Cap Rate: 7.50%
Net Operating Income: $350,575.28
Year Built: 1995
The subject property is a 25,702 square foot PetSmart located in Little Rock, AR. The absolute NNN lease calls for zero landlord obligations and expires at the end of February 2029.
The property is situated in the highly sought-after Chenal Parkway corridor seeing over 50,000 cars per day. The area is a shopping and dining destination that offers a wide selection of specialty stores and brands Walmart, Whole Foods, Best Buy, At Home, Sam’s Club, and Applebee’s. The Home Depot, Bed Bath & Beyond, and Academy Sports + Outdoors are also within close proximity.
Little Rock is the capital and most populous city of the U.S. state of Arkansas. It is also the county seat of Pulaski County. It was incorporated on November 7, 1831, on the south bank of the Arkansas River close to the state’s geographic center. The city derives its name from a rock formation along the river, named the “Little Rock” (French: La Petite Roche) by the French explorer Jean-Baptiste Bénard de la Harpe in the 1720s. The capital of the Arkansas Territory was moved to Little Rock from Arkansas Post in 1821. The city’s population was 198,541 in 2016 according to the United States Census Bureau. The six-county Little Rock-North Little Rock-Conway, AR Metropolitan Statistical Area (MSA) is ranked 78th in terms of population in the United States with 738,344 residents according to the 2017 estimate by the United States Census Bureau.
Little Rock is a cultural, economic, government, and transportation center within Arkansas and the South. Several cultural institutions are in Little Rock, such as the Arkansas Arts Center, the Arkansas Repertory Theatre, and the Arkansas Symphony Orchestra, in addition to the hiking, boating, and other outdoor recreational opportunities. Little Rock’s history is available through history museums, historic districts or neighborhoods like the Quapaw Quarter, and historic sites such as Little Rock Central High School. The city is the headquarters of Dillard’s, Windstream Communications, Acxiom, Stephens Inc., University of Arkansas for Medical Sciences, Heifer International, the Clinton Foundation, and the Rose Law Firm. Other large corporations, such as Dassault Falcon Jet and LM Wind Power have large operations in the city.