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Walgreens 1515 N Alexander Dr 15,423 SF Retail Building Baytown, TX 77520 $6,127,308 CAD ($397.28 CAD/SF) 8% Cap Rate
Investment Highlights
- 8% Cap Rate 62+ years remaining lease term (through 2088)
- Signalized hard corner, 227' frontage
- Houston-Pasadena-The Woodlands MSA — 7.7M+ population
- National credit tenant — Walgreens (NYSE: WBA)
- Absolute NNN — zero landlord expense exposure
Executive Summary
Extremely rare lease duration (62+ years) — most net-lease Walgreens deals on market show 8-15 years remaining. This is a generational hold-term asset that appeals to 1031 buyers under deadline pressure who want to stop the clock on re-trading risk.
Zero landlord management burden — ideal for out-of-state or passive capital, a growing buyer segment actively searching net lease listings weekly.
Signalized hard corner with strong traffic counts — a durable real estate fundamental even if tenant credit softens over time.
Comparable Walgreens NNN sales in Texas have traded between $243–$418/SF — this asset is well positioned within that range.
Zero landlord management burden — ideal for out-of-state or passive capital, a growing buyer segment actively searching net lease listings weekly.
Signalized hard corner with strong traffic counts — a durable real estate fundamental even if tenant credit softens over time.
Comparable Walgreens NNN sales in Texas have traded between $243–$418/SF — this asset is well positioned within that range.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
15,423 SF
Building Class
B
Year Built
2014
Price
$6,127,308 CAD
Price Per SF
$397.28 CAD
Cap Rate
8%
NOI
$490,185 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.15
Lot Size
2.41 AC
Parking
40 Spaces (2.87 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- -
- -
- -
Walgreens began in Chicago in 1901, after pharmacist Charles R. Walgreen Sr. purchased the drugstore where a pharmacy career began. The company grew from a neighborhood drugstore into a broad retail health business offering prescription services, health and wellness products, photo services, home delivery, specialty pharmacy, and virtual healthcare. Walgreens serves customers through a wide network of community pharmacies and digital platforms, with a focus on accessible medicine, everyday essentials, and healthcare support.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Retailer | - | - | - |
Moderately walkable
60/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 1335030010001 | Improvements Assessment | $2,548,968 CAD |
| Land Assessment | $730,163 CAD | Total Assessment | $3,279,131 CAD |
Property Taxes
Parcel Number
1335030010001
Land Assessment
$730,163 CAD
Improvements Assessment
$2,548,968 CAD
Total Assessment
$3,279,131 CAD
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Walgreens | 1515 N Alexander Dr
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