7850 Enchanted Hills Blvd Rio Rancho, NM 87144

This exceptional investment opportunity presents a 15,067 square foot Walgreens located at 7850 Enchanted Hills Blvd NE, Rio Rancho, NM 87144. The property sits on a 1.72-acre lot with 95 parking spaces and benefits from a highly visible, signalized hard corner location with approximately 150,685 vehicles per day passing by. The property is an absolute NNN lease with a credit-rated corporate guarantor, eliminating landlord responsibilities. The current lease, with Walgreens, a Fortune 500 company with a BB credit rating, has a remaining term of 11.9 years, extending to September 30, 2036, and includes eight, five-year lease options. The lease commenced January 28, 2002, and was recently extended. The property boasts a strong net operating income (NOI) of $316,122, resulting in a 6.25% cap rate. This Class B retail property is part of a thriving shopping center, situated near other major retailers including Albertson's and Walmart, and is conveniently located near Santa Ana Star Casino Hotel, US Highway 550, and the New Mexico Soccer Tournament Complex. The surrounding area demonstrates significant growth, with a 16.57% population increase within a one-mile radius since 2020, and an average household income exceeding $129,400 within the same radius. The asking price for this exceptional investment is $5,058,000.