Current Use by Public Records
- Portillo's Gilbert / Restaurant / Take-out & Catering
Property Details for 2650 Market St
- Year built
- 2023
- Lot size
- 2.90 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a single-tenant, 7,800 square-foot Portillo's restaurant on a substantial 2.9-acre lot in Gilbert, Arizona. Built in 2023, this property boasts a strong financial profile with an absolute triple-net (NNN) ground lease featuring a corporate guarantee and 8.4 years remaining, extending to March 31, 2033, with four or five-year renewal options. The lease includes a 10% rent increase every five years, ensuring consistent income growth. The current annual rent is $150,000, generating a net operating income (NOI) of $150,000, resulting in a 4.40% cap rate at the asking price of $3,410,000. This prime location at 2650 S Market St, Gilbert, AZ 85295, benefits from exceptional demographics, including a total population of approximately 124,339 and an average household income of $158,076 within a 3-mile radius. The property enjoys high visibility and significant consumer traffic due to its proximity to major retail centers such as San Tan Village Marketplace, San Tan Village, and San Tan Pavilions, as well as the Dignity Health Mercy Gilbert Medical Center. This is a rare opportunity to acquire a well-performing, established restaurant ground lease with significant long-term growth potential. The property's location and tenant strength make it an attractive addition to any investment portfolio.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Gilbert
- County
- Maricopa
- State
- Arizona
- Longitude
- -111.744
- Latitude
- 33.3022
