44430 Challenger Way Lancaster, CA 93535

Property Details for 44430 Challenger Way

Year built

2000

Construction

WOOD

Lot size

1.24 lot acres

Property size

15,126 SF

Zone code

LRC3*

Property type

Retail space

APN

3147-008-032

APU

3147008032

Description

This exceptional investment opportunity presents a single-tenant, 15,251 square foot CVS Pharmacy located at 44430 Challenger Way, Lancaster, CA 93535. The property boasts a strong 9.2 years remaining on a net lease with a corporate guarantee from CVS, a tenant with a BBB credit rating from S&P. The lease commenced May 30, 2013, and expires January 31, 2034, featuring four, five-year renewal options with a 10% rent increase in the first option. The property generates a substantial net operating income (NOI) of $354,240, resulting in a compelling 6.65% cap rate. Situated on a 1.24-acre lot, this strategically located retail property benefits from high traffic counts exceeding 21,900 vehicles daily, and proximity to Edwards Air Force Base and numerous defense contractors, serving a rapidly growing population of 141,000 within a 5-mile radius. The property includes a drive-thru and enjoys limited competition, with the nearest CVS over 3 miles away. Further enhancing its value is the proximity to a new, 700,000 square foot Antelope Valley Hospital, slated to open in 2026. The asking price for this exceptional investment is $5,326,917. This is a 100% occupied, single-building property with no rent holidays.

Location Insight

City

Lancaster

County

Los Angeles

State

California

Longitude

-118.112

Latitude

34.6904

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments