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7-Eleven
Advance Auto Parts
Affordable Dentures
ALDI
Applebee's
Arby's
Ashley Furniture
AutoZone
Bank of America
BankUnited
BB&T Bank
Best Buy
BMO Harris Bank
Bojangles'
Burger King
Captain D's
Chase Bank
Chick-fil-A
Chipotle
Church's Chicken
Circle K
Cracker Barrel
CVS
Dairy Queen
DaVita
Dollar General
Dollar Tree
Dunkin' Donuts
Family Dollar
FedEx
Fred's Super Dollar
Fresenius Medical Care
Hardee's
Hobby Lobby
IHOP
KFC
Kohl's
Mattress Firm
McDonald's
Napa Auto Parts
O'Reilly Auto Parts
Panera Bread
PDQ
Pep Boys Auto
PNC Bank
Red Lobster
Rite Aid
Sheetz
Shell Oil
Sherwin-Williams
Starbucks
Steak 'n Shake
SunTrust
Taco Bell
TD Bank
Tractor Supply Co.
Verizon
Walgreens
Walmart
Wawa
Wegmans
Wendy's
Zaxby's
  Walmart


Average Property & Lease

Average Sale Price$11,189,761
CAP Rate (12mo avg with 10+ lease term)4.74%
NOI$532,952
$/Square Foot$150 - $180
Building Size100,000 sf
Lot SizeVaries Greatly
Lease Term20 Year NNN
Escalations10% at renewal options
CREDIT RATING
AA
S&P
Aa2
Moody's
view credit rating chart
View Net Lease Property Listings at CALKAIN.COM Last Updated: September 9, 2016
Net Lease Advisor Overview

Walmart discount department stores vary in size from 51,000 square feet to 224,000 square feet, with an average store covering about 102,000 square feet. Walmart Supercenters stock everything a Walmart discount store does, and includes a full-service supermarket. Walmart Supercenters vary in size from 98,000 to 261,000 square feet, with an average of about 197,000 square feet.

Walmart stores are rare investments on the net lease market with the transaction size, acreage and square footage of the investment (much larger on all counts than the typical netlease property) appealing to a more select group of investors. Big annual rents and relatively low selling cap rates means the typical net lease Walmart transaction is over $10mm. The selling cap rate is often in the low 6's to high 7's depending on lease structure and remaining term.

Pros

Cons

  • Corporate guaranteed, investment grade tenant
  • High visibility virtually creating a new downtown wherever it opens
  • Typically low rent per square foot
  • Low recourse and low interest rates often available
  • Flat rental rates, minimal escalations.
  • Large footprint poses re-lease challenges should tenant relocate
Tenant Description

Walmart Stores, Inc. (NYSE: WMT) is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company was the world's largest public corporation in 2010 by revenue.

Walmart was founded by Sam Walton in 1962, incorporated on October 31, 1969, and publicly traded on the New York Stock Exchange in 1972. Headquartered in Bentonville, Arkansas, it is the largest majority private employer. Walmart is also the largest grocery retailer in the United States. It also owns and operates the Sam's Club retail warehouses in North America.

Walmart has 8,500 stores in 15 countries, under 55 different names. The company operates under its own name in the United States, including the 50 states.


WALMART TREND
CAP Rate

2014 avg: 5.60%

2015 avg: 5.35%

RECENT SALES

Stockton, CA

$7,931,875 | 6%

Blytheville, AR

$12,632,000 | 7.1%

MORE INFO
www.walmart.com
Google Finance: WMT
Google News: WMT