| Purchase Price | $3,950,000 |
|---|---|
| Annual Rental Income | $325,875 |
| Cap Rate | 8.25% |
| Lease Term | 12 Years |
| City | Conyers |
"*" indicates required fields
Walgreens – Conyers, GA (Atlanta MSA)
This Walgreens Pharmacy in Conyers, Georgia presents a unique opportunity to acquire a single-tenant, net-leased retail asset backed by Walgreens Boots Alliance, a Fortune 500 and investment-grade tenant. Located in a high-visibility corridor within the growing eastern portion of the Atlanta metropolitan area, this property offers stable, passive income under an absolute triple-net lease structure. With zero landlord responsibilities and strong underlying real estate fundamentals, this asset is ideally suited for 1031 exchange buyers, long-term investors, and income-focused portfolios.
Tenant Overview – Walgreens Boots Alliance
Walgreens, the U.S. retail pharmacy division of Walgreens Boots Alliance (NASDAQ: WBA), operates over 8,000 pharmacy and wellness locations nationwide. The brand is one of the most recognized in American retail, offering essential pharmacy services, over-the-counter medications, immunizations, and convenience goods. Walgreens stores are core community infrastructure—frequented by a diverse customer base and delivering consistent foot traffic.
In recent years, Walgreens has expanded its focus on healthcare delivery, adding in-store clinics, forming partnerships with primary care providers like VillageMD, and integrating telehealth and digital prescription services. The company’s commitment to innovation, paired with its longstanding real estate presence, has cemented Walgreens as a foundational net lease tenant across suburban and urban markets alike.
Lease Structure – Absolute NNN
This Walgreens location operates under an absolute triple-net lease, in which the tenant is responsible for all property expenses including taxes, insurance, repairs, and maintenance—offering the landlord truly passive income. The lease features a long initial term, renewal options, and rent escalations that provide income predictability and inflation protection.
Key benefits include:
This lease type is among the most desirable in the market, delivering a hands-off ownership experience supported by a recession-resistant national tenant.
Conyers, GA Market Overview – Atlanta MSA
Conyers is located approximately 25 miles east of Downtown Atlanta and serves as the county seat of Rockdale County. It is part of the expansive Atlanta metropolitan statistical area (MSA), one of the fastest-growing regions in the United States. With a population exceeding six million, the Atlanta MSA is a key economic engine for the Southeast, fueled by a diverse economy that includes technology, logistics, media, aerospace, education, and healthcare.
Conyers benefits from its strategic proximity to I-20, which connects Atlanta with Augusta and Columbia, SC. This accessibility has driven both residential and commercial development throughout the corridor. As housing affordability in core urban areas declines, suburban communities like Conyers have experienced increased demand from families, professionals, and retirees relocating for cost-of-living advantages, quality schools, and commuter access.
Demographics and Economic Drivers
Conyers and the eastern Atlanta suburbs show strong economic and population fundamentals that support long-term retail tenancy:
The area surrounding the subject Walgreens features high traffic volumes, anchored by schools, churches, parks, and major retail corridors—supporting the property’s continued performance as a local healthcare destination and essential service provider.
Retail Corridor and Site Attributes
This Walgreens location benefits from strong visibility and access within a retail corridor serving thousands of residents daily. The property is located on a signalized hard corner or along a heavily trafficked thoroughfare, providing excellent frontage and signage.
Site strengths include:
Walgreens stores in suburban retail nodes such as this have shown exceptional resilience, even during periods of economic downturn, due to their essential retail designation and daily-need services.
Walgreens Credit Profile and Lease Security
Walgreens Boots Alliance remains one of the most financially sound tenants in the net lease retail space. The company generates over $130 billion in annual revenue and maintains strong credit ratings from all major agencies.
Credit highlights include:
The combination of credit strength, essential business operations, and passive lease terms positions this asset as a cornerstone holding for any net lease investor.
Investment Highlights
Conclusion
The Walgreens Pharmacy in Conyers, Georgia offers a high-quality, passive net lease investment in one of the most desirable suburban submarkets of the Atlanta MSA. With a corporate-backed lease, zero landlord responsibility, and a prime location within a growing, demographically strong area, this asset offers investors long-term stability, dependable cash flow, and exposure to an essential-service tenant with deep operational roots.