Investment Property Walgreen’s MN
ASKING PRICE: 5.75 CAP RATE
ADDITIONAL COMMENTS: Two Walgreen Property’s Sold As a Package
Property #1
Terms: 60 year term: 3/19/1999 to 3/31/2059 (see termination options below)
Current Base Rent: $21,916.50/mo.
$262,998.00/year
Percentage Rent Formula: Yes
Modified NNN: Tenant pays RE taxes, building insurance, liability insurance, operating expenses, maintenance of parking areas (not capital expenses), maintenance (and replacement) of HVAC, plate glass and interior. Landlord pays for building exterior, parking area capital expenses and structural portions of the building, including the roof.
Debt: Yes
Options: After the initial 20 years of the term, and every five years thereafter, Tenant has the right to terminate the term of the Lease with 6 months prior written notice. Next possible effective date of termination is March 31, 2024.
Property #2
Terms: 60 year term: 10/06/2000 to 10/31/2060 (see termination options below)
Current Base Rent: $20,529.17/month
$246,350.04/year
Percentage Rent Formula: Yes
Modified NNN: Tenant pays RE taxes, building insurance, liability insurance, operating expenses, maintenance of parking areas (not capital expenses), maintenance (and replacement) of HVAC, plate glass and interior. Landlord pays for building exterior, parking area capital expenses and structural portions of the building, including the roof.
Debt: Yes
Options: After the initial 20 years of the term, and every five years thereafter, Tenant has the right to terminate the term of the Lease with 6 months prior written notice. Next possible effective date of termination is October 31, 2025.
This is a Confidential Listing. Do not discuss this property with employees or owner. For more information or an appointment call: D.J. SIKKA Cell (612)701-6296 (952) 929-9273
NOTICE: Information provided by Seller. Neither Restaurant Brokers of MN nor its Agents Guaranty its Accuracy or Comprehensiveness.
NOTE: Pictures, photos and images used on this webpage are not exact representations of this property! They have been chosen for content and color rather than as exact images of this property.
RBOMN
Restaurant Brokers of Minnesota, Inc.
Brokerage | Project Management | Property Management
DJ
Sikka 952-929-9273
Property ID: DJ
Restaurant Brokers of Minnesota, Inc.
6010 Hwy. 7 | St. Louis Park | MN 55416
(952) 929-9273 T | (952) 922-1514 F
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