1616 Thomas Rd Phoenix, AZ 85016

Property Details for 1616 Thomas Rd

Year built

1999

Lot size

1.85 lot acres

Property size

13,846 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a 13,846-square-foot Walgreens pharmacy located in Phoenix, Arizona, on a 1.85-acre lot. The property boasts a prominent location at the signalized intersection of East Thomas Road and North 16th Street, benefiting from high visibility and traffic counts exceeding 32,000 and 33,000 vehicles per day respectively. The site is also less than five miles northeast of downtown Phoenix and a half-mile from the Piestewa Freeway (180,704 VPD). This Walgreens is situated within a thriving retail and commercial corridor, surrounded by numerous national retailers including dd's Discounts, Dollar Tree, and others, and is only 0.3 miles from the expanding Phoenix Children's Hospital, a 500+ bed medical center. The current Walgreens lease commenced in November 2023 and has approximately 14 years remaining, featuring a 5% rent increase every five years and in each of the twelve five-year renewal options. Built in 1999, this single-tenant, net-leased property offers a compelling 5.75% cap rate with a net operating income (NOI) of $318,895 and an asking price of $5,546,000 ($400.55/sq ft). The property's strong tenant, long lease term, and strategic location in a rapidly growing area make it an attractive investment prospect. Phoenix, Arizona's robust economy, driven by technology, healthcare, and tourism, further enhances the investment potential. This is a rare opportunity to acquire a high-performing, well-located Walgreens in a major metropolitan area.

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Longitude

-112.047

Latitude

33.4807