Current Use by Public Records
- Walgreens / Pharmacy
Property Details for 4760 Val Vista Dr
- Year built
- 2024
- Property type
- Retail properties & Spaces
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a brand-new, 10,000-square-foot Walgreens pharmacy in Gilbert, Arizona, built in 2024. The property boasts a 15-year absolute NNN lease with a highly-rated tenant, Walgreens (NASDAQ: WBA), ranked #28 on the Fortune 500, generating $145.53 billion in annual revenue. The lease features 5% rent bumps every 10 years, starting with the second option period, ensuring consistent income growth. Located at a hard corner on a busy intersection with over 53,000 cars daily, this property benefits from a strong daytime population exceeding 72,000 employees in the primary trade area and serves a thriving community of over 283,000 residents in one of the fastest-growing cities in the U.S. The affluent area boasts an average household income exceeding $168,000 within a 3-mile radius. The strategic location is further enhanced by proximity to major attractions including SanTan Village, SanTan Motorplex, Mercy Gilbert Medical Center, Phoenix Children's Hospital, and numerous schools and colleges. The property's strong demographics, coupled with the long-term lease and built-in rent increases, make this a compelling investment with a 6.00% cap rate and a $8,567,000 asking price ($856.70/sq ft). The property is situated near significant amenities such as Gilbert Regional Park, a planned Cactus Surf Park, and the Phoenix-Mesa Gateway Airport, all contributing to its exceptional long-term value. This is a rare opportunity to acquire a high-performing, low-maintenance asset in a prime location.
Value Estimations
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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
- -111.756
- Latitude
- 33.2638
