835 Galena Ave Freeport, IL 61032

Property Details for 835 Galena Ave

Year built

1991

Lot size

0.99 lot acres

Property size

11,868 SF

Property type

Commercial real estate

APN

18-13-36-228-049

APU

181336228049

Description

This fee-simple retail investment opportunity presents a 12,032 square foot Walgreens pharmacy located at 835 W Galena Ave, Freeport, IL 61032. The property sits on a 0.98-acre lot and boasts a 7.00% cap rate with a Net Operating Income (NOI) of $114,545. The current lease, a corporate-guaranteed Net Lease (NN) agreement with Bond Drug Company of Illinois, LLC, has approximately two years remaining until its expiration date of November 30, 2026, with five additional five-year option periods. The tenant has a long operating history at this location, exceeding 20 years, demonstrating a significant commitment to the site. The property features ample parking (4.99 spaces per 1,000 sq ft) and is situated in a high-traffic area at the signalized intersection of W. Galena Avenue and State Highway 26, averaging 32,300 vehicles daily. Its strategic location within a dense retail corridor, near Lincoln Mall (185,000 sq ft), and proximity to FHN Memorial Hospital (100 beds) and numerous residential communities, ensures a strong consumer base. The 5-mile trade area encompasses over 28,300 residents and 17,500 daytime employees, with an average annual household income of $57,607. Built in 1991, this property is zoned for commercial use and offers a low-management investment opportunity due to the limited landlord responsibilities inherent in the NN lease structure. The asking price is $1,636,000, translating to a price per square foot of $135.97. This is a prime investment opportunity with a strong tenant and favorable lease terms.