Retail NNN Whitewater, WI

50Stress DSS

Walgreens

Whitewater, WI · exact address shown after access

Single-tenant absolute NNN Walgreens in Whitewater, WI (Milwaukee MSA), a 15,123 SF building on 1.04 acres with no landlord responsibilities. Walgreens recently executed a long-term lease extension through November 2038 with 5% rent escalations every five years and twelve 5-year renewal options. Priced at $3,411,203 reflecting a 6.65% cap rate on $226,845 NOI.

Advisor review

Asking price

$3,411,203

NOI

$226,845

Cap rate

6.65%

Price / SF

$226

Year-1 cash flow · your scenario

Rent / NOI

$227K

Walgreens, single tenant

Less: debt service

$69K

6.50% / 30-yr · P $10K / I $59K

Net cash flow

$158K

per year, after debt

Cash on cash

6.31%

on $2.50M eq · above 6.00% floor

Standardized proforma · modeled 65% LTV · 6.50% · 30y amort · 10y hold

Levered IRR

10.7%

10-year hold, levered

Equity multiple

2.23x

distributions ÷ equity in

Year-1 cash-on-cash

4.9%

after debt service

DSCR · year 1

1.35x

NOI ÷ debt service

Operating cash flow, years 1–10 (NOI grown 2%/yr, less debt service)

Yr 1 $58,668refi yr 5Yr 10 $89,061

Equity in

$1,193,921

Refi cash-out · yr 5

$324,438

Exit price · yr 10

$4,007,577

Net sale proceeds

$1,600,556

Modeled at standard terms for like-for-like comparison (65% LTV, 6.50% rate, 30y amort, exit at going-in cap +25 bps). Not a financing offer. Assumptions pending confirmation.

Where this cap sits · 6.65% vs the matched universe

Higher cap = cheaper basis. Computed live from 39 matched listings; the brass line is this deal.

Traditional underwriting · modeled

The full year-by-year proforma behind the score: rent roll, NOI bridge, debt schedule, exit, and levered IRR. Edit any assumption; download it as a live Excel model.

Where this cap sits · by tenant sector

Asking cap-rate density across the scored universe, split by tenant sector. The brass line is this deal at 6.65%; higher cap is cheaper basis.

Auto Service 6.00% · n=9 Quick-Service Restaurant 5.75% · n=8 Specialty Retail 6.62% · n=8 Convenience & Fuel 5.17% · n=6 Medical & Dental 5.83% · n=6 Grocery 6.53% · n=2 (tick)

Underwriting

The deal at a glance

Lease abstract

TenantWalgreens

GuarantorSee OM

Term remaining12.51 yrs

Base rent$226,845/yr · $15.00/SF

Escalations5% rental escalations every 5 years throughout the primary term and options

StructureNNN – No landlord responsibilities; absolute triple net

OptionsTwelve 5-year renewal options with 5% rental escalations every 5 years

Going-in cap

6.65%

Cash-on-cash · yr 1

3.26%

Levered IRR · 10yr

10.73%

Equity multiple

2.49×

Total occupancy cost

$21.50/SF

Total occupancy cost is base rent plus NNN expenses per SF. When it sits above the market band for the asset class in the trade area, the next tenant negotiates down, so it is a re-leasing risk to underwrite.

Cash flow · year 1 monthly, years 2–10 annual

Line	M1	M2	M3	M4	M5	M6	M7	M8	M9	M10	M11	M12	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10
Base Rent	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$231,382	$236,010	$240,730	$245,544	$250,455	$255,464	$260,574	$265,785	$271,101
Reimbursements	$8,192	$8,192	$8,192	$8,192	$8,192	$8,192	$8,192	$8,192	$8,192	$8,192	$8,192	$8,192	$100,265	$102,271	$104,316	$106,403	$108,531	$110,701	$112,915	$115,174	$117,477
Total Revenue	$27,095	$27,095	$27,095	$27,095	$27,095	$27,095	$27,095	$27,095	$27,095	$27,095	$27,095	$27,095	$331,647	$338,280	$345,046	$351,947	$358,986	$366,166	$373,489	$380,959	$388,578
Operating ExpensesMODELED	$-8,192	$-8,192	$-8,192	$-8,192	$-8,192	$-8,192	$-8,192	$-8,192	$-8,192	$-8,192	$-8,192	$-8,192	$-100,265	$-102,271	$-104,316	$-106,403	$-108,531	$-110,701	$-112,915	$-115,174	$-117,477
Net Operating Income	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$18,904	$231,382	$236,010	$240,730	$245,544	$250,455	$255,464	$260,574	$265,785	$271,101
Debt Service	$-16,123	$-16,123	$-16,123	$-16,123	$-16,123	$-16,123	$-16,123	$-16,123	$-16,123	$-16,123	$-16,123	$-16,123	$-193,475	$-193,475	$-193,475	$-193,475	$-193,475	$-193,475	$-193,475	$-193,475	$-193,475
Cash Flow After Financing	$2,781	$2,781	$2,781	$2,781	$2,781	$2,781	$2,781	$2,781	$2,781	$2,781	$2,781	$2,781	$37,907	$42,535	$47,255	$52,070	$56,981	$61,990	$67,099	$72,311	$77,626

NNN: the tenant reimburses operating expenses, so OpEx nets against reimbursements and NOI equals base rent. The OpEx line is modeled until actuals are provided.

Assumptions · edit to recalculate

Purchase price

Down payment

Loan rate

Amortization

yrs

Interest-only

yrs

Exit cap

Hold period

yrs

Defaults are modeled at market terms for comparison, not a financing quote. Loan rate defaults to a current market estimate; replace with your lender's terms.

Property summary

Building SF15,123 SF

Lot1.04 ac

Year built2000

ParkingNot specified in OM

Drive-thruNot specified in OM

ConstructionUpgraded brick façade

ZoningNot specified in OM

Access / frontageWest Main Street

Tenant summary

Credit tierIG

Credit sourceWalgreens Boots Alliance (NASDAQ: WBA) is on the briefing's known IG ticker list; rated investment grade by S&P/Moody's historically (specific current rating not stated in OM).

Public / privatepublic

TickerWBA

ParentWalgreens Boots Alliance, Inc.

GuarantorNot specified in OM

IndustryRetail Pharmacy

HQNot specified in OM

RevenueNot specified in OM

Walgreens is the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (NASDAQ: WBA), one of the largest retail pharmacy operators in the U.S. with 8,100+ locations serving ~8 million customers daily. WBA carries a publicly known investment-grade credit profile, though market capitalization has compressed materially (OM cites ~$10B) reflecting recent sector and operational pressure.

Lease abstract

Lease typeNNN – No landlord responsibilities; absolute triple net

Commenced2023-11-21

Expires2038-11-30

Remaining term12.51 yrs

Current rent$226,845

Escalations5% rental escalations every 5 years throughout the primary term and options

OptionsTwelve 5-year renewal options with 5% rental escalations every 5 years

GuarantorNot specified in OM

Tenant of recordWalgreens

Assignment / subleaseNot specified in OM

TerminationNot specified in OM

ROFRNot specified in OM

Landlord responsibilitiesNone — absolute NNN, no landlord responsibilities

Tenant responsibilitiesNot specified in OM

Clause-level detail

Term & Commencement

Lease commenced 11/21/2023 and expires 11/30/2038 (long-term extension; ~12.5 years remaining as of extraction).

Base Rent & Escalations

Current rent $226,845/yr ($15.00/SF) with 5% increases every 5 years throughout primary term and options.

Operating Expenses / Net Charges

Absolute triple net structure; no landlord responsibilities per OM.

Options to Renew

Twelve (12) five-year renewal options with continued 5% escalations every 5 years.

Maintenance (Landlord)

None — absolute NNN; no landlord responsibilities.

Go-Dark Rights

OM does not address go-dark rights or continuing-rent obligations in a dark scenario.

Use Clause

OM does not state use clause language.

Assignment & Subletting

OM does not address assignment or subletting rights.

Termination Rights

OM does not address tenant termination rights.

Guaranty

OM does not identify guarantor or guaranty structure.

Estoppel & SNDA

OM does not summarize estoppel/SNDA terms.

Location context

Property is positioned along West Main Street, a main thoroughfare, across from the University of Wisconsin–Whitewater and near Walmart Supercenter, Ace Hardware, Advance Auto Parts, McDonald's, Chevrolet/GMC/Dodge/Jeep dealer, Jersey Mike's and Culver's.

Whitewater, WI is a small college city (~14,000 population) in Walworth and Jefferson counties anchored by the University of Wisconsin–Whitewater (11,700+ enrollment). The city balances small-town character with proximity to Madison and Milwaukee. The Milwaukee MSA (~1.57M population) is Wisconsin's largest urban region with a diverse economy spanning manufacturing, healthcare and finance.

Dark Shell Score · modeled

87Base DSS_μ

69Bear DSS_b

50Stress DSS_s

Moderate downside survivability

Stress score weakens because re-leasing the dark shell at a discounted market rent and a widened exit cap erodes modeled terminal equity below 55% of capital invested.

Survival-ratio decomposition

Base scenario. Modeled estimate under stated assumptions.

Terminal value (re-leased) $3,009,321

Less: remaining debt −$1,535,041

Less: vacancy carry −$63,500

Less: re-leasing cost −$296,059

Less: sale cost −$120,373

Net terminal equity$994,348

Original equity$1,876,162

Survival ratio ⓘ ~53¢ of every $1 you invest survives under stress. Above 0.70 is our 'Adequate' threshold; above 0.85 is 'Strong'. 0.53×

Dark Shell Score (base) ⓘ 0–100 modeled estimate of equity preservation under the stated stress. Higher is better. 75+ is 'Strong'. 87

Base · bear · stress

Scenario	Survival	DSS
Base	0.53×	87
Bear	0.29×	69
Stress	0.05×	50

Modeled assumptions

Modeled estimates under stated assumptions. No OM facts are fabricated; only forward assumptions are modeled.

· Vacancy period (months tenant-dark)
· Market-rent reset vs. in-place rent
· Exit-cap adjustment (widening)
· Owner carry cost during vacancy
· Re-leasing cost (TI + leasing commissions)
· Sale cost on terminal disposition
· Debt assumption (modeled debt, interest-only)

Source OM: Redacted in sample · Whitewater, WI · exact address shown after access

Dark Shell Score · decomposition

Dark Shell Score: our composite that compresses STNL underwriting, Argus cash-flow signals, and location intangibles into one 0–100 ranking of what survives if the tenant goes dark.See how it's built →

The score broken into recognizable underwriting math. Every component traces to a real field, with its STNL / Argus source and weight.

Modeled analysis only. Not investment, tax, or legal advice. No LOI is submitted and no representation is created by scoring a universe. Verify all OM facts independently.