For Sale
$4,210,000

2610 Route 66Flagstaff, AZ 86004

High-yield, long-term retail investment

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a Walgreens ground lease at 2610 E Rte 66, Flagstaff, AZ 86004. The 14,550 square foot property, built in 2013, sits on a 50,355 square foot lot and boasts a strong 100% occupancy rate. The absolute NNN lease with Walgreens, a Fortune 500 company, has a remaining term of 8.3 years, expiring February 28, 2033, and includes a 10% rent increase every 10 years. The current annual net operating income (NOI) is $242,000, resulting in an attractive 5.75% cap rate. This single-tenant property benefits from its prime location on Historic Route 66, experiencing approximately 32,724 vehicles per day, and its proximity to Northern Arizona University and Flagstaff Medical Center. The surrounding area features numerous national retailers, further enhancing the property's value. The asking price is $4,210,000. This is a rare opportunity to acquire a stable, high-performing retail investment in a desirable location with significant growth potential. The property's strong tenant, favorable lease terms, and strategic location make it an ideal addition to any investment portfolio. The property's parcel number is 107-13-001B.

Highlights

  • Rare, low-rent Walgreens ground lease with 10% rent increases every decade.
  • 2013-built Walgreens-owned building demonstrating strong location commitment.
  • Investment-grade tenant: Walgreens (WBA), a Fortune 500 company.
  • High-traffic location on Historic Route 66 (±32,724 VPD).
  • Proximity to Northern Arizona University and Flagstaff Medical Center.
  • Strong retail co-tenancy including Sportsman's Warehouse, Chick-fil-A, and others.

Property Details for 2610 Route 66

Property type
Retail properties, Grocery and convenience stores
Square Feet
14,550 SF
Year Built
2013
Buildings
1
Units
1

Location Insight

City
Flagstaff
County
Coconino
State
Arizona
Latitude
35.206772854348
Longitude
-111.61258958755
2610 Route 66, Flagstaff, Arizona

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2610 Route 66
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