Cap Rate: 5.25%
Net Operating Income: $180,690
Square Footage: 2,904
Lot Size: 0.85 AC
The subject property is a Circle K at 655 W 22nd St, Tucson, AZ, 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 10% increases every 5 years and four, 5-year options and two, 10-year options to renew. This location reports strong, upward-trending sales.
The asset is well situated near several retailers and hotel chains. Neighboring retailers include Restaurant Depot, Wells Fargo, Walgreens, Chase Bank, Pep Boys, Dollar General and more.
Tucson is a city in and the county seat of Pima County, Arizona, United States, and is home to the University of Arizona. The 2010 United States Census put the population at 520,116, while the 2015 estimated population of the entire Tucson metropolitan statistical area was 980,263.
Major incorporated suburbs of Tucson include Oro Valley and Marana northwest of the city, Sahuarita south of the city, and South Tucson in an enclave south of downtown. Communities in the vicinity of Tucson (some within or overlapping the city limits) include Casas Adobes, Catalina Foothills, Flowing Wells, Midvale Park, Tanque Verde, Tortolita, and Vail. Towns outside the Tucson metro area include Benson to the southeast, Catalina and Oracle to the north, and Green Valley to the south.