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Walgreens | 11.5 Years NNN | Strong Sales

Signalized Hard Corner with access and visibility to ±50,685 VPD

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Active

Asking Price: $4,361,000
Listing Broker NameKevin Cordova
Address 

7850 Enchanted Hills Blvd NE, Rio Rancho, NM 87144

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Date Added
Nov 19, 2024
Days on Market
119 days
Time Since Last Update
12 days

Details

Property TypeRetail
SubtypeConvenience Store, Grocery Store, Pharmacy/Drug
Investment TypeNet Lease
Investment Sub TypeNNN
ClassB
Lease TypeAbsolute NNN
Tenant CreditCredit Rated, Corporate Guarantee
TenancySingle
Brand/TenantWalgreens, CVS Pharmacy, Sherwin-Williams, Rite Aid, Good Neighbor Pharmacy
Lease Term25 years
Lease Commencement01/28/2002
Lease Expiration09/30/2036
Remaining Term11.5 years
Square Footage15,067
Cap Rate7.25%
Occupancy100%
NOI$316,122
Units1
Buildings1
Lot Size (acres)1.72
Parking (spaces)95
Rent BumpsNo
Broker Co-OpYes
Lease OptionsEight, 5-Year
Sale ConditionFor sale by owner

Marketing Description

For Sale

Investment Highlights

  • Long-term lease with early lease extension | Tenant recently extended its lease early by over 7 years, bringing the total remaining term to over 11.5 years

  • Absolute NNN lease | Zero Landlord responsibilities

  • Signalized, hard corner location with excellent access and visibility from Pat D’Arco Highway & Enchanted Hills Blvd NE | Combined ±50,685 VPD

  • Steady sales volume and well-established location | Tenant has been operating at the site for nearly 23 years

  • Outparcel to an Albertson’s-anchored shopping center

  • Kitty corner to a Walmart Supercenter-anchored shopping center

  • Directly across the street from Plaza at Enchanted Hills | Anchored by Sprouts, T.J. Maxx, Ross, and the newly opened THE BLOCK, an indoor/outdoor Container Park featuring retail and event space

  • Site is walking distance to:

    • Santa Ana Star Casino Hotel | The first Native-American casino to operate in New Mexico | 204 rooms and 1,300+ slots

    • US Highway 550 which sees nearly 41,000 VPD

    • The New Mexico Soccer Tournament Complex

    • Home Depot

  • Rapidly growing area | Population has grown 16.57% since 2020 within a 1-mile radius

  • Affluent area | The average household income exceeds $129,400 within a 1-mile radius

  • Less than 2.5 miles from Bernalillo High School | 800+ students

  • Walgreens (Nasdaq: WBA) is the largest retail health, pharmacy, and daily living destination across the U.S. and Europe | ±12,500 worldwide locations

    • Generated $147B+ in FY 2024, a 6.2% increase from 2023

    • Ranks #28 on the Fortune 500

    • BB Credit Rating (S&P)

Valuation Calculator

Valuation Calculator

Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$316,122.00
$26,343.50/mo

Valuation Metrics

0
DSCR
7.25%
Cap Rate
7.25%
ROI
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Due Diligence

Due diligence information will be provided.
Please reach out to the listing contacts for details.

Contact

Listing Contacts

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Broker Name
Kevin Cordova
Broker License
B.19145
Broker Title
Broker of Record
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