Walgreens – Allentown PA

Marcus & Millichap is pleased to present for sale this Absolute Net Leased, Fee Simple Walgreens located at 1702 W Tilghman Street in Allentown, Pennsylvania, about a 45-minute drive outside of downtown Philadelphia. The freestanding single-tenant property was built in 2001 and consists of a 15,064 Sq.Ft retail building with drive-thru lanes and is situated on a large 1.52-acre parcel of land.
Strategically located on the hard-signalized intersection of Tilghman Street and W 17th Street, the property benefits from a multitude of demand drivers which are indicative of Walgreen’s strong unit level sales (see broker for details). The property offers excellent visibility to more than 22,749 vehicles per day and provides multiple entrances off Tilghman St and W. 17th St, allowing for quick customer access. The subject property is also located just a few blocks from the Lehigh Valley Hospital, a community neighborhood hospital, and 4 miles east of Lehigh Valley Hospital Tilghman & St Luke’s West End Medical Center. Lehigh Valley Hospital in Allentown is the flagship hospital of the Lehigh Valley Health Network (LVHN), which has been recognized as one of America’s best hospitals by U.S. News & World Report for 22 consecutive years.
On top of the outstanding demand drivers, this location also benefits from dense surrounding housing and retail volumes along this corridor. Several apartment complexes surround this Walgreens property including Penn Crest Apartments with 188 units, Highland Gardens Apartments with 78 units, Tremont Apartments with 128 units, Willow Crest Apartments with 200 units, Society Hill Apartments with 158 units and Riverbend at Allentown with 35 units. Many brand new home developments are a few minutes from the property including Hidden Meadows
with 300 brand new townhomes, Ryan Homes Estates at Willow with 85 homesites and The Fields at Indian Creek with 200 brand new homesites.
Allentown is a city in Lehigh County, Pennsylvania with a population over 125,845 and the fastest-growing major city in Pennsylvania and the state’s third largest city after Philadelphia and Pittsburgh. It is the largest city in both Lehigh County and Lehigh Valley which has a population over 861,899. Allentown is located on the Lehigh River, a 109-mile long tributary of the Delaware River and it is the largest of three adjacent cities including Bethlehem and Easton Walgreen’s initial term runs through October 31st, 2034, and has eight five-year options to extend. This a 24-Hour location.
Walgreens is an American company that operates the second-largest pharmacy store chain in the United States behind CVS Health and headquartered in the Chicago suburb of Deerfield, Illinois. On December 31, 2014, Walgreens and Switzerland-based Alliance Boots merged to form a new holding company called Walgreens Boots Alliance. As of March 13, 2023 there are 8,802 Walgreens stores in the United States and employs more than 225,000 people. Walgreen’s annual revenue for 2022 was $132.703 Billion, a 0.15% increase from 2021.


1702 West Tilghman Street
Allentown, PA 18104
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Price: $6,645,454.00
Year Built 2001
Cap Rate 5.50%
NOI $365,499.00
Lease Expiration: October 31, 2034

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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Services Company (“Broker”) has been retained as the exclusive advisor and broker for the Seller (“Seller”) regarding the sale of the property known as Walgreens – Allentown PA, located in Allentown, PA.

SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.)

To receive an Offering Memorandum (“Offering Memorandum”) please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that he/she is aware that any Agent/Broker other than Marcus & Millichap, must be registered on this Confidentiality Agreement to be eligible to participate in the fee. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property’s Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller’s obligation thereunder have been satisfied or waived.

The Offering Memorandum and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

Any rent or income information in this offering memorandum, with the exception of actual, historical rent collections, represent good faith projections of potential future rent only, and Marcus & Millichap makes no representations as to whether such rent may actually be attainable. Local, state, and federal laws regarding restrictions on rent increases may make these projections impossible, and Buyer and its advisors should conduct their own investigation to determine whether such rent increases are legally permitted and reasonably attainable.

No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.

By signing this Confidentiality and Buyer Registration Agreement you hereby authorize The Demo Group of Marcus & Millichap to contact you regarding this transaction, any other transaction, or for any other marketing purpose in the future.

Agreement and Electronic Records and Signature Notice

I hereby agree to the Agreement and represent that I am authorized to agree to the terms thereof and to act on behalf of the accepting party in the proposed transaction in the Agreement.

It is agreed by the parties that, notwithstanding the use herein of the words “writing,” “execution,” “signed,” “signature,” or other words of similar import, the parties intend that the use of electronic signatures and the keeping of records in electronic form be granted the same legal effect, validity, and enforceability as a signature affixed by hand or the use of a paper-based record keeping system.

This provision will be enforced to the extent and as provided for in any applicable law including the Electronic Signatures in Global and National Commerce Act, and any other similar state laws based on the Uniform Electronic Transactions Act.