Walgreen's "Value Add" & Vacant Bank Building

Walgreen's (Fee Simple) Opportunity; 11.10.1999 - 11.9.2029 (4+ Years Remaining) (4) 5 Year Options w / Rent Increases NNN Lease $10M+ - Annual Sales $308,002.50 - Current Annual Rent $19.50 PSF - Below Market Rent PSF $4,700,000.00 - Asking Price Value Add Component At this price you are purchasing the Walgreens at a 7% Cap Rate of $4,400,000 and will be purchasing the Vacant Bank Space of 3,300 SF at $300,000 We have already been offered $1,200,000 for the Vacant Bank Space separately but the Owners only want to sell together. This is a great opportunity to either Lease or Demo the Vacant Bank and add a Free Standing Building / Build to Suit / Ground Lease At $20.00 PSF for the Vacant Retail Space you can add $66,000 in Annual Rent / Additional Value of of $950,000 at a 7% Cap Rate We have had very serious inquiries from National Fast Food (Including Chick Fil A), Auto Parts, Auto Service, Car Washes, Gas Stations and other RetailersSVN | Net Lease is pleased to offer this Rare Walgreen’s & Vacant Bank Opportunity at 6671 & 6675 West Bellfort Street in Houston, Texas. This is a very highly populated area with 156,000+ people in a (3) Mile Radius and 462,000+ in a (5) Mile Radius. The daily Traffic Counts are 52,000+ at the Intersection of West Bellfort Street / Fondren Road. The Average Household Income is $82,000+ in the (3) Mile Radius. Walgreen's just exercised their (5) Year Option at $19.50 PSF which is Below Market Rent PSF. The Prime Term expires 11.9.2029. This is Store #4927, it was Built in 1999 and is 15,795 SF. With the attached 3,300 SF of the Vacant Bank it is situated on 1.3 Acres. Walgreen's has a Dual Drive Thru Lane and the Vacant Bank has (6) Drive Thru Lanes. The Value Add Upside potential of the Vacant Bank is $1M+. As a potential Redevelopment Opportunity the existing building can be redeveloped (separated) and other National Retailers can be added. There are no Height Restrictions for new buildings. The Vacant Bank with 3,300 SF can be Leased at $16.00 PSF (NNN)