Cap Rate: 5.75%
Net Operating Income: $109,767
Square Footage: 3,094
Lot Size: 0.92 AC
The subject property is a Circle K at 7510 W Peoria Avenue, a convenience store and gas station offering a wide variety of products for people on the go. The tenant has an absolute NNN lease with zero landlord obligations. The lease calls for 5% increases every 5 years and at each option (one, 3-year option, followed by four, 5-year options and two, 10-year options to renew).
The asset is well situated near several retailers including PepBoys, McDonald’s, Planet Fitness and Walmart Supercenter.
Peoria is a city in Maricopa and Yavapai counties in the state of Arizona. Most of the city is located in Maricopa County, while a tiny portion in the north is in Yavapai County. It is a major suburb of Phoenix. According to 2019 Census Bureau estimates, the population of the city is 175,961.Peoria is currently the sixth-largest city in Arizona for land area and the ninth-largest for population. It was named after Peoria, Illinois. The word “peoria” is a corruption of the Illini word for “prairie fire.” It is the spring training home of the San Diego Padres and Seattle Mariners, who share the Peoria Sports Complex. In July 2008, Money magazine listed Peoria in its Top 100 Places to Live.