2803 W Ridge Pike - Drug Store FOR SALE


Norristown, PA 19403
$5,400,000 USD
610-645-7700
2803 W Ridge Pike, Norristown, PA for Sale
$5,400,000 USD
Drug Store - FOR SALE
1/5
null | 7.51% Cap Rate

2803 W Ridge Pike
Norristown, PA 19403


HIGHLIGHTS

  • Recently Extended Lease: Walgreens has been at this location since 2005, and its lease expires in 2037, with nine 5-year renewal options.
  • Strong Corporate Guaranty: The lease is guaranteed by Walgreens, which is rated BB- by Standard and Poor’s.
  • This Walgreens location ranks in the 74th percentile in visits in Pennsylvania & 63rd percentile nationally, with over 323K visits in the past 12 mo.
  • Strategic Location: Walgreens is prominently located on the corner of Ridge Pk and N Park Ave, a high-traffic intersection which sees over 33,000 VPD

OVERVIEW

Equity CRE is pleased to exclusively present for sale a property leased to Walgreens in Norristown, Pennsylvania. This offering includes a recently extended NNN lease that expires in July 2037, with nine 5-year renewal options. The lease is backed by a corporate guaranty from Walgreens, rated BB- by Standard & Poor’s, with over 8,000 locations in the United States, ensuring stable lease payments and long term security for property owners. Located just 18 miles from Center City Philadelphia, the property sits prominently on the signalized corner of Ridge Pike and N Park Ave, with exposure to around 33,000 vehicles per day. It is situated in a strong retail corridor, adjacent to tenants such as Starbucks, Acme Markets, Pep Boys, TD Bank, Lidl, among many others.

FOR SALE DETAILS

PRICE

$5,400,000 USD

PRICE/SF

$373 USD /SF

CAP RATE

7.51%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Walgreens

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2004

SPRINKLERS

-

PARKING SPACES

60

LAND DETAILS

LAND ACRES

0.56 AC

LAND SF

24,394 SF

ZONING

GC

APN/PARCEL ID

43-00-11902-016

ASK ABOUT THIS PROPERTY

Kenneth YanniEquity CREMore Info
610-645-7700

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Kenneth YanniEquity CREMore Info
610-645-7700

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.