Freestanding Single Tenant Investment Property for sale occupied by Walgreens Pharmacy in the City of Indio - home of the famous Coachella Valley Music Festival. The property is an out-parcel of the 150,000 sq.ft. Heritage Court Shopping Center of which a Brand New Walmart neighborhood store has just been opened in January 2018. The opening of the Walmart store brings in a huge amount of foot traffic to both the center and to the subject property. Primary term of the Lease has 13 years remaining (June 1, 2031) plus seven 5-year options (ending 2066). The Lease is on an absolute NNN basis with minimal Owner responsibility -Property Tax, Insurance & Maintenance are all tenant's responsibility. The annual Net Rental Income for the property is $350,000. The property is offered for sale at $6,800,000 at a Cap Rate of 5.15%. ***PROPERTY HIGHLIGHTS*** #1 STABLE INCOME: Rental income guaranteed by Walgreens parent corporate (S&P BBB) investment grade Fortune 500 Company with over 8,000 locations; #2 LONG LEASE TERM: 13 years of primary lease term remaining before the Seven (5 –year) options to follow (Lease expires in May 2066); #3 NNN LEASE: Absolute triple net lease (NNN) with minimal landlord responsibilities; #4 SIGNALIZED CORNER LOCATION: Located as an out parcel of the 150,000 Heritage Court Shopping Center anchored by newly opened WALMART at the signalized corner of Jefferson Street and Fred Waring Drive with traffic counts exceeding 47,000 vehicles per day
Business Type: Drugstore
Asset Class: Retail
BRENT ROBERTS Realtor | CA BRE# 01946139 | 619-762-4883
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