14,820 SF Free-Standing Building on 3.3 AC Lot in Kennewick, WA

Walgreens has ~ 5 years of term remaining before the next renew al. The tenant controls the space until 2081, but has its first termination option in 2031 and every 5 years afterwards. The re nt is flat at $414,999 per year, NNN but has a percentage rent override of 2.0% of gross sales and 0.5% of food and prescriptions. Tena nt also has the right of first refusal on the purchase, but I’ve asked and they don’t seem interested in buying. The asking price is $4,610,000 or ~$311.06 per square foot. The asking cap rate is 9.0%. There is a drive thru for the pharmacy. Landlord is responsible for structural repairs and maintenance. The structure was built for Walgreens in 2006. Parking ratio is 4.18/1000 SF.