A Walgreens totaling nearly 14,000 square feet has recently been placed up for sale in Huntington Beach. According to the listing by HMX Realty Advisors, the retail building – as well as the 1.3 acres of land it sits on – is being offered at $20.5 million, or about $1,494 per square foot.
The property, which is located at 4935 Warner Avenue, is currently owned by an entity affiliated with Warner Mermaid Realty Associates. According to public records, the 13,722 square foot property last traded in 2015 for $16 million, or roughly $1,166 per square foot.
According to the offering document, Walgreens currently has 14 years remaining on its lease, offering a net operating income of $861,233. The lease terms also include five-year rent increases built in.
The Deerfield, Ill.-based company is the largest drugstore chain in the United States with 8,207 locations across the United States.
The Huntington Beach store is located at the intersection of Bolsa Chica Street and Warner Avenue in the northwestern portion of the city. The Walgreens building is situated near a number of other retailers, including CVS, Little Caesars, Harbour Tire, Goodyear, McDonald’s, Pick Up Stix, Starbucks, Dairy Queen, Ralphs, and Wells Fargo.
With its prominent location along Warner Avenue, the store sees approximately 49,000 vehicles per day. Additionally, the store services approximately 100,000 people within a three-mile radius. The average household income for those living within a three-mile distance of the property is also $134,304 per year.