500 Centennial Blvd Richardson, TX 75081

Property Details for 500 Centennial Blvd

Year built

2007

Construction

TILT-UP CONCRETE

Lot size

2.03 lot acres

Property size

14,736 SF

Zone code

Z236

Property type

Retail space

APN

420175000A10A0000

APU

420175000A10A0000

Description

This exceptional investment opportunity presents a 14,820-square-foot Walgreens pharmacy situated on a 2.03-acre lot in Richardson, Texas. The property boasts a strong 6.85% cap rate and a substantial net operating income (NOI) of $309,999. Secured by a long-term, absolute NNN lease with approximately 8.1 years remaining (until February 28, 2033), this investment offers significant passive income potential with no landlord responsibilities for maintenance or management. The Walgreens location has been operational for over 16 years, demonstrating its established presence and consistent performance within the community. Store sales figures are available upon request. The property benefits from an excellent location at a four-way signalized intersection of Centennial and Spring Valley Road, experiencing high traffic volume (31,300 vehicles per day on Centennial). This densely populated area features a 5-mile radius encompassing 398,938 residents, with an average household income of $103,669. The area's population has grown by 10% since 2010, indicating a robust and expanding market. The property's strategic location within the Dallas-Fort Worth MSA, close to major transportation arteries like US Route 75 and I-635, further enhances its appeal. Synergistic national retailers such as Kroger, McDonald's, Bank of America, and Sonic are located nearby. The lease includes 50 one-year options. The building was constructed in 2007. All provided data, including rentable area, lot size, lease terms, building specifications, year built, and demographics, are estimates and should be independently verified during due diligence.

Location Insight

City

Richardson

County

Dallas

State

Texas

Longitude

-96.7248

Latitude

32.9379

CBSA code

19100

CBSA name

DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments