Cap Rate: 5.75%
Net Operating Income: $186,390
Lot Size: 1.937 AC
Year Built: 1996
The subject property is a 13,903 square foot, single tenant Walgreens property in Mesa, Arizona. The property was built in 1996 and leased to Walgreens on a 20 year term that has been extended by an additional 15 years (of which 12 years remain). The property is an out-parcel to the Lindsay Groves Shopping Center, anchored by a Walmart Neighborhood Market.
Mesa is a city in Maricopa County, in the state of Arizona. It is a suburb located about 20 miles east of Phoenix. Mesa is the central city of the East Valley section of the Phoenix Metropolitan Area. It is bordered by Tempe on the west, the Salt River Pima-Maricopa Indian Community on the north, Chandler and Gilbert on the south along with Queen Creek, and Apache Junction on the east.
Mesa is the third-largest city in Arizona, after Phoenix and Tucson, and the 36th-largest city in the US. Mesa is home to numerous higher education facilities including the Polytechnic campus of Arizona State University.