Top 6 Walgreens in the US

These are the best Walgreens based on cap, location, age, AHI, rarity, population size, potential for appreciation, and more. Most of the Walgreens below except two offer 8% cap mainly because they are in prime locations. In a normal market, they could potentially become 6% cap which mean potential appreciation.

1. Walgreens in Renton, WA: 14,820 SF newly constructed Walgreens on 1.13 acres corner lot in growing and high income (AHI $88K/yr) Seattle metro near Sea-Tac airport. NOI $550K/yr. $7.382M. 7.45% cap.
   ▪ Note: when this property was on the market about 2 weeks ago, it offered 7.6% cap. The price has gone up over $100K! This is the first property that I am aware of among all of my top 10 properties whose price has gone up instead of typical price reduction. It’s probably the beginning of the end of price reduction.
   ▪ Seattle metro is one of the most stable if not the most stable real estate markets in the US. There are few properties for sale here.
2. Walgreens in Daytona Beach, FL: 14,820 SF Walgreens with double drive-thru built in 2008 on over 2 acres corner lot. 100% rare absolute NNN lease with 24 yrs remaining. NOI $470K/yr. $6.225M. 7.7% cap.
3. Walgreens in Orange Park, FL: 15,420 SF Walgreens built in 2002 on 1.43 acres corner lot in prime commercial corridor in a fast growing (59% since 2000) and affluent (AHI $94K/yr) Jacksonville suburb. Surrounded by Target, Stein Mart, Michaels, CVS, Kohls, Home Depot, Wal-Mart, and many more. 20 yrs NN lease with 12 yrs left. NOI $342K/yr. $4.208M. 8.15% cap.
4. Walgreens in Parker, CO: 14,450 SF 1-yr old drug store on 2.5 acres lot near I-25 in a fast growing (43% since 2000) and affluent (AHI $115K/yr) Denver suburb. NOI $445K/yr. $5.934M. 7.5% cap.
5. Walgreens in Alexandria, VA: 14,469 SF Walgreens built in 2008 on 2 acres lot on a major artery in a upper middle class (AHI $109K/yr within 5 miles ring) Washington DC with high barrier to entry. 25 yrs NNN lease. NOI $595K/yr. $7.933M. 7.5% cap.
6. Walgreens in Denver, CO: 13,905 SF Walgreens built in 1996 on a corner lot on a major artery. Excellent demographics with over 400K residents within 5 mile ring, AHI over 84K/yr within 1 mile ring. Store with strong annual revenue of $7.5M. 100% NN lease. NOI $363K/yr. $4.27M. Strong 8.5% cap.