Walgreens Portfolio (Zero CF)







CAP Rate




Lease Term

20.1 Years Remaining



Building Size

42,276 SF

Property Type

Single Tenant

Year Built


Lot Size




Property Contacts:

Karly Iacono

Vice President

(201) 742-6119 | Email

  • Zero Cashflow Structure with Assumable Self Amortizing Debt
  • Absolute Net Leases – No Landlord Responsibilities
  • Corporate Guarantee – BBB Credit Rating from S&P
  • Lake Worth Location is Subleased to Dollar Tree with a Full Walgreens Guarantee
  • Staten Island Location is Subleased to Harley-Davidson with a Full Walgreens Guarantee
  • Fully Depreciable Basis due to Leasehold Structure
  • Attractive Pay Down Re-Advance Feature on Debt
  • Long Term Leases – 20+ Years Firm Term
  • Each Location has Strong Demographics
  • Locations must be Sold as a Portfolio

Marcus and Millichap is pleased to exclusively present for sale a Walgreens zero cashflow leasehold portfolio. The portfolio has three locations – Lake Worth, FL, Colorado Springs, CO, and Staten Island, NY. All locations feature true NNN leases with no landlord responsibility. There are 20+ years remaining before the first termination option. The leasehold interests must be purchased as a portfolio. There are no rent holidays and the debt is fully self-amortizing. The existing zero cashflow loans must be assumed and include an attractive pay down re-advance feature. The portfolio is priced at 16.5% equity over the debt.

Walgreens is the second largest pharmacy chain in the US. It specializes in filling prescriptions, health and wellness products, health information, and photo services. The company operates more than 9,450 locations across all 50 states and US territories. Walgreens was founded in Chicago, IL in 1901 and went public in 1927. It is headquartered in the Chicago suburb of Deerfield, IL.

This is a unique opportunity for an investor to acquire competitively priced zero cash flow deals back by a strong investment grade tenant.