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Walgreens | Rare Village Medical Location -AZ 20266 N Lake Pleasant Rd 15,048 SF Retail Building Peoria, AZ 85382 $3,882,920 ($258.04/SF) 6.75% Cap Rate
Investment Highlights
- Rare Village Medical Location | Absolute NNN - Lease First option period exercised with no rental concessions Strong Residential Demographics in Area
- Proximity to 8,000-Acre Peoria Innovation Core Economic Hub | $7B Amkor Semiconductor campus - 3,000 new jobs
- Near Banner Boswell Medical Center Sun City - 525 beds, 1,200+ employees |The Property occupies the hard corner of N Lake Pleasant Road.
- 13,000+ residents in 1 mile with $101,000+ avg HH income Situated Near National Retailers Within 1 mile of Walmart Supercenter - 80th percentile per
- Hard Corner Positioning | Large 2+ Acre Parcel | Daily exposure to 41,000+ vehicles | Positioned Amongst 18,000+ Employees
- 41,000+ vehicles per day passing the site and dedicated ingress/egress access points on both roadways.
Executive Summary
The Property features a freestanding 15,000 SF building on a 2.16-acre corner parcel, providing strong intrinsic value and residual real estate within a built-out, high-barrier submarket.
The Property features a co-located Village Medical clinic, a designation held by approximately 200 Walgreens locations nationwide, selected on trade area demographics and store performance. The buildout provides for recurring patient traffic that supports pharmacy and front-of-store volume.
The Property is subject to a long-term Absolute NNN lease with Walgreens which provides for zero landlord responsibilities and a completely passive investment, with the Tenant responsible for all real estate taxes, insurance, maintenance, and structural obligations.
Walgreens recently exercised their first option period with no rental concessions, demonstrating their ongoing commitment to this location and the surrounding Peoria market.
The Property features a co-located Village Medical clinic, a designation held by approximately 200 Walgreens locations nationwide, selected on trade area demographics and store performance. The buildout provides for recurring patient traffic that supports pharmacy and front-of-store volume.
The Property is subject to a long-term Absolute NNN lease with Walgreens which provides for zero landlord responsibilities and a completely passive investment, with the Tenant responsible for all real estate taxes, insurance, maintenance, and structural obligations.
Walgreens recently exercised their first option period with no rental concessions, demonstrating their ongoing commitment to this location and the surrounding Peoria market.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
15,048 SF
Building Class
B
Year Built
1999
Price
$3,882,920
Price Per SF
$258.04
Cap Rate
6.75%
NOI
$262,097
Tenancy
Single
Building Height
1 Story
Building FAR
0.16
Lot Size
2.16 AC
Zoning
C-2, Peoria - Commercial
Parking
76 Spaces (5.46 Spaces per 1,000 SF Leased)
Amenities
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 200-14-003V | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $479,114 |
Property Taxes
Parcel Number
200-14-003V
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$479,114
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Walgreens | Rare Village Medical Location -AZ | 20266 N Lake Pleasant Rd