500 Centennial Blvd, Richardson, TX 75081
- Retail space
- 14,736 SF
- 2.03 lot acres
Current Use by Public Records
- Walgreens Photo / (Bike/Boat/Book/etc) Store
- Walgreens Pharmacy / Pharmacy
- Redbox / Cinema / (Bike/Boat/Book/etc) Store
- FedEx OnSite / Postal Service / Courier Service
- Walgreens / Pharmacy
Property Details for 500 Centennial Blvd
- Year built
- 2007
- Construction
- TILT-UP CONCRETE
- Lot size
- 2.03 lot acres
- Zone code
- Z236
- Property type
- Retail space
- APN
- 420175000A10A0000
- APU
- 420175000A10A0000
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Apr 26, 2019 | — | Lbf Richardson LLC | The Lou Ellen Company LLC | Venders Lien | $3.4M · Wells Fargo Bank NA |
| Jul 3, 2012 | — | Lou Ellen Co LLC | Wilson Land & Cattle Co | Grant Deed | — |
| Mar 8, 2012 | — | Wilson Land & Cattle Co | Aurora Corp Plaza LLC | Grant Deed | — |
| Jul 10, 2008 | — | Aurora Corporate Plaza LLC | Buckingham Retail LLC | Grant Deed · related | — |
| Oct 26, 2006 | — | Buckingham Retail LLC | Florida | Warranty Deed · related | — |
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.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $655,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $1,321,000
Market price range: $437k - $1.75M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $1,060,000 Current use
- NEIGHBORHOOD: SHOPPING CENTER
- $855,000 Change: -19% Conversion: Moderate
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- 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
