Single Tenant NNN Walgreens | 8+ Years Remaining on Lease

Retail-Commercial for Sale
Also listed as Shopping Center
Catylist Listing ID: 30364217
Property Subtypes: Free-Standing Building
Building Size (RSF): 14,490 SF
Gross Building Area: See Agent
Gross Land Area: 1.71 Acres
Sale Price: $5,530,000
Unit Price: $381.64 PSF
Property Use Type: Net Leased Investment (NNN)
Building Name: 4700 4th St NW
Sale Terms: Cash to Seller
Cap Rate: 6.87%
Last Updated: 6/17/2019

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.

Attachments & Media

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: North Valley
Tax ID/APN: ABQ63422
Tenancy: Single Tenant
Number of Stories: 1

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,990 95,373 334,244
Median Age: 39.65 38.48 36.76
Households: 4,909 41,309 141,033

Contact

Photograph of Listing Agent

Matthew Reeves

Marcus & Millichap CARNM CIE Member
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