Single Tenant NNN Walgreens | 8+ Years Remaining on Lease
Also listed as Shopping Center
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||Net Leased Investment (NNN)
||4700 4th St NW
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Overview / Comments
Marcus & Millichap is pleased to present this absolute-net Walgreens consisting of 14,490-square feet situated on approximately 1.71-acres of land located at 4700 4th Street NW in Albuquerque, New Mexico. Walgreens has been operating at this location since 2003 and has over eight years remaining on its absolute-net lease until they can exercise their first right-to-terminate option. The Property also features a drive-thru window and abundant on-site parking with a parking ratio of 5/1,000. There are no rent increases throughout the term of the lease and Walgreens has ability to terminate every five years after June 1st, 2028 through May 31st, 2073.
The Property is located in the Northwest quadrant of Albuquerque at the signalized intersection of 4th Street and Griegos Road. The Property re- ceives great visibility from its pylon sign, which experiences a traffic count of 36,000+ vehicles per day. The Property is easily accessible through its two points of ingress/egress and its close proximity to the on/off ramp of I-25, a major highway connecting Albuquerque to neighboring cities such as Bernalillo and Santa Fe. The Property is also located less than 3 miles from Downtown, 5 miles away from The University of New Mexico, and less than 7 miles from Albuquerque International Airport.
A new investor has the opportunity to acquire an investment grade credit tenant (BBB-) operating on an absolute-net lease basis with over eight years remaining on its original lease term. Given Walgreens’ long-term tenancy at this location, well-located asset within the immediate area, an investor can feel confident in acquiring a complete arm-chair investment for an above average return compared to a brand-new store.
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