Cap Rate: 5.00%
Net Operating Income: $436,420
Square Footage: 20,420
Lot Size: 2.62 AC
Year Built: 1996
The subject property is a net leased Walgreens in Colorado Springs, Colorado. The new 15 year absolute NNN lease calls for zero landlord obligations. The tenant has twelve, 5 year options to renew with rare 5% increases every 5 years and at each option period. The property is well-situated within the West Wind Marketplace neighborhood mall anchored by Safeway and Ace Hardware. Other retailers in the area include Starbucks, Panda Express, Staples, Schlotzky’s, and many others. This location is heavily trafficked and there are over 19,000 VPD along Centennial Boulevard and Chesham Circle.
Colorado Springs is a home rule municipality that is the largest city by area in Colorado as well as the county seat and the most populous municipality of El Paso County, Colorado. Colorado Springs is located in the east central portion of the state. It is situated on Fountain Creek and is located 60 miles (97 km) south of the Colorado State Capitol in Denver.
At 6,035 feet (1,839 m) the city stands over 1 mile (1.6 km) above sea level, though some areas of the city are significantly higher and lower. Colorado Springs is situated near the base of Pikes Peak, which rises 14,115 feet (4,302 m) above sea level on the eastern edge of the Southern Rocky Mountains. The city is home to 24 national governing bodies of sport, including the United States Olympic Committee, the United States Olympic Training Center, and USA Hockey.