Walgreens-Saco, ME

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30737538
Property Subtypes: Free-Standing Building
Status: Pending
Building Size (RSF): 11,180 SF
Gross Building Area: See Agent
Sale Price: $4,100,000
Unit Price: $366.73 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 7/30/2022

Overview / Comments

Subject property is located at 461 Main St in Saco Maine. Current tenant is Walgreens with a 20 year initial lease term and (4) 5 year renewal options. Walgreens is the only national Drug Store in Saco, ME!
Building was built in 1997 and is 11,180 +/- SF on 2.22 AC of land.
Subject property is located on Route 1 with high traffic counts. To the south of the property on Route 1 the average daily traffic count is 22,440 and to the north on Route 1 the average daily traffic count is 23,590!
Landlord is responsible for the roof and structure of the building.
Walgreen’s recently exercised their second renewal option (a year early, showing their strong commitment to the site), extending the lease until 2027.
Rent is as follows:
**Projection is based on 2022 rent increase. (Seller is pledging the difference in rent, $12,298, until the new rent begins in approximately 12 months.
Option 1 (2017-2022)- $210,743 Annually
Option 2 (2022-2027) – $223,041 Annually
Option 3 (2027-2032) -$234,221 Annually
Option 4 (2032-2037) – $245,401 Annually
*Walgreens has a restriction on 2-mile radius of property for drugstore, beauty and health products.
Demographics: Median-Income:
Mile 1- 6,019 Mile 1- $38,494
Mile 2- 31,269 Mile 2- $40,227
Mile 3- 48,288 Mile 3- $45,289

Attachments & Media

Additional Details

Nearest MSA: Portland-South Portland
County: York
Tax ID/APN: Map 33, lot 24
Traffic/Vehicle Count: 23,015
Tenancy: Single Tenant
Total Number of Buildings: 1
Lot Frontage: 239 FT

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,776 35,383 51,700
Median Age: 36.5 41.77 41.84
Households: 3,658 16,005 22,045
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