Property Details for 2006 Avenue J

Lot size

1.66 lot acres

Property size

25,500 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a single-tenant, 25,500 square foot CVS Pharmacy located at 2006 W Ave J, Lancaster, CA 93536. The property sits on a 1.66-acre lot and boasts a 100% occupancy rate with a credit-rated, corporate-guaranteed lease. The CVS Pharmacy, a prominent anchor tenant, generated nearly $20 million in sales last year, resulting in a remarkably low rent-to-sales ratio of 1.24%. This location is consistently ranked as the top-performing CVS in its trade area and within the top 95th percentile nationally. The property benefits from a triple-net (NNN) lease structure and offers a current cap rate of 5.75% with a pro-forma cap rate of 10.72% achievable at market rent. The shopping center enjoys excellent co-tenancy with businesses such as Smart & Final, DD's Discounts, AT&T, Western Dental, and Supercuts, all of which are high-performing in their respective categories. The center experiences substantial foot traffic, with annual visits exceeding 1.5 million and year-over-year growth exceeding 33.5%. The property's strategic location at a signalized intersection of W Avenue J and 20th Street W sees over 58,800 vehicles daily, further enhanced by convenient freeway access. The strong demographics of the area, with over 167,000 residents within a 5-mile radius and an average household income exceeding $82,000, contribute to the property's exceptional performance. The lease includes a rare 10-year option extension, providing long-term security and investment stability. The asking price is $4,280,000.

Location Insight

City

Lancaster

County

Los Angeles

State

California

Longitude

-118.166

Latitude

34.6879