2610 Route 66Flagstaff, AZ 86004

Property Details for 2610 Route 66

Year built

2012

Lot size

1.16 AC

Property size (Sq ft)

14,256 SF

Property type

Retail properties

Property subtype

Retail space

APN

107-13-001B

APU

10713001B

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $3,359,579

  6.5%

  $3,101,150

  7%

  $2,879,639

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,537,857

  Geo Method

  $5,537,857

• Alternative Use

  Use

  Valuation

  Residential

  $2,615,936

  Hospitality

  $2,396,183

  Educational

  $1,993,596

  Medical

  $2,062,159

  Retail

  $3,101,150

Location Insight

City

Flagstaff

County

Coconino

State

Arizona

Latitude

35.2072

Longitude

-111.612

CBSA code

22380

CBSA name

FLAGSTAFF, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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