244 N Lake Dr

Qualified investors are extended the opportunity to acquire a 100% fee simple interest (land & building ownership) in an absolute NNN, corporate signed, investment grade (S&P:Baa3), drive-thru small-format Walgreens located in Prestonsburg, KY.

Walgreen Co. recently signed a brand new 10-year lease with 4 (5-year) options. The lease features a 5% rental increase in years 6-10 with 7.5% increases at the beginning of each option. The lease is signed by the corporate entity and is absolute NNN with zero landlord responsibilities.

The subject property is in northern Floyd County, in Prestonsburg, which is the county seat and is situated in the heart of the Appalachian region. The property is located within Downtown Prestonsburg on N. Lake Drive, a longstanding thoroughfare and retail corridor in the market. The site benefits from being at one of the busiest roads in the market with an established presence of national and local retailers within the immediate vicinity and north of N Lake Drive.

• Original 10 Year Lease

10 year original term with a 5% rental increase in Year 6 and 7.5% rental increase in each option (4 periods of 5 year option terms)

• Investment Grade Tenant

Corporate backed guaranty with zero landlord responsibilities

• Maximum Visibility

The site offers great visibility on an established thoroughfare nearby Prestonsburg’s longstanding, historic retail corridor

• Location

Located on a prominent stretch of Prestonsburg’s historic downtown, the subject property is positioned for maximum exposure and access to surrounding national retailers and area tourist attractions, including a renowned planetarium science museum, outdoor recreation, and a state-of-the-art music venue that showcases headlining country music and live performances that pay homage to the city’s rich Appalachian heritage

• Dominant Retail Destination

Prestonsburg serves as the dominant retail destination for Floyd County, reaching surround communities and households beyond 15 miles

• Diverse Economy

Historically, Prestonsburg’s economy relied heavily on coal mining. While the industry has experienced changes, the city has diversified its economy over the years. Today, healthcare, education, retail, and tourism are significant contributors to the local economy.

• Ideal 1031 or Private Equity Play

Zero responsibilities, stable cash-flow, and sound real estate fundamentals make this an ideal 1031 replacement property or private equity investment

• Small Format Prototype

New 2,500 Sf building with drive-thru and pylon signage