Walgreens

Walgreens – North Las Vegas, NV (Las Vegas MSA)

This Walgreens Pharmacy located in North Las Vegas, Nevada offers a premier single-tenant net lease investment backed by Walgreens Boots Alliance, a Fortune 500 and investment-grade corporate guarantor. With an absolute triple-net (NNN) lease in place and zero landlord responsibilities, this property provides a passive, reliable income stream in one of the fastest-growing cities in the Southwest. Located within the thriving Las Vegas Metropolitan Statistical Area (MSA), this asset combines essential-use tenancy, long-term lease security, and a location anchored by strong demographics and economic momentum.

North Las Vegas continues to see robust residential and commercial development, making this location an ideal fit for Walgreens’ healthcare and convenience-focused business model. With consistent foot traffic, drive-thru accessibility, and a hard-corner or prominent retail corridor positioning, this property supports Walgreens’ long-term operational strength and strategic expansion within Southern Nevada.

Tenant Overview – Walgreens Boots Alliance

Walgreens is the retail pharmacy division of Walgreens Boots Alliance (NASDAQ: WBA), one of the largest drugstore chains in the United States and a global leader in pharmacy, health, and wellness. The company operates more than 8,000 locations across all 50 states and continues to play a vital role in community healthcare delivery through prescription fulfillment, immunizations, telehealth services, and in-store clinics.

In recent years, Walgreens has significantly expanded its healthcare platform with the introduction of primary care partnerships (such as VillageMD), investments in digital prescription management, and a broader range of preventive care services. These initiatives position Walgreens as a long-term player in both the retail and medical landscapes, helping ensure relevance across economic cycles.

Walgreens’ real estate strategy favors long-term site selection, often in high-traffic, high-growth corridors such as this North Las Vegas location, which adds to the value and predictability of the asset over time.

Lease Structure – Absolute Triple-Net (NNN)

The lease on this Walgreens location is structured as an absolute triple-net (NNN) lease, where the tenant assumes full responsibility for all property-related expenses. This includes real estate taxes, insurance, common area maintenance, structural repairs, and capital improvements.

Key lease benefits:

• Absolute NNN structure with zero landlord responsibilities
• Long base term with multiple renewal options
• Corporate guarantee from Walgreens Boots Alliance
• Fixed rental escalations providing inflation protection
• Ideal for passive investors, trusts, and 1031 exchange buyers

This lease format ensures completely passive income with long-term financial security and minimal management burden—particularly attractive for investors seeking consistent yield and low operational risk.

North Las Vegas, NV – Las Vegas MSA Overview

North Las Vegas is one of the most rapidly growing submarkets within the Las Vegas MSA, the most populous metropolitan area in Nevada. The city has evolved into a major residential, commercial, and industrial hub, benefiting from its proximity to downtown Las Vegas, Interstate 15, and Nellis Air Force Base. Major employers in the area include Amazon, Tesla, UPS, and several aerospace and logistics companies, all contributing to a steady influx of residents and workers.

The Las Vegas MSA as a whole continues to outperform national averages in terms of population growth, employment gains, and residential development. Las Vegas has also diversified its economy beyond tourism and hospitality to include logistics, tech, defense, healthcare, and education. North Las Vegas, in particular, has become a destination for affordable housing, new master-planned communities, and large-scale industrial projects.

This Walgreens location is ideally situated to capture the daily needs of a fast-growing population, with strong surrounding demographics and proximity to retail, schools, healthcare, and residential developments.

Demographic Highlights

• Over 250,000 residents within a 5-mile radius
• High population growth rate with continued residential development
• Diverse age demographics including working professionals, retirees, and families
• Strong daytime population driven by local employment centers and public services
• Median household income exceeding national averages in core trade areas

The combination of high density and consistent growth makes North Las Vegas an ideal market for essential-service tenants like Walgreens, who benefit from repeat traffic, consistent consumer demand, and visibility within community hubs.

Retail Corridor and Property Attributes

The Walgreens site in North Las Vegas features exceptional visibility and accessibility, located at or near a major intersection or commercial corridor with strong vehicle counts. The property includes drive-thru pharmacy functionality, surface parking, and easy ingress/egress for both vehicular and pedestrian traffic.

Key site strengths:

• Positioned on a signalized hard corner or high-exposure retail frontage
• Adjacent to national and regional retailers including grocery, QSR, banks, and service users
• Surrounded by established neighborhoods and new residential developments
• Drive-thru lane enhancing prescription pickup volume
• Ample parking and street access suitable for high-volume pharmacy use

Walgreens locations that integrate healthcare access, drive-thru service, and prominent retail positioning remain some of the most consistent performers in net lease real estate.

Corporate Credit Strength – Walgreens Boots Alliance

Walgreens Boots Alliance provides one of the most reliable credit profiles in the STNL space. The company generates over $130 billion in annual revenue and maintains a large, stable real estate portfolio across the U.S. with a long history of honoring lease obligations and site retention.

Investment-grade attributes:

• Publicly traded (NASDAQ: WBA)
• S&P rating of BBB
• Fortune 500 company
• Essential healthcare provider designation
• Over 100 years of operating history

Walgreens’ reputation for consistency, financial stability, and consumer trust make it a preferred tenant for investors focused on secure, long-term cash flow.

Investment Highlights

• Absolute NNN lease with zero landlord responsibilities
• Leased to Walgreens Boots Alliance – a publicly traded, investment-grade tenant
• Located in North Las Vegas – one of the fastest-growing areas in the Southwest
• Part of the Las Vegas MSA with strong regional and national economic drivers
• High-visibility retail location with drive-thru pharmacy and ample parking
• Surrounded by new residential development and strong local demographics
• Long lease term with renewal options and rental escalations
• Ideal asset for 1031 exchanges, trusts, and passive income strategies
• Recession-resistant, essential-use healthcare and pharmacy tenant

Conclusion

This Walgreens property in North Las Vegas, NV offers a prime net lease investment in one of the most dynamic and expanding submarkets of the Las Vegas MSA. With a long-term absolute NNN lease backed by Walgreens Boots Alliance, investors benefit from a completely passive ownership experience anchored by an essential-service provider in a location with strong population growth, economic resilience, and daily consumer demand.

For buyers seeking stability, yield, and minimal management in a high-growth market, this Walgreens property stands out as a strategic addition to any net lease portfolio. Whether you’re completing a 1031 exchange, planning for generational wealth, or building income consistency through essential retail investments, this asset delivers reliable performance and institutional-quality fundamentals.