Walgreens

Walgreens – White Plains, New York (Westchester County – New York City Metro Area)

This single-tenant Walgreens Pharmacy in White Plains, New York offers a rare opportunity to acquire a trophy net lease asset located in one of the most prestigious and densely populated suburban markets within the greater New York City metropolitan area. Situated in Westchester County—known for its affluent demographics, strong municipal infrastructure, and strategic proximity to Manhattan—this asset benefits from unmatched real estate fundamentals, an essential-service tenant, and long-term income security through an absolute triple-net (NNN) lease backed by Walgreens Boots Alliance.

With no landlord responsibilities, a corporate-backed lease, and a high-visibility location in one of the most recession-resistant retail markets in the country, this Walgreens investment offers the perfect blend of stability, scalability, and yield preservation. Investors seeking income certainty, long-term appreciation, and high-credit tenancy in a premium suburban location will find this offering especially attractive for 1031 exchanges, family office allocations, and private capital portfolios.

Tenant Overview – Walgreens Boots Alliance

Walgreens Boots Alliance (NASDAQ: WBA) is one of the most prominent and widely recognized pharmacy chains in the United States, with more than 8,000 locations nationally and a growing presence in global healthcare markets. The company operates at the intersection of retail convenience and medical necessity, making it a cornerstone tenant in the net lease sector. Walgreens serves as a daily essential for millions of Americans, providing a broad range of services, including:

• Prescription drug fulfillment
• Immunizations and vaccinations
• Over-the-counter medications
• Chronic condition support
• Basic healthcare screening and wellness services
• Consumer retail and convenience items

As the healthcare landscape evolves, Walgreens has taken steps to expand its influence through partnerships with VillageMD, CareCentrix, and other health providers—transforming traditional pharmacy storefronts into integrated primary care and wellness hubs.

For real estate investors, Walgreens is an ideal tenant, offering:

• Investment-grade credit (S&P: BBB)
• National brand equity and widespread consumer loyalty
• Recession-resistant business operations
• Corporate-guaranteed leases with high renewal rates
• Essential service classification across all economic climates

This White Plains location is consistent with Walgreens’ site selection strategy: infill, high-density neighborhoods near major transportation arteries, medical infrastructure, and affluent residential zones.

Lease Structure – Absolute Triple-Net (NNN)

The lease on this property is structured as an absolute triple-net (NNN) lease, offering true hands-off income. Walgreens is responsible for all property-related expenses, including:

• Real estate taxes
• Property insurance
• Structural and roof maintenance
• Capital expenditures and site repairs
• All operational and utility costs

This passive investment structure is particularly attractive to institutional buyers, estate planners, and high-net-worth individuals seeking dependable, credit-backed income with zero day-to-day management.

Standard lease attributes include:

• Corporate lease guaranteed by Walgreens Boots Alliance
• Long-term primary lease term with renewal options
• Scheduled rent escalations (if applicable)
• Strong likelihood of lease renewal due to high site performance and market penetration

With no involvement required from ownership and reliable rent collection, this Walgreens location meets the criteria of even the most conservative income-focused investors.

Market Overview – White Plains, NY (Westchester County)

White Plains is the commercial and governmental center of Westchester County, one of the most affluent counties in the United States and part of the New York City Metropolitan Area. Located just 25 miles north of Midtown Manhattan, White Plains serves as a regional hub for business, shopping, healthcare, and education.

Key highlights of the local market:

• Population of over 59,000 in White Plains proper, and more than 1 million in Westchester County
• Average household income in the city exceeding $120,000, well above the national average
• A daytime population surge due to major corporate offices and government buildings
• Headquarters of major corporations including Heineken USA, Danone North America, and Nine West
• Served by Metro-North Railroad (White Plains Station), offering direct transit to New York City
• Dense medical infrastructure including White Plains Hospital, a member of the Montefiore Health System
• Strong school districts and higher education institutions such as Pace University and Mercy College

Westchester County’s combination of economic diversity, high quality of life, and proximity to Manhattan make it a premier location for essential retailers like Walgreens. In particular, White Plains is well-known for its blend of walkable urban-style development, suburban stability, and high-traffic commercial corridors.

Demographics and Demand Drivers

The Walgreens site in White Plains is supported by strong local demographics, contributing to consistent prescription volume, repeat foot traffic, and a loyal customer base.

Within a 5-mile radius:

• Population exceeds 250,000
• Median household income is well above the national average
• High density of seniors and families, key drivers of pharmaceutical demand
• Proximity to multiple schools, parks, government offices, and medical practices
• A growing population with steady housing development and retail expansion

White Plains is considered a “15-minute city” in planning terms, meaning residents can access most services—including pharmacy and healthcare—within a short walk or drive. This makes Walgreens a vital daily-stop destination for residents and commuters alike.

Retail Corridor and Site Characteristics

This freestanding Walgreens benefits from a strategic corner location with strong traffic counts, excellent ingress/egress, and prominent signage. The site includes:

• A prototypical Walgreens building with drive-thru pharmacy window
• Monument signage and high visibility from key roadways
• Ample surface parking and ADA-compliant access
• Close proximity to grocery stores, medical clinics, banks, and schools
• Located along a dense commercial corridor with strong co-tenancy
• Surrounded by dense residential neighborhoods and high-rise multifamily buildings

This retail corridor is one of the busiest in the region, with consistent vehicle and foot traffic supported by nearby bus routes and Metro-North train access. These site fundamentals make the property irreplaceable within Walgreens’ regional network and highly likely to be renewed upon lease expiration.

Corporate Overview – Walgreens Boots Alliance

Walgreens Boots Alliance continues to be a blue-chip tenant within the single-tenant net lease industry, consistently demonstrating strong financial performance and operational resilience.

Corporate overview:

• Publicly traded on NASDAQ: WBA
• Annual revenue exceeding $130 billion
• More than 8,000 stores in the U.S.
• S&P credit rating of BBB
• 225,000+ employees worldwide
• Strategic partnerships expanding healthcare capabilities in-store and digitally

Walgreens’ investment into omnichannel delivery, in-store clinics, and chronic care management positions it well for long-term relevance as consumer expectations around healthcare evolve. Its proven ability to adapt to economic and public health shifts enhances its value as a long-term tenant.

Investment Highlights

• Absolute NNN lease with zero landlord obligations
• Corporate lease guarantee from Walgreens Boots Alliance
• Freestanding, high-visibility property in a prime Westchester County location
• Dense, affluent, and stable demographic base in White Plains, NY
• Strategic proximity to New York City with strong commuter infrastructure
• Surrounded by medical providers, educational institutions, and residential density
• Strong retail corridor with high barriers to entry
• Long-term stability with predictable income stream
• Ideal for 1031 exchange, family office, retirement-focused investing, or institutional portfolios

Conclusion

The Walgreens property in White Plains, New York offers a unique combination of essential-service tenancy, zero-management lease structure, and premier suburban New York real estate fundamentals. With a corporate-guaranteed absolute NNN lease and location in a high-income, densely populated market, this asset delivers reliable cash flow and exceptional downside protection.

For investors seeking dependable income, long-term lease security, and ownership in one of the most supply-constrained and resilient suburban markets in the country, this offering represents a truly institutional-quality opportunity. The White Plains market will remain a critical part of the regional healthcare and retail landscape, ensuring continued success for Walgreens and ongoing value for ownership.