Rare opportunity to acquire 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. Strategically positioned at the prominent intersection of Gage Boulevard and Leslie Road in the heart of South Richland's established commercial corr
idor, this high-performing location benefits from outstanding visibility, convenient accessibility, and a prime position directly across the street from a medical center, creating valuable synergy between healthcare services and pharmacy retail. Surrounded by established shopping centers, restaurants, professional offices, and growing residential n
eighborhoods, the property is ideally situated to serve both local residents and the broader Tri-Cities metropolitan area. Generating $326,040 in annual rental income at a compelling 6.5% cap rate, the property offers approximately 8.10 years of firm lease term remaining, twelve additional five-year renewal periods, and scheduled 5% rental increases, with the next escalation occurring in 2027.
The landlord-friendly NNN lease places responsibility for property taxes, insurance, utilities, and substantially all maintenance and repairs, including the roof, structure, and parking lot, on Walgreens, subject to limited contractual exceptions. This favorable lease structure provides predictable rental income with minimal day-to-day management requirements.
Located within the thriving Tri-Cities market, encompassing Richland, Kennewick, Pasco, and West Richland, the property serves a regional population exceeding 320,000 residents. The area's diversified economy is supported by major employment centers, including Pacific Northwest National Laboratory, Hanford Site operations, regional healthcare institutions, and expanding technology and manufacturing industries.
Further enhancing its appeal, the property is located in Washington, a state with no general personal income tax, and benefits from strong regional connectivity via major highways, rail infrastructure, and Tri-Cities Airport. With exceptional reported store sales, proximity to complementary medical services, established national tenancy, contractua
l rental growth, and an extensive renewal structure, this offering represents a compelling investment opportunity combining durable income, strategic positioning, and long-term value.
