Monday, June 21, 2021

Want to buy a Walgreens in Rockville?

The building currently home to Walgreens at 430 Hungerford Drive in Rockville is for sale. Before you hear the asking price, you may want to have a seat. Buying this property will set you back a wallet-busting $10,650,000.

Rather than indicating that Walgreens is struggling, the selling point of the building is that the Walgreens is a successful, highly-desirable tenant. Walgreens has an absolute net lease with 7 years remaining on it, and rent escalations every five years. The drugstore opened in 2013; its 1970 building was previously home to the legendary Orange Ball Billiards and Cafe.

Another reason you'll have pay over $10 million, is the redevelopment potential of the site. You could practically throw a football and hit the Rockville Metro station from the property. Assemble additional parcels, and you would have a very profitable redevelopment opportunity, but a nice opportunity even by itself.


  1. Where did you see that it was for sale?

  2. Nice property but with a dearth of vacancies in that corner of Rockville, slow business at Walgreens risky. I'd buy the property and convert it into a cafe / restaurant. Sigh. $M10 is steep.

  3. Listing is here

  4. The Asian grocery next door has been empty for a few years now.

    I suspect that some developer is working to assemble the parcel from there down to the fire station, similar to what was done on the N Washington St side of that block. That would rival the Wegmans development at Twinbrook.

    1. I wish, but the grocer parcel is turning into a bank; there's been a development application working through approvals for some time now. True redevelopment that far up Hungerford is 15-25+ years away.