405 Hill St Griffin, GA 30224

Property Details for 405 Hill St

Year built

1996

Property size

11,220 SF

Property type

Drug stores

Description

This exceptional investment opportunity presents a single-tenant, 11,220-square-foot Walgreens located at 405 S Hill St, Griffin, GA 30224, within the Atlanta MSA. The property, built in 1996 and extensively renovated in 2017, boasts a Class B rating and a 100% occupancy rate. The current Net Lease (NN) agreement with Walgreens Boots Alliance (WBA), a publicly traded company, features a corporate guarantee and expires October 1, 2027, offering approximately 2.9 years of remaining lease term. The lease includes five, five-year renewal options, with a significant 20% rent increase at the next option and subsequent 7% increases. The current Net Operating Income (NOI) is $135,804, yielding a 5.65% cap rate at the asking price of $2,403,616 ($214.23/sq ft). The property benefits from a prime location, with minimal competition and proximity to other major national retailers including Ace Hardware, Lowe's, Kroger, and more. Wellstar Spalding Regional Medical Center and Southern Crescent Technical College are also nearby, contributing to a strong customer base. The landlord is responsible only for roof and structure maintenance

Location Insight

City

Griffin

County

Spalding

State

Georgia

Longitude

-84.264454094578

Latitude

33.244417679743