Western US

Price: $ 5,478,519
CAP Rate: 6.75%
NOI: $ 369,800
Lease Term Remaining Before Options: 7 Years
Investment Highlights
  • Located on northeast corner of North Rancho Drive and West Washington Street with a combined traffic count of ±59,000 vehicles per day.
  • Walgreens benefits from dense infill demographics with over 58,000 households in a 3-mile radius.
  • Subject property is neighbored by numerous complimentary national retail tenants including McDonalds, O'Reily Auto Parts and 7-Eleven. There are ±6 million square feet of retail space in a 2 mile radius.
  • Located 2 miles north of University Medical Center, a 564-bed Trauma I hospital with ±3,600 employees.
  • Located 2 miles south of the North Las Vegas Airport employing nearly 1,000 and running over 176,000 general aviation operations including tourist helicopter flights.
Offering Summary

We are pleased to market for sale the Walgreens property located at 900 North Rancho Drive in Las Vegas, Nevada (“The Property”). Walgreens has been successfully operating at this location for 22 years and has over 7 years of firm term remaining with 8 (5-year) options to renew.

 

Situated in the densely populated North Las Vegas market, the Property is surrounded by an infill mix of retail and residential with over 165,000 residents in a 3-mile radius. In addition to the dense retail and residential presence, the Property benefits from its strategic location 2 miles north of University Medical Center. University Medical Center, anchored by UMC Trauma Center and Valley Hospital Medical Systems, is a 895,000 square feet medical complex that treats over 430,000 patients annually and houses 3,600 full time medical professionals.

 

The Property is located at the corner of North Rancho Drive and West Washington Street and is visible to over 59,000 vehicles per day. North Rancho Drive is the main connector from North Las Vegas to the U.S. Highway 95 (151,000 vehicles per day) and the Las Vegas Strip 9 miles to the south.

 

This opportunity allows investors to purchase a corporate guaranteed tenant, on two parcels totaling over 2 acres, in a rapidly growing market. According to the U.S. Census, Las Vegas was the 17th fastest-growing metro area in the country the trailing 3 years. The steady population growth, paired with zero personal income tax, has made Las Vegas a target market for investors.

Price: $ 5,478,519
CAP Rate: 6.75%
NOI: $ 369,800
Lease Term Remaining Before Options: 7 Years