Cap Rate: 4.50%
Net Operating Income: $483,840
Square Footage: 15,120
Lot Size: 1.30 AC
Market: San Diego
The subject property is a net leased Walgreens in Escondido (San Diego), California. 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 on a major retail corridor surrounded by national retailers including Walmart, The Home Depot, Albertsons, Taco Bell, IHOP, ALDI, and many others.
Escondido is a city in San Diego County’s North County region, 30 miles (48 km) northeast of downtown San Diego, 15 miles from the ocean, and 40 miles from the Mexican border. The city occupies a shallow valley ringed by rocky hills. Incorporated in 1888, it is one of the oldest cities in San Diego County. It had a population of 143,911 in the 2010 census.
Downtown Escondido centers on Grand Avenue between Centre City Parkway and Palomar Hospital. The city’s general plan defines the Downtown Specific Plan Area as approximately 460 acres (1.9 km2) bounded by Centre City Parkway on the west, Hickory and Ivy Streets on the east, Washington Avenue on the north, and Fifth Avenue on the south, with an additional narrow section extending west along Valley Parkway to Interstate 15.