Looking to buy a Walgreens NNN property? 350 are observed for sale across 43 states, median asking cap rate 7.50%. View Walgreens NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Parent Company | Walgreens (privately held by Sycamore Partners since Aug. 28, 2025) |
| S&P/Moody’s Rating | no verified rating |
| Before the Buyout | Below investment grade at S&P and Moody’s (Walgreens Boots Alliance Form 10-Q, as of May 31, 2025) |
| Sector | Pharmacy / Drug Store |
| US Locations | About 8,000 locations in the 50 states and Puerto Rico, according to the company website (accessed October 8, 2026) |
| Median asking cap rate | See the live table below |
| Lease Term | Walgreens Boots Alliance reported that initial terms for U.S. leased premises were typically 10 to 25 years, with renewal options at five-year intervals (fiscal 2024 Form 10-K) |
| Lease Obligor | Varies; leases may name Walgreen Co. or another entity; confirm the tenant and any guarantor in the lease |
| Stock Ticker | WBA (formerly Nasdaq; delisted August 2025) |
| Annual Revenue | $115.8B U.S. Retail Pharmacy sales, fiscal 2024 (Walgreens Boots Alliance total $147.7B; last full public year) |
| Asking Price (middle half) | $3.35M to $5.31M (middle half; median $4.14M) |
Walgreens: no confirmed agency rating. No rating for Walgreens has been verified against a primary source (an agency rating action or an issuer filing), so none is shown. If a rating is verified, it will appear here. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Walgreens Business Overview & NNN Investment Profile
Walgreens Boots Alliance went private on August 28, 2025, when an affiliate of Sycamore Partners completed its acquisition of the company (Form 8-K, August 28, 2025); the March 6, 2025 announcement valued the transaction at up to $23.7 billion. After the closing, Walgreens, The Boots Group, Shields Health Solutions, CareCentrix and VillageMD operate as separate standalone companies (company press release, August 28, 2025). The company website lists about 8,000 Walgreens locations in the 50 states and Puerto Rico (accessed October 8, 2026).
Walgreens has no investment grade rating on file. Walgreens Boots Alliance reported that S&P and Moody’s downgraded its long-term ratings below investment grade in fiscal 2024 (Form 10-K for fiscal 2024), and its last quarterly report before the buyout still showed below investment grade ratings, with Moody’s under review and S&P on negative credit watch (Form 10-Q, as of May 31, 2025). We have no verified current rating for Walgreens, so it falls outside portfolios that require a rating at or above BBB-/Baa3. See our investment grade guide for how that threshold is applied.
For NNN investors, the issues are private ownership with limited public financial disclosure, and store closures. In October 2024, Walgreens Boots Alliance said it expected to close an aggregate of 1,200 to 1,300 stores over the next three years, including approximately 500 stores in fiscal 2025 (Form 8-K, October 15, 2024). We have not found a primary source on the closure plan after the buyout, so confirm the status of a specific store. Long lease terms help landlords only as far as the obligor remains solvent and in the store.
Walgreens Credit Rating Analysis
No rating for Walgreens has been verified against a primary source (an agency rating action or an issuer filing), so none is shown. If a rating is verified, it will appear here. Before the buyout, Walgreens Boots Alliance’s last quarterly report listed a Moody’s corporate family rating and an S&P long-term rating, both below investment grade (Form 10-Q, as of May 31, 2025). As a private company, it no longer files quarterly reports with the SEC, which limits what landlords and lenders can underwrite.
Source: No agency rating has been verified against a primary source. Ratings checked October 8, 2026.
Credit risks to consider include pressure on pharmacy reimbursement and front-store sales, competition from mail-order and online pharmacy, and store closures. Because Walgreens is private and has no investment grade rating on file, landlords should rely on the lease itself, the guarantor named in it, store-level performance where available, and the value of the real estate. Compare the credit with others on our credit tenant ratings index.
Walgreens NNN Lease Structure
Walgreens Boots Alliance reported that initial terms for its leased U.S. premises were typically 10 to 25 years, followed by renewal options at five-year intervals, and may include rent escalation clauses (fiscal 2024 Form 10-K). Rent schedules vary, so confirm any increases in the lease. Check each lease for any operating covenant and for what the tenant owes if it closes the store. Leases may name Walgreen Co. or another entity as tenant, with or without a guaranty; after the 2025 buyout and separation into standalone companies, landlords should confirm which entity is the tenant and whether any guaranty still stands behind the lease.
The median building size across the Walgreens listings we track is 14,550 square feet; confirm the building size, lot size, drive-through and site layout for a specific property. A vacated building may be re-leased to other users, such as discount retailers, healthcare providers or grocers, though second-generation rent may be below the original Walgreens rent and conversion costs can be significant.
Walgreens NNN Cap Rate & Pricing Trends
Live asking cap rates for Walgreens and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| CVS | BBB / Baa3 | 6.50% | 6.00% to 7.15% | 149 | +126 bps |
| Walgreens | n/a / n/a | 7.50% | 6.65% to 8.50% | 343 | +226 bps |
| Family Dollar | B / n/a | 8.50% | 8.00% to 9.00% | 176 | +326 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 9, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file.
Asking cap rates vary with remaining lease term, rent and location, so compare a property with listings that have a similar remaining term. Asking prices cluster between about $3.35M and $5.31M, with a median near $4.14M. Asking cap rates are not closing cap rates.
Lender appetite for a privately held tenant without an investment grade rating varies, and leverage and coverage requirements can differ from those for rated tenants; confirm terms with lenders. Owners with loans maturing soon should price a refinance alongside any sale analysis.
Walgreens Real Estate Footprint
Walgreens Boots Alliance operated 8,560 retail and healthcare locations in its U.S. Retail Pharmacy segment as of August 31, 2024 (fiscal 2024 Form 10-K); the company website now lists about 8,000 locations (accessed October 8, 2026). Walgreens Boots Alliance said the cadence of expected closures under the plan announced in October 2024 prioritized estimated cash flow benefits, underperforming locations and lease expirations (Form 8-K, October 15, 2024).
Walgreens Outlook
Under private ownership, Walgreens no longer reports its financial condition or store closures in SEC filings, so landlords should confirm the status of a specific store and watch for company announcements about further closures.
Walgreens NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Long original lease terms; rent may still be owed if a store goes dark (confirm in the lease) | No investment grade rating; below investment grade before the 2025 buyout |
| Freestanding sites with drive-throughs may have second-use value | Private ownership and limited financial disclosure |
| Median asking cap rate of 7.50% versus 6.50% for CVS in the listings we track | Store closures under the plan announced in October 2024; current status not publicly reported |
| Pharmacy demand is non-discretionary | Rent increases vary by lease; lender terms vary for a private tenant without an investment grade rating |
Comparable NNN Tenants
| Tenant | Rating |
|---|---|
| CVS Health | BBB/Baa3 |
| Walgreens | no verified rating (below investment grade before the 2025 buyout) |
| Family Dollar | B |
| Rite Aid | no verified rating |
Cap rates are medians of asking cap rates across active listings tracked by InvestmentGrade.com; the latest Walgreens listing observation is October 9, 2026. See our CVS vs Walgreens comparison and Walgreens owner update.
Frequently Asked Questions
Is Walgreens investment grade?
Walgreens Boots Alliance reported that S&P and Moody’s downgraded its long-term ratings below investment grade in fiscal 2024 (Form 10-K for fiscal 2024), before an affiliate of Sycamore Partners took the company private on August 28, 2025. We have no verified current rating for Walgreens, and private ownership with limited disclosure keeps it outside criteria that require an investment grade tenant.
Should I include Walgreens in my investment-grade NNN portfolio?
Not if your portfolio requires investment grade tenants: Walgreens was below investment grade before its buyout and has no verified investment grade rating today. Some investors buy Walgreens properties for higher yield, relying on remaining lease term and real estate value, but that is a different strategy. Owners of existing Walgreens properties should review their leases, guarantor, and refinance timing.
What is happening to Walgreens’ store fleet?
In October 2024, Walgreens Boots Alliance said it expected to close 1,200 to 1,300 stores over the next three years, including approximately 500 in fiscal 2025 (Form 8-K, October 15, 2024). After the August 2025 buyout, the company no longer reports closures in SEC filings; its website lists about 8,000 locations (accessed October 8, 2026).
What asking cap rates do Walgreens NNN properties show?
Current median asking cap rates for Walgreens and comparable tenants are shown in the live table on this page. Pricing for a specific property depends on the remaining lease term, rent level, location and lease guarantor, and asking cap rates are not closed-sale cap rates.
Walgreens Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Walgreens properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
Compare Walgreens against current NNN cap rates
Before underwriting a Walgreens net lease, benchmark the asking cap rate against the broader 2026 NNN cap rates by tenant credit quality so the spread reflects both Walgreens credit risk and lease structure.
Walgreens NNN Properties Observed For Sale
351 active Walgreens net lease listings observed across public listing sources, most recently Oct 9, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Anchorage, AK | $5,900,000 | 8.00% | 13,791 | 8.0 yrs | View listing |
| Brandon, VT | $1,100,000 | 8.36% | 8,700 | n/a | View listing |
| Providence, RI | $4,375,000 | 8.00% | 14,116 | 6.6 yrs | View listing |
| Waterville, ME | $6,500,000 | 10.00% | 14,673 | n/a | View listing |
| Concord, NH | $6,000,000 | 8.50% | 11,280 | 7.1 yrs | View listing |
| Garden City, ID | $4,000,000 | 8.25% | 14,480 | 5.0 yrs | View listing |
| Danville, WV | $1,395,000 | 8.00% | 9,600 | n/a | View listing |
| Charles Town, WV | $5,750,000 | 8.00% | 14,550 | n/a | View listing |
Search all 351 observed Walgreens listings and the full NNN inventory
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.
