8.65 Cap Tax Free State Walgreens 4210 N Roan St 14,820 SF Retail Building Johnson City, TN 37601 $5,513,395 CAD ($372.02 CAD/SF) 8.65% Cap Rate

Colliers is pleased to present a premier retail investment opportunity located at 4210 N.Colliers is pleased to present a premier retail investment opportunity located at 4210 N. Roan Street, Johnson City, Tennessee. This property represents a dominant drugstore asset with over 8.5 years of firm lease term remaining, perfectly positioned to thrive in one of Northeast Tennessee's most active and rapidly expanding trade areas. The asset offers investors a rare combination of a corporate-backed tenant, a passive absolute NNN income stream, and a hard-corner location in a market with measurable population growth, healthcare-driven employment, and a tax environment that meaningfully enhances net returns.
Situated on a signalized hard corner at the intersection of N. Roan Street and Carroll Creek Road, this 14,820 SF single-tenant retail building commands a strategic presence in North Johnson City's bustling retail corridor. N. Roan Street functions as the city's primary north-south retail spine, carrying steady daily traffic between the downtown core, the medical district, and the regional shopping nodes farther north. The surrounding area is a vibrant hub of activity, featuring major retailers such as Food City, Dollar General, Hardee's, O'Reilly Auto Parts, and McDonald's, ensuring consistent consumer traffic and long-term viability. The depth of national credit retail along this stretch reflects strong underlying demographics and validates the corridor as a proven location for daily-needs tenants.
The property sits on a generous 2.04-acre lot, offering a modern design with a convenient drive-thru and 55 parking spaces (3.73/1,000 SF ratio). Built in 2008, the asset boasts 161 feet of frontage along Carroll Creek Road, enhancing accessibility and visibility from both directions of travel. Full signalization at the corner delivers four-way directional access, a feature that meaningfully separates this site from in-line and mid-block alternatives in the immediate trade area. The absolute NNN lease structure, with zero landlord responsibilities, delivers a hands-off investment with an annual rent of $342,000, providing stability and ease of ownership. The tenant carries full responsibility for taxes, insurance, maintenance, roof, structure, and parking lot, making this a true mailbox-money asset suited for private investors, 1031 exchange buyers, and family offices seeking long-term passive income.
Located in a state with no income tax, this opportunity is further enhanced by Tennessee's favorable tax climate, which materially improves after-tax cash flow relative to comparable assets in high-tax states. The reinstatement of 100 percent bonus depreciation under the One Big Beautiful Bill Act adds an additional layer of acquisition-year tax efficiency, making this an especially compelling target for high-income investors seeking active income shelter. With its proximity to major retail centers like Walmart, Target, and Johnson City Crossings, and supported by a growing population and a robust local economy driven by East Tennessee State University and the "Med-Tech" corridor anchored by Ballad Health, this property is poised to remain a cornerstone of the community for years to come. The combination of corporate tenancy, defensive drugstore real estate, a signalized hard-corner location, and a pro-investor tax climate positions 4210 N. Roan Street as a foundational holding for any net lease portfolio.