This page tracks Walgreens net lease properties observed for sale in the United States, refreshed automatically from listing broker materials, checks the tenant against the investment grade threshold, and walks through how to evaluate one before you make an offer. If you want the corporate credit story, the Walgreens credit rating and cap rate profile covers it. This page is about the inventory: what is on the market, what it is asking, how the pricing breaks down by term, state and lease type, and how a buyer, especially a 1031 exchange buyer, should work through it.
Walgreens is not rated. Walgreens carries no public long-term issuer rating from S&P Global Ratings, Moody’s or Fitch, as a privately held company. Leases are evaluated on financial statements and lease guarantee rather than an agency grade. Ratings checked September 27, 2026. Ratings change; confirm before relying on any figure here. See the Walgreens credit rating and NNN cap rate profile and the investment grade credit tenant ratings table.
415 Walgreens NNN properties observed for sale across 44 states as of October 2, 2026. Median asking cap rate 7.50% (range 5.00% to 12.00%). Median asking price $4.17M. Average remaining lease term 9.7 years (among 249 listings that state a term). Median building 14,550 SF. Figures update automatically from listing broker materials.
Walgreens is not rated. Walgreens carries no public long-term issuer rating from S&P Global Ratings, Moody’s or Fitch, as a privately held company. Leases are evaluated on financial statements and lease guarantee rather than an agency grade. Ratings checked September 27, 2026. See the investment grade credit tenant ratings table.
Walgreens NNN Properties For Sale: Latest Listings
Up to twelve of the most recently listed single-tenant Walgreens properties with published pricing. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.
| Location | Asking Price | Cap Rate | NOI | Term Left | Built | Lease | |
|---|---|---|---|---|---|---|---|
| Florence, KY | $3,050,000 | 10.00% | $305,000 | n/a | 2005 | Not stated | Get full property data |
| Baltimore, MD | $4,995,000 | 7.79% | $389,000 | n/a | 2001 | Not stated | Get full property data |
| Carpentersville, IL | $3,073,693 | 8.15% | $250,506 | n/a | 1999 | Not stated | Get full property data |
| Corinth, TX | $5,086,000 | 6.50% | $330,637 | n/a | 2003 | Not stated | Get full property data |
| Hamilton, OH | $3,950,000 | 9.77% | $386,000 | n/a | 2004 | Not stated | Get full property data |
| Baton Rouge, LA | $2,588,223 | 8.50% | $219,999 | n/a | 1993 | Not stated | Get full property data |
| Jackson, MS | $4,350,084 | 9.50% | $413,258 | n/a | 2008 | Not stated | Get full property data |
| Deerfield Beach, FL | $9,000,000 | 6.45% | $580,000 | n/a | 2012 | Not stated | Get full property data |
| Hastings, NE | $2,808,000 | 6.25% | $175,500 | n/a | 1994 | Not stated | Get full property data |
| Sarasota, FL | $10,467,000 | 6.00% | $628,000 | n/a | 2025 | Not stated | Get full property data |
| Orlando, FL | $10,383,000 | 6.00% | $623,000 | n/a | 2025 | Not stated | Get full property data |
| Glendale, AZ | $3,704,133 | 7.10% | $262,994 | n/a | 1997 | Not stated | Get full property data |
Showing the 12 most recently listed of 415 observed listings; listings without a published asking price and cap rate are not shown here.
Search all 415 Walgreens properties on the market
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the listing party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.
Own or represent a Walgreens? Tell us about it
Investment Grade Income Property, LP advises owners nationally through Broker of Record co-listing partnerships in all 50 states. Choose the option that fits and tell us what you know. Owners hear back on the options that fit, either a quiet off-market placement with qualified 1031 buyers or a full on-market campaign, and we explain how compensation works before you decide anything. Brokers with an off-market property are welcome to send it for review.
- The property city and state
- Whether the store is operating, closed but still paying rent, or vacant
- The lease end date and the annual rent
- Building size, fee ownership or ground lease, and any debt in place
- Your timeline, and for brokers, who you represent and whether the property is listed anywhere
Investment Grade Income Property, LP is a licensed commercial real estate brokerage. Your details go to the Investment Grade team and are never shared with listing brokers or other parties without your permission.
What You Are Actually Buying
Walgreens leases are signed by the corporate entity, not a franchisee, and historically carried unusually long initial terms of twenty to twenty-five years. That length is why so much of the inventory is being marketed today on remaining term rather than original term. The critical feature of the Walgreens lease is not the length; it is the tenant termination right embedded in most of them.
The typical building is roughly 13,500 to 14,800 square feet on a signalized corner with a drive-thru pharmacy lane. That corner real estate is the durable part of the asset. The building itself is highly specific to drugstore use, so second-generation reuse usually means demising the box or a full redevelopment, and the residual land value often matters more than the improvements.
Across the current inventory, roughly 4% of listings with a reported build year were delivered in the last four years, and about 7% are marketed as NN, NN+ or simply Net, which usually means the landlord retains roof and structure and sometimes parking and HVAC. Read the lease rather than the brochure headline. If the rating framework behind investment grade tenancy is unfamiliar, the investment grade guide explains it.
Walgreens Cap Rate, Price and Term Distribution
These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context rather than judging an asking cap rate in isolation.
| Asking Cap Rate Band | Listings | Share | Avg Asking Price |
|---|---|---|---|
| 5.00% to 5.49% | 9 | 2% | $8.95M |
| 5.50% to 5.99% | 15 | 4% | $6.27M |
| 6.00% to 6.49% | 52 | 13% | $5.99M |
| 6.50% to 6.99% | 50 | 12% | $5.00M |
| 7.00% and above | 273 | 66% | $4.15M |
| Asking Price Band | Listings | Share | Avg Cap Rate |
|---|---|---|---|
| Under $1.5M | 16 | 4% | 8.13% |
| $1.5M to $2.5M | 26 | 6% | 8.56% |
| $2.5M to $3.5M | 83 | 20% | 7.94% |
| $3.5M to $5M | 156 | 38% | 7.75% |
| $5M and above | 133 | 32% | 7.09% |
| Remaining Lease Term | Listings | Avg Cap Rate |
|---|---|---|
| Under 5 years | 61 | 8.30% |
| 5 to 10 years | 100 | 7.95% |
| 10 to 15 years | 75 | 6.76% |
| 15 years and longer | 13 | 7.69% |
| Lease Type (as marketed) | Listings |
|---|---|
| Absolute NNN | 200 |
| Not stated | 137 |
| NNN | 47 |
| NN | 27 |
| NN+ | 4 |
How to read the pricing
The spread inside the Walgreens inventory runs from 5.00% to 12.00%, against a median of 7.50%. Three variables help explain much of that spread, although these tables describe asking prices and do not isolate any single effect. First, remaining term, shown in the term table above. Second, geography, shown in the state table below. Third, lease structure and real estate quality: longer terms, stronger guarantors, absolute NNN structures and strong access generally ask lower cap rates, while leases with landlord responsibilities (NN) and secondary access generally ask higher ones; ground leases can price on either side, depending on rent and land value. When a listing sits far outside the band its term and state would predict, there is usually a reason in the lease, and it is worth finding before you write the offer rather than after.
Where Walgreens NNN Properties Are For Sale
Current inventory spans 44 states. Differences between states in the table below can reflect local buyer demand, growth, taxes and the mix of lease terms in each state’s listings as much as anything about the tenant, and small state samples can shift quickly.
| State | Listings | Avg Cap Rate | Avg Asking Price |
|---|---|---|---|
| FL | 35 | 6.56% | $6.27M |
| TX | 30 | 7.19% | $4.84M |
| IL | 27 | 7.91% | $4.13M |
| CA | 25 | 6.91% | $6.93M |
| WI | 21 | 8.01% | $3.65M |
| GA | 20 | 7.27% | $3.58M |
| OH | 19 | 8.72% | $3.19M |
| NC | 17 | 7.32% | $4.30M |
| MI | 16 | 7.97% | $3.00M |
| TN | 16 | 6.99% | $4.11M |
| NY | 16 | 7.85% | $6.93M |
| MN | 14 | 8.00% | $4.71M |
Shows the 12 states with the most listings, out of 44 states with Walgreens listings. Search all listings for the rest.
Walgreens as a 1031 Exchange Replacement Property
The median asking price in the current Walgreens inventory is $4.17M, and about 26% of listings fall in the middle of the market between 1.5 and 3.5 million dollars. Whether that fits an exchange depends on the equity coming out of the relinquished property and on the debt you need to replace.
- Identify from the live list, not a stale one. Listings move. Identify two or three specific properties under the three-property rule and keep a backup that is realistically still available.
- Debt replacement is the trap. If the relinquished property carried a mortgage, you must replace that debt or add cash to fully defer gain. Where lender pricing sits above the asking cap rate, financed acquisitions run negative leverage. Run your own debt numbers before you identify.
- Term should match your hold. If you plan to hold through the next exchange or pass the asset to heirs, prioritize term and options over 25 basis points of cap rate.
- Certainty of closing matters more than price. A clean estoppel, a current lease and no pending relocation are worth paying for on a 45-day clock.
For identification mechanics, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.
Walgreens NNN Due Diligence Checklist
These are the items that change the value of a Walgreens listing and are rarely resolved by the offering memorandum.
- Termination option dates. Most Walgreens leases allow the tenant to terminate at defined intervals after an initial lockout. The date that matters is the next termination date, not the stated lease expiration. Price to the earlier date.
- Credit trajectory. Confirm the current rating and outlook on the credit page before underwriting, and note that pricing in the current inventory reflects a materially different credit view than it did five years ago.
- Store closure exposure. Walgreens has been running a large closure program. Check store performance indicators, local unit density and whether nearby units have closed.
- Residual and reuse. Underwrite what the corner is worth without the building. Obtain zoning, curb cut and signage rights, and confirm no use restrictions block redevelopment.
How Investment Grade Works With Walgreens Buyers
Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On a Walgreens acquisition we screen the live inventory against your criteria, pull the lease abstract behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On most transactions there is no separate fee to the buyer because compensation is paid from the transaction by the listing side. Where that is not the case we disclose it in writing before you engage.
Owners of existing Walgreens properties can use this page as a valuation benchmark. If you are weighing a sale, an off-market disposition to a qualified 1031 buyer often closes faster and with less retrading than a broad marketing process.
Frequently Asked Questions
How many Walgreens NNN properties are for sale right now?
As of October 2, 2026, 415 single-tenant Walgreens net lease properties are observed for sale across 44 states. The count updates automatically as listings are added and removed.
Is Walgreens investment grade?
Walgreens carries no public long-term issuer rating from S&P Global Ratings, Moody’s or Fitch, as a privately held company. Leases are evaluated on financial statements and lease guarantee rather than an agency grade. Ratings checked September 27, 2026.
What cap rate do Walgreens NNN properties sell at?
The current median asking cap rate is 7.50%, with the inventory ranging from 5.00% to 12.00%. Longer term, stronger markets and absolute NNN structures price at the tight end.
How much does a Walgreens NNN property cost?
The median asking price in the current inventory is $4.17M, with listings from $0.25M to $26.70M. About 26% fall between 1.5 and 3.5 million dollars.
Who signs the lease on a Walgreens property?
Walgreens leases are signed by the corporate entity, not a franchisee, and historically carried unusually long initial terms of twenty to twenty-five years. That length is why so much of the inventory is being marketed today on remaining term rather than original term. The critical feature of the Walgreens lease is not the length; it is the tenant termination right embedded in most of them.
Is a Walgreens property a good 1031 exchange replacement?
It depends on your equity, your debt replacement requirement and your hold period. The median asking price is $4.17M and roughly 26% of inventory sits in the 1.5 to 3.5 million dollar range that suits a typical exchange. Term, lease structure and certainty of closing matter more than headline cap rate on a 45-day clock.
Working a Walgreens acquisition or a 1031 identification deadline? Register on any listing above for full property data and a due diligence review, or email steve@investmentgrade.pro with your price range, target states and closing timeline and we will screen the live inventory for you.
