| Purchase Price | $4,010,000 |
|---|---|
| Annual Rental Income | $322,800 |
| Cap Rate | 8.06% |
| Lease Term | 7 Years |
| City | Manchester |
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Walgreens – Manchester, New Hampshire
This single-tenant Walgreens Pharmacy located in Manchester, New Hampshire presents a premium opportunity to acquire an absolute triple-net (NNN) leased property backed by Walgreens Boots Alliance—one of the most nationally recognized and creditworthy tenants in the net lease space. Situated in the largest city in New Hampshire, within a stable and growing metropolitan region, this property is anchored by long-term lease income with zero landlord responsibilities, offering a hands-free investment structure ideal for passive investors, trust structures, family offices, and 1031 exchange replacement strategies.
The asset is located along a dense retail corridor in Manchester, a thriving city within the Manchester–Nashua MSA. As the primary economic and population center of New Hampshire, Manchester is home to major employers in healthcare, higher education, insurance, and manufacturing. The city has experienced consistent growth, supported by favorable tax policies, strong public infrastructure, and a highly educated workforce. Walgreens’ location within this community supports recurring demand from an aging population, families, and professionals seeking local access to essential healthcare and prescription services.
With a corporate lease guaranteed by Walgreens Boots Alliance, this property offers unmatched stability and predictable income in one of the most recession-resistant sectors of the commercial real estate market.
Tenant Overview – Walgreens Boots Alliance
Walgreens Boots Alliance (NASDAQ: WBA) is a global leader in retail pharmacy and healthcare services. The company operates over 8,000 U.S. retail locations and has a presence in more than 25 countries worldwide. In the United States, Walgreens is known for its strong brand equity, high prescription volume, and durable consumer loyalty, making it one of the most desirable tenants in the net lease market.
Walgreens is widely recognized for delivering essential services that include:
As part of its long-term growth strategy, Walgreens continues to expand its healthcare footprint through initiatives such as co-located primary care clinics via VillageMD and the integration of telehealth services. These enhancements support higher customer retention and make each location a multi-use wellness hub.
From an investment standpoint, Walgreens is sought after due to its:
This Walgreens property in Manchester represents a prototypical store with enduring relevance in a demographically sound and economically robust market.
Lease Structure – Absolute Triple-Net Lease
The lease structure is an absolute NNN lease, which provides the highest level of income predictability and requires no involvement from the landlord. Walgreens is responsible for all operating expenses associated with the property, including:
This structure offers truly passive income with zero ongoing landlord duties, making it ideal for investors seeking stability without management complexity. It is especially attractive to high-net-worth individuals, trusts, self-directed IRAs, and institutional capital seeking fixed income backed by a top-tier national tenant.
Additional lease attributes include:
This level of contractual security makes Walgreens one of the most preferred tenants in the absolute NNN space.
Market Overview – Manchester, NH
Manchester is the largest city in New Hampshire and serves as the cultural, financial, and commercial heart of the state. Located in Hillsborough County, the city is approximately 50 miles north of Boston and is part of the Manchester–Nashua Metropolitan Statistical Area, which includes a population of over 400,000.
Manchester benefits from several long-term growth drivers:
These dynamics have created a stable housing market, growing employment base, and increasing demand for essential retail services such as those offered by Walgreens. The city’s diverse economy and educated workforce further support the property’s long-term viability.
Demographics and Demand Profile
The property benefits from a densely populated, economically active trade area with significant healthcare usage rates and consistent consumer demand for pharmacy services.
Within a 5-mile radius:
Manchester’s aging demographic supports steady demand for pharmaceutical products, immunizations, and primary care services. The combination of middle-class consumers and healthcare dependency ensures repeat visits and steady operational performance for Walgreens.
Site and Retail Corridor Attributes
The Walgreens site in Manchester is strategically positioned on a high-traffic retail corridor with strong visibility, excellent ingress/egress, and consistent vehicle flow. The freestanding building is consistent with Walgreens’ national prototype and includes a drive-thru pharmacy window for added convenience.
Key site features include:
These attributes increase the likelihood of long-term tenant success and contribute to Walgreens’ strong lease retention rate nationwide.
Corporate Credit Profile – Walgreens Boots Alliance
Walgreens Boots Alliance is one of the most credit-stable tenants in the net lease market, providing real estate investors with corporate-backed security and long-term dependability.
Key corporate facts:
Walgreens’ focus on integrating retail, pharmacy, and healthcare into a single consumer touchpoint aligns with long-term macroeconomic trends such as increased healthcare access, an aging population, and retail decentralization.
Investment Summary
Conclusion
This Walgreens Pharmacy in Manchester, New Hampshire offers investors a rare chance to acquire a stable, passive net lease asset backed by an investment-grade tenant in an established and growing New England market. With its absolute NNN lease, strategic location, and long-term demographic and economic tailwinds, this asset offers the type of dependable income and tenant strength that discerning investors seek.
Whether your objective is long-term cash flow, estate diversification, or 1031 exchange reinvestment, this Walgreens investment aligns with all the fundamental attributes of an institutional-grade, income-producing real estate asset.