Walgreens NNN Properties
Absolute NNN · BB+ / Ba1 credit · 5.5–7.25% cap rate · $1.6M–$5.0M
Why Investors Buy Walgreens NNN Properties
Walgreens offers some of the longest NNN lease terms available, backed by a century-old pharmacy brand operating at critical healthcare intersections. While the parent company has faced financial headwinds recently, absolute NNN leases with corporate guarantee provide strong income certainty. Smart site selection in high-traffic, high-barrier-to-entry locations is key.
Lease Structure
Brand Financials
Why Investors Choose Walgreens
- Absolute NNN — zero landlord responsibilities for the lease term
- Long lease terms (15–25 years) provide exceptional income predictability
- Healthcare essential — pharmacy demand is non-cyclical
- High-traffic corner locations with excellent visibility and accessibility
- Corporate guarantee from a 120+ year old institution
- Higher cap rates reflect current credit concerns — opportunity for yield buyers
Key Risks to Underwrite
- WBA stock has declined significantly — parent company under financial pressure
- Walgreens has been actively closing underperforming stores
- Critical to review remaining lease term and renewal probability
Ideal Investor Profile
- Yield-focused investors comfortable with pharmacy sector dynamics
- 1031 exchange buyers seeking long remaining lease terms
- Investors with geographic and tenant diversification in their NNN portfolio
Is Walgreens Right for Your 1031 Exchange?
Walgreens NNN properties are a popular 1031 exchange destination for investors who want to eliminate active management while preserving their equity in a nationally recognized corporate-guaranteed asset. With typical prices of $1.6M–$5.0M, these properties fit a wide range of exchange equity positions. The Absolute NNN structure means your 1031 replacement property comes with zero landlord obligations — ideal for investors who have sold multifamily, commercial, or other management-intensive assets and want truly passive income.
Compare Other NNN Tenants
Access Off-Market Walgreens Properties
We maintain an exclusive inventory of Walgreens NNN properties — many of which never appear on LoopNet or CoStar. Contact us to see what's available before it trades.