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Walgreens Ground Lease 2610 E Route 66 14,550 SF Retail Building Flagstaff, AZ 86004 $3,459,000 ($237.73/SF) 7% Cap Rate
Investment Highlights
- Excellent Frontage & Visibility (±46,255 VPD)
- ±$112,741 3-Mile Average HH Income
- Just East of Northern Arizona University (±26,000 Students)
Executive Summary
Single-tenant Walgreens investment opportunity featuring an absolute triple-net (NNN) ground lease with ±6.75 years remaining with 10% rental increases every 10 years.
Walgreens built their own building in 2013, showing strong commitment to this location.
Walgreens is the largest retail health, pharmacy, and daily living destination across the United States and Europe. Walgreens was recently acquired by Sycamore Partners, a private equity firm based in New York specializing in consumer, distribution, and retail-related investments with portfolio revenues of approximately $200 billion (Source: Walgreens).
The Property has excellent frontage and visibility along the signalized hard corner of N Fourth St & the Historic Route 66, the primary travel route through Flagstaff (±46,255 VPD) (Source: ADOT, 2025).
Flagstaff attracts more than 5 million visitors annually as a year-round destination, serving as the largest city in Northern Arizona and a major hub for Grand Canyon visitors, offering world-class outdoor recreation including hiking, mountain biking, and skiing at the Arizona Snowbowl Ski Resort, set against the backdrop of the Coconino National Forest (Source: AZ Family).
This location features strong demographics with an average household income of ±$116,985 and a population of ±80,865 in a 5-mile radius (Source: Esri).
Coconino High School (±1,506 students) is ±4 minutes north.
The Property is ±7 minutes west of the Flagstaff Mall which sees ±4.2M annual visitors and is anchored by JCPenney, Dillard's, and Hobby Lobby (Source: Flagstaffmall.com).
Northern Arizona University (±26,000 students) and Flagstaff Medical Center (±268 beds & 2,200 employees) are ±8 minutes west.
The Property is ±8 minutes from Country Club Estates, a 1,011 home community surrounding two 18-hole, championship golf courses with median sales prices of ±$894,750 to over $5 million (Source: Homes.com)
Nearby national retailers include Chick-fil-A, Dutch Bros, Texas Roadhouse, IHOP, Sportsman’s Warehouse, Walmart Supercenter and many more.
Walgreens built their own building in 2013, showing strong commitment to this location.
Walgreens is the largest retail health, pharmacy, and daily living destination across the United States and Europe. Walgreens was recently acquired by Sycamore Partners, a private equity firm based in New York specializing in consumer, distribution, and retail-related investments with portfolio revenues of approximately $200 billion (Source: Walgreens).
The Property has excellent frontage and visibility along the signalized hard corner of N Fourth St & the Historic Route 66, the primary travel route through Flagstaff (±46,255 VPD) (Source: ADOT, 2025).
Flagstaff attracts more than 5 million visitors annually as a year-round destination, serving as the largest city in Northern Arizona and a major hub for Grand Canyon visitors, offering world-class outdoor recreation including hiking, mountain biking, and skiing at the Arizona Snowbowl Ski Resort, set against the backdrop of the Coconino National Forest (Source: AZ Family).
This location features strong demographics with an average household income of ±$116,985 and a population of ±80,865 in a 5-mile radius (Source: Esri).
Coconino High School (±1,506 students) is ±4 minutes north.
The Property is ±7 minutes west of the Flagstaff Mall which sees ±4.2M annual visitors and is anchored by JCPenney, Dillard's, and Hobby Lobby (Source: Flagstaffmall.com).
Northern Arizona University (±26,000 students) and Flagstaff Medical Center (±268 beds & 2,200 employees) are ±8 minutes west.
The Property is ±8 minutes from Country Club Estates, a 1,011 home community surrounding two 18-hole, championship golf courses with median sales prices of ±$894,750 to over $5 million (Source: Homes.com)
Nearby national retailers include Chick-fil-A, Dutch Bros, Texas Roadhouse, IHOP, Sportsman’s Warehouse, Walmart Supercenter and many more.
Data Room Click Here to Access
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
14,550 SF
Building Class
B
Year Built
2013
Price
$3,459,000
Price Per SF
$237.73
Cap Rate
7%
NOI
$242,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.29
Lot Size
1.16 AC
Amenities
- Drive Thru
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
-
$9.99
-
Lorem Ipsum
-
Jan 0000
Walgreens began in 1901 on Chicago's South Side, when pharmacist Charles R. Walgreen Sr. opened a neighborhood drugstore that grew into a national chain. Walgreens later combined with Alliance Boots to form Walgreens Boots Alliance, bringing together retail pharmacy, pharmaceutical wholesaling, and healthcare services under one business. Walgreens Boots Alliance operates an integrated healthcare, pharmacy, and retail model spanning U.S. and international operations, with businesses centered on prescription filling, consumer health products, beauty items, and related services.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | $9.99 | Lorem Ipsum | Jan 0000 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 107-13-001B | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $713,951 |
Property Taxes
Parcel Number
107-13-001B
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$713,951
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