Walgreens
Walgreens pharmacy in Highland, California, offered at $4,725,000 at a 7.50% cap ($354,275 NOI). This single-tenant net lease asset features over nine years remaining on the current term, with seven additional five-year renewal options extending through November 2070. The NN lease structure limits landlord responsibilities to roof and structure only, with major roof repairs already completed to minimize near-term capital expenses.
Built in 2000, the 13,905 SF building sits on a 1.64-acre (71,512 SF) parcel with 65 parking spaces and a double-lane drive-through pharmacy. The property occupies a signalized hard corner directly off Interstate 210 at Baseline Street and Boulder Avenue, delivering strong visibility and accessibility. Walgreens has operated continuously at this location since 2001 and remains the only Walgreens serving Highland, reinforcing its strategic importance to the local market. The surrounding area is anchored by McDonald's, Dutch Bros Coffee, and the Albertsons-anchored Highland Village Plaza. Approximately 73% of the purchase price is projected to be recovered through base rental income during the remaining lease term, providing substantial downside protection. The 1.64-acre site includes additional land that may accommodate future development or a pad sale, offering long-term real estate value beyond the existing tenancy. Located in the growing Inland Empire region with strong demographics and sustained demand for essential retail services.
- 7.50% cap rate with $354,275 in-place NOI
- Nine years remaining plus seven five-year renewal options through 2070
- NN lease; major roof repairs completed
- Only Walgreens serving City of Highland; operating since 2001
- Hard corner I-210 visibility; 65 parking spaces and double-lane drive-through
- Additional land for future development or pad sale
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Features & amenities
Location
This offering presents a 12,179-square-foot Walgreens property in Southern California available at a 7.50% capitalization rate, providing a strong net lease investment with over nine years remaining on the current lease term. Priced at $4.725 million, the asset generates an in-place net operating income of $354,275, making it an attractive option for yield-focused and 1031 exchange investors while also offering potential tax advantages through real estate depreciation. Approximately 73% of the purchase price is projected to be recovered through base rental income during the remaining lease term, providing significant downside protection before considering renewal options or the property's underlying land value. Walgreens has operated continuously at this location since 2001 and remains the only Walgreens serving the City of Highland, reinforcing its importance within the local market. The lease includes seven additional five-year renewal options extending through November 2070, creating the potential for decades of future income. Structured as a NN lease, the landlord is responsible only for the roof and structure, with major roof repairs exceeding $70,000 already completed to minimize near-term capital expenses. Positioned on a signalized hard corner directly off Interstate 210 at Baseline Street and Boulder Avenue, the property benefits from outstanding visibility and accessibility, surrounded by major retailers including McDonald's, Dutch Bros Coffee, and the Albertsons-anchored Highland Village Plaza. The 1.64-acre site features 65 dedicated parking spaces, a double-lane drive-through pharmacy, and additional land that may accommodate future development or a pad sale, providing long-term real estate value beyond the existing tenancy. Located within the growing Inland Empire region, the property also benefits from strong demographics, population growth, and sustained demand for essential retail and pharmacy services.