512 W Main St - Drug Store FOR SALE


Lebanon, KY 40033
$3,191,634 USD
619-297-0055
512 W Main St, Lebanon, KY for Sale
$3,191,634 USD
Drug Store - FOR SALE
1/2
null | 11.75% Cap Rate

512 W Main St
Lebanon, KY 40033


HIGHLIGHTS

  • The lease is an absolute NNN lease with zero landlord obligations whatsoever with 5% increases in the first four options.
  • Morris Packaging has committed $60M to develop a 100K sq ft facility to create 300 jobs. EPC-Columbia is adding 40k sf to its existing 240k facility.
  • Lebanon Bypass (KY 2154) is being extended from KY 55 to US 68 east of Lebanon to improve connectivity.
  • The property serves as the only national chain drugstore in Lebanon, with the next closest Walgreens or CVS pharmacy over 18 miles away.
  • Spring View Hospital (1 Mi), a 75-bed facility, serves as a primary medical provider for Marion County and the surrounding central Kentucky region.
  • 1.7M+ sf of industrial space within 2 mi of the property, anchored by TG Kentucky, an automotive supplier, employing over 1,100 local residents.

OVERVIEW

We are pleased to market for sale the Walgreens property located at 512 W Main St, Lebanon, KY 40033 ("The Property"). Walgreens has been operating at the site for over 14 years and has 4 years of firm term remaining before the 12 (5-year) option periods. Walgreens operates under an absolute triple net lease, which provides for no landlord obligations whatsoever and calls for a 5% rental increases every five years in the first four options. Less than 1 mile from the Property, Spring View Hospital, a 75-bed full-service facility, serves as a primary medical provider for Marion County and the surrounding central Kentucky region. The hospital offers inpatient, outpatient, and emergency services, driving consistent pharmacy-related demand to the Walgreens location. Morris Packaging announced a $60 million investment in a new production facility, committing to the development of a 100,000-square-foot plant that will generate nearly 300 jobs. Additionally, EPC-Columbia is expanding its manufacturing operations, increasing its facility size by 40,000 square feet, bringing its total footprint to 280,000 square feet. These developments reinforce the region’s growing industrial presence and commitment to economic growth. The Property is the only national chain drugstore in the immediate area, benefiting from limited drugstore competition. The next nearest CVS or Walgreens location is more than 18 miles away, reinforcing the site’s importance as a local healthcare and convenience provider. There are more than 1.7 million square feet of industrial space within 2 miles of the Property, anchored by TG Kentucky, an automotive supplier, producing a variety of interior, exterior, and functional components, employing over 1,100 local residents. Listed in conjunction with Brian Brockman, Bang Realty Inc, 513-898-1551, wg@bangrealty.com, KY DRE Lic. 204982.

FOR SALE DETAILS

PRICE

$3,191,634 USD

PRICE/SF

$245 USD /SF

CAP RATE

11.75%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

No Walgreens/CVS for 18 Mi | 5% Increases

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

ADD'L SUBTYPES

Convenience Store, Freestanding, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2008

SPRINKLERS

-

PARKING SPACES

81

LAND DETAILS

LAND ACRES

2.15 AC

LAND SF

93,654 SF

ZONING

-

APN/PARCEL ID

LE-02-24-31

ASK ABOUT THIS PROPERTY

Jason PongsrikulPharma Property Group- Drugstore SpecialistsMore Info
619-297-0055

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Jason PongsrikulPharma Property Group- Drugstore SpecialistsMore Info
619-297-0055

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