For Sale
$5,073,921

1509 Santa Fe Ave Grants, NM 87020

High-Yield Walgreens, 15-Year Lease

Overview

Added:
Feb 14
Days on market:
73
This exceptional investment opportunity presents a fee-simple interest in a ±16,419 square foot Walgreens located in Grants, New Mexico. The property sits on a substantial 4.25-acre lot at the high-traffic intersection of East Santa Fe Avenue and Interstate 40/Route 66, offering unparalleled visibility and accessibility. Built in 2014, this single-story building is a newer Walgreens prototype, complete with a convenient drive-thru pharmacy. The property benefits from a recently executed 15-year sale-leaseback agreement (commencing February 22, 2024, and expiring February 28, 2039), demonstrating Walgreens' long-term commitment to this strong-performing location. The absolute NNN lease structure ensures minimal landlord responsibilities, with rent bumps of 5% every 5 years. This location enjoys a significant competitive advantage, being the only Walgreens within a 75-mile radius. Nearby national retailers include Walmart, Tractor Supply, Dollar Tree, and several fast-food chains, further solidifying the area's robust retail environment. The asking price is $5,073,921, representing a compelling 6.25% cap rate. This is a rare opportunity to acquire a high-performing, low-maintenance retail asset with a long-term, secure lease. The property's size, location, and tenant strength make it an ideal addition to any diversified investment portfolio. This is a turnkey investment with significant upside potential.

Highlights

  • $5,073,921 asking price for a Walgreens-occupied retail property.
  • 16,419 square foot building on a 4.25-acre lot in Grants, NM.
  • Absolute NNN lease with Walgreens, 14 years remaining (15-year term starting February 22, 2024).
  • 6.25% cap rate with 5% rent bumps every 5 years.
  • Strong performing location with drive-thru, no pharmacy competition within 75 miles, and proximity to major retailers and Interstate 40/Route 66.

Property Details for 1509 Santa Fe Ave

Property type
Retail properties, Drug stores
Square Feet
16,419 SF
Year Built
2014
Buildings
1
Stories
1
Lot Size (sq. ft)
185,130 SF

Location Insight

City
Grants
County
Cibola
State
New Mexico
Latitude
35.1293996
Longitude
-107.8282637

FAQs

What type of property is this?
Retail property - High-Yield Walgreens, 15-Year Lease
Where is the retail property located?
The property is located at 1509 Santa Fe Ave Grants, NM.
What is the asking price?
The asking price for this property is $5,073,921.
What are key features of this property?
This property features: $5,073,921 asking price for a Walgreens-occupied retail property.; 16,419 square foot building on a 4.25-acre lot in Grants, NM.; Absolute NNN lease with Walgreens, 14 years remaining (15-year term starting February 22, 2024).
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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1509 Santa Fe Ave
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