Walgreens 4420 N Ocoee St 14,550 SF Retail Building Cleveland, TN 37312 $5,769,450 CAD ($396.53 CAD/SF) 7.25% Cap Rate

Marcus & Millichap is pleased to present for sale this Absolute Net Leased Walgreens located at 4420 Ocoee Street North in Cleveland, Tennessee, positioned within the greater Cleveland–Bradley County trade area. The subject property consists of a 14,550 square foot free-standing building with a drive-thru pharmacy, and is situated on a large 2.98-acre parcel of land.
The property is strategically located along Lee Highway (U.S. Highway 11), the area’s primary commercial corridor and a major thoroughfare serving the region. This location provides excellent visibility, strong traffic counts, and convenient access to surrounding residential neighborhoods. The site is well positioned within Cleveland’s dominant retail corridor, which is home to a wide array of national and regional retailers, including Five Guys, Olive Garden, McDonald’s, Taco Bell, Chick-fil-A, Logan’s Roadhouse, Arby’s, Tractor Supply, Walmart Supercenter, Lowe’s, Hobby Lobby, and numerous others.
In addition, the property benefits from close proximity to a strong medical hub. It is located near Life Care Center of Cleveland, a skilled nursing and rehabilitation facility, and is less than two miles from Bradley Medical Center (Vitruvian Health), a full-service regional hospital offering acute care, emergency services, and a broad range of specialty services. This medical concentration further reinforces the strength, stability, and longterm durability of the location.
Cleveland is part of the broader Chattanooga metropolitan region, a growing and economically diverse market benefiting from steady population growth, expanding employment, and ongoing commercial development. The area is supported by a strong mix of healthcare, manufacturing, logistics, and retail employment, providing a stable foundation for long-term consumer demand. These market fundamentals, combined with Walgreens’ absolute net lease structure and corporate guarantee, position the asset as a compelling long-term investment with durable cash flow and minimal landlord responsibility.
Walgreens recently executed a brand new 13 Year Absolute Net-Lease with increases in both the initial term and option periods. The initial term runs through August 31st, 2035 and has twelve five-year options to extend.
Walgreens is one of the largest pharmacy and retail health providers in the U.S., operating more than 8,700 locations across all 50 states and Puerto Rico. Each day, Walgreens serves millions of customers and patients through an integrated pharmacy and retail platform that combines in-store services with digital and omnichannel capabilities. In 2025, Walgreens was taken private by Sycamore Partners, alongside longtime investor Stefano Pessina and family, positioning the company to execute long-term strategic initiatives outside the public markets