Rare opportunity to acquire a two-property Walgreens investment portfolio featuring a top-tier, high-performing pharmacy location in Richland and a dominant regional retail location in Clarkston, Washington. The Richland property is classified as a Tier 5 Walgreens store, demonstrating exceptional sales performance with the last reported annual front-of-store revenue reaching $5.05 million, excluding pharmacy sales.
Together, these strategically positioned assets generate $701,040 in combined annual rental income at an attractive blended cap rate of approximately 7%, with approximately 9 years of firm lease term remaining at each location. Both properties feature landlord-friendly NNN lease structures, offering predictable income and long-term investment potential.
The Richland property occupies a prominent corner at the intersection of Gage Boulevard and Leslie Road, directly across the street from a medical center, creating valuable synergy between healthcare services, pharmacy operations, and surrounding retail.
Positioned within South Richland's established commercial corridor, the location benefits from excellent visibility, convenient accessibility, and a strong concentration of residential neighborhoods, shopping centers, restaurants, and professional services.
Serving the thriving Tri-Cities metropolitan area with a regional population exceeding 320,000 residents, the property is supported by major employment centers, including Pacific Northwest National Laboratory, Hanford Site operations, and a robust healthcare, technology, and manufacturing sector.
Generating $326,040 in annual rental income at a 6.5% individual cap rate, the lease features twelve additional five-year renewal periods and scheduled 5% rental increases, providing built-in income growth and significant long-term occupancy potential.
The Clarkston property, constructed in 2015, features a 14,550-square-foot freestanding Walgreens situated on a highly visible, signalized hard corner along Bridge Street (US Route 12), immediately adjacent to Costco Wholesale and Walmart Supercenter.
Strategically positioned at the gateway to one of the region's dominant retail corridors, this irreplaceable location benefits from exceptional regional draw, including consumers traveling from a 1.5-hour radius to visit the area's only Costco, with the next closest location nearly 90 miles away.
Serving the broader Lewiston-Clarkston bi-state market, the property generates $375,000 in annual rental income at a 7.5% individual cap rate, with approximately 8.5 years remaining before Walgreens' initial termination option. Its proximity to major national retailers, strong regional accessibility, and established commercial surroundings reinforce its long-term retail relevance.
Further enhancing the portfolio's investment appeal, both properties are located in Washington, a state with no general personal income tax, and benefit from diverse regional economies, strong transportation networks, and established consumer demand. The Richland location's exceptional reported sales performance, proximity to medical services, and
contractual rental growth complement Clarkston's dominant retail positioning, national retailer synergy, and expansive regional trade area. With $701,040 in combined annual rental income, established national tenancy, favorable lease structures, and two strategically positioned commercial assets, this portfolio represents a compelling opportunity for investors seeking dependable cash flow, geographic diversification, and long-term investment value.
