- Property type
- Commercial real estate
- APN
- 999-99-20-872.00
- APU
- 999992087200
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Feb 24, 2025 | $3,821,000 | Ais Ambaji LLC | 2840 Highland Heights LLC | Deed | $2.8M · Park National Bank |
| Aug 19, 2020 | $2,100,000 | 2840 Highland Heights LLC | Bcb Land LLC | Special Warranty Deed | $1.7M · Heritage Bank |
Description
This exceptional investment opportunity presents a fee-simple ownership of a Walgreens pharmacy located at 2840 Alexandria Pike, Highland Heights, Kentucky, 41076. The property boasts 13,905 square feet on a 1.66-acre lot and is currently 100% occupied under a corporate-guaranteed, Net Net (NN) lease with Walgreens. The lease commenced December 6, 1997, and has a remaining term of approximately 9.1 years, expiring December 31, 2033. The current annual net operating income (NOI) is $245,000, representing a 6.25% cap rate on the asking price of $3,920,000. Built in 1997, this single-tenant property benefits from a strong tenant with a proven track record. The lease includes scheduled rent increases of 10% in options, providing future income growth potential. The property's strategic location and the presence of a Kroger Express within the Walgreens further enhance its appeal and foot traffic. This is a rare opportunity to acquire a stable, high-performing retail investment with significant remaining lease term and a strong corporate guarantee. The property is offered as a fee-simple ownership, minimizing landlord responsibilities under the NN lease structure.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,565,000
- ML approach
- $2,545,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,420,000
- 6.5%
- $2,235,000
- 7%
- $2,075,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $3,113,000
- AI Estimate
- $3,138,000
Market price range: $1.00M - $3.11MMarket price range: $877k - $3.14M
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Highland Heights
- County
- Campbell
- State
- Kentucky
- Longitude
- -84.4528
- Latitude
- 39.0316
- CBSA code
- 17140
- CBSA name
- CINCINNATI-MIDDLETOWN, OH-KY-IN METROPOLITAN STATISTICAL AREA
