3188 Hwy 278 Covington, GA 30014
- Turn key restaurants
- 0.58 lot acres
Current Use by Public Records
- Turn key restaurants
Property Details for 3188 Hwy 278
- Year built
- 1998
- Lot size
- 0.58 lot acres
- Property type
- Turn key restaurants
- APN
- C0240-00070-003-B00
- APU
- C024000070003B00
Description
This exceptional investment opportunity presents a single-tenant, 14,820 square-foot Walgreens pharmacy located at 3188 Hwy 278 NE, Covington, GA 30014, within the Atlanta MSA. The property boasts a strong 6.00% cap rate, generating a net operating income (NOI) of $498,000. Secured by a corporate guarantee from Walgreens (NASDAQ: WBA), this absolute NNN lease offers significant security and stability, with 12.9 years remaining until expiration (lease expires 09/23/2037, commencing 09/24/2012). The property sits on a 1.8-acre lot and features a newer "Well Experience" store design, including a convenient drive-thru. The building enjoys high visibility and accessibility along Hwy 278, experiencing approximately 32,400 vehicles per day. Its strategic location is less than a mile from Piedmont Newton Hospital and is surrounded by other national brand retailers. The asking price is $8,300,000, translating to a price per square foot of $560.05. The lease includes options for 50-year and 1-year extensions. This property offers a compelling combination of a strong tenant, a desirable location, and a secure, long-term lease, making it an ideal addition to any investment portfolio. The property's reported sales are $3.4 million. The building is a single-story structure. 100% occupancy is currently maintained.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Covington
- County
- Newton
- State
- Georgia
- Longitude
- -83.8575
- Latitude
- 33.6023
- CBSA code
- 12060
- CBSA name
- ATLANTA-SANDY SPRINGS-MARIETTA, GA METROPOLITAN STATISTICAL AREA
