43200 Ca-74Hemet, CA 92544

Property Details for 43200 Ca-74

Property size (Sq ft)

14,820 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a 14,820 square foot Walgreens located at 43200 CA-74, Hemet, CA 92544. The property boasts a new 15.1-year absolute NNN lease commencing May 31, 2024, and expiring June 29, 2039, with a remaining term of 14.6 years. The lease includes a corporate guarantee from Walgreens (NASDAQ:WBA) and features rental increases of 5% every five years. With zero landlord obligations, this investment offers a secure and passive income stream. The property's strong financial performance is evident in its $326,040 NOI and a 5.85% cap rate, based on an asking price of $5,573,333 ($376.07/sq ft). This high-performing location reports $3.1 million in annual sales. Strategically positioned on a hard corner with excellent visibility, the property benefits from high traffic volume exceeding 15,000 vehicles per day (VPD). Its prime location is further enhanced by proximity to Stater Bros. Markets and other national retailers such as Jack in the Box, Carl's Jr., 7-Eleven, and Dollar Tree. The Walgreens is also conveniently located near Lincoln View Condominiums (166 units) and Abundant Grace Senior Living Retirement Home. This is a rare opportunity to acquire a stable, high-performing retail asset with significant long-term growth potential.

Location Insight

City

Hemet

County

Riverside

State

California

Latitude

33.7484

Longitude

-116.906

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