20675 Farm To Market 1093Richmond, TX 77407

For Sale
$5,800,000

High-yield NNN lease, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional investment opportunity presents a 14,775 square foot Walgreens pharmacy situated on a 2.91-acre lot at 20675 Farm to Market 1093, Richmond, TX 77407. The property boasts a highly visible location at the entrance to the Westpark Tollway, experiencing over 38,000 vehicles per day. The strong tenant, Walgreens, has a remaining lease term of 12.8 years under a triple-net (NNN) lease, ensuring passive ownership with the tenant responsible for all operating expenses including taxes, insurance, and common area maintenance. The property benefits from a substantial 6.60% cap rate and a net operating income (NOI) of $382,984, with an asking price of $5,800,000 ($392.55/sq ft). The surrounding area demonstrates robust demographics, with over 249,215 people within a 5-mile radius and a population growth exceeding 5% in the past five years. Further enhancing the property's value is the recently added Village Medical in-store clinic, a full-service primary care facility, with all renovations and additions paid for by Walgreens. The property's location in Texas offers the added benefit of no state tax, and the fee-simple ownership structure allows for potential bonus depreciation. This investment is backed by the financial strength of Walgreens, a national corporation with over 8,000 stores and a significant market capitalization.

Highlights

  • High-traffic location at the entrance to Westpark Tollway, exceeding 38,000 vehicles per day.
  • Strong demographics: Over 249,215 people within a 5-mile radius.
  • High population growth exceeding 5% in the past five years.
  • Large 2.91-acre lot with development potential.
  • Long-term, 12.8-year remaining lease with Walgreens.
  • Investment-grade tenant: Walgreens, a national corporation with over 8,000 stores.

Property Details for 20675 Farm To Market 1093

Property type
Other retail properties, Individual retail properties
Square Feet
14,775 SF
Lot Size (sq. ft)
126,760 SF

Location Insight

City
Richmond
County
Fort Bend
State
Texas
Latitude
29.7020897
Longitude
-95.7417482
20675 Farm To Market 1093, Richmond, Texas

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20675 Farm To Market 1093
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