NNN Walgreens for Sale

Walgreens NNN Cap Rates and Lease Data

The Walgreens numbers are worth reading closely, because asking prices and closed sales tell different stories. Here’s how the tenant, lease and yield fit together.

Boulder lists Walgreens as privately held and not credit rated, with about 8,000 locations and a typical building of 14,000 SF.¹ Both Boulder and Matthews describe the typical lease as triple net with a 15-year term. Matthews adds that rent increases are typically 5% every five years or none at all, and Boulder says escalations vary, so check what the specific lease says.

On pricing, Boulder shows asking cap rates of 6.40% – 6.75% on a new 15-year lease, 7.40% – 8.00% with 10 years left, and 8.60% – 9.00% with 5 years left.² That’s a spread of more than two points between a new lease and a short one, which shows how much the market prices lease term on a Walgreens.

Closed sales moved up through 2025. Matthews reports average cap rates of 8.01% across 126 Walgreens deals in the first half and 9.05% across 130 in the second half, with about 8 years of lease remaining on average. The second-half average is above even Boulder’s 5-year asking range, which suggests recent deals have closed at higher yields than the asking ranges imply. So far in 2026, the average is 8.93% across 55 deals.³

In dollars, Boulder puts the average sale price at about $5.1 million with average rent of about $350,000 a year. On a typical 14,000 SF store, that works out to roughly $364 per square foot.⁴