Walgreens - Oro Valley AZ
Retail | 6.00% CAP | 14,766 SqFt
Marketing description
10405 N. La Cañada Drive presents a compelling net lease investment opportunity in Oro Valley, Arizona, one of the safest and most established retirement communities in the Western United States. The property is secured by a long-term absolute NNN lease with Walgreens, providing passive income with no landlord responsibilities and built-in rental growth. Strategically positioned along a dominant retail corridor near a major signalized intersection, the site benefits from high-income demographics, strong national tenancy in the surrounding area, and proximity to country clubs and luxury resorts. With a drive-thru-equipped format, rare 5% rent increases every five years, and long-term renewal options, the offering is well suited for investors seeking durable cash flow, capital preservation, and a defensive 1031 exchange opportunity.
Location Summary:
Located in Oro Valley, an affluent suburban community within the Tucson, Arizona metropolitan area, the property is positioned along North La Cañada Drive, a primary retail corridor serving the northwest Tucson region. The site benefits from strong visibility, access, and proximity to a major signalized intersection, surrounded by national retailers and daily-needs services. Oro Valley’s reputation for safety, high household incomes, and limited commercial infill supports long-term retail demand and durable real estate fundamentals.
The greater Tucson market provides regional connectivity and access to employment centers, healthcare institutions, and lifestyle amenities, while Oro Valley offers a distinct, upscale residential base anchored by master-planned communities, country clubs, and luxury resorts. This combination of metropolitan accessibility and submarket affluence creates a stable consumer base and reinforces the location’s longterm relevance for essential retail uses within a high-barrier desert market.
*Showcased rent includes the scheduled increase effective February 2027*
Investment highlights
Absolute NNN Lease – Tenant responsible for all maintenance, repairs, and operating expenses, including roof, structure, and parking lot
Long-Term Lease with Built-In Growth – Lease expiration February 28, 2035, with twelve (12) five-year renewal options
Rare 5% Rent Increases Every Five Years – Embedded contractual rent growth over the primary term and option periods
Rare Walgreens Drive-Thru – Enhanced functionality and operational efficiency compared to standard in-line formats
Prime Retail Corridor Location – Situated near a major signalized intersection and surrounded by national retailers in a dominant commercial corridor
High-Income Demographics – Positioned within a dense, affluent trade area with strong household incomes and long-term population stability
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