Cap Rate: 5.90%
Net Operating Income: $975,551
Year Built: 2007
The subject property is a 57,795 square foot Safeway in Peoria, Arizona. Safeway is subject to a 25 year net lease with 14 years remaining on the initial term. The lease call for 10% increases in rent every five years and during the ten 5 year options. The landlord has limited responsibilities which include roof, structure. and common area maintenance (handled by third party operator). The property is well situated in Peoria, Arizona which is part of the growing Phoenix market.
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 2010 Census Bureau releases, the population of the city is 154,065. Peoria is currently the sixth largest city in Arizona for land area, and the ninth largest for population.