1080 SW 1St Ave Canby, OR 97013

Property Details for 1080 SW 1St Ave

Lot size

1.39 lot acres

Zone code

CM

Property type

Commercial real estate

APN

41E05A 01200

APU

41E05A01200

Description

This exceptional investment opportunity presents a fee-simple ownership of a 14,820 square foot Walgreens, located at 1080 SW 1st Ave, Canby, Oregon 97013. The property boasts a 15-year absolute NNN lease, commencing February 20, 2023, and expiring February 20, 2038, leaving 13.3 years remaining. The lease includes attractive 5% rent bumps every five years, ensuring consistent income growth. The property features a strong corporate guarantee from Walgreens, a nationally recognized brand operating thousands of stores. Situated on a 1.39-acre lot, this single-story, Class A building was constructed in 2007 and enjoys 100% occupancy. The property benefits from a high-traffic, signalized hard corner location on Southwest 1st Avenue, with a daily vehicle count exceeding 29,300. Its strategic location is further enhanced by proximity to six schools (3,400+ students) and a Safeway-anchored shopping center featuring national tenants like Ace Hardware, Dollar Tree, AT&T, and Starbucks. The surrounding area demonstrates strong demographics, with over 45,000 residents within a 5-mile radius and an average household income exceeding $107,000. The current Net Operating Income (NOI) is $296,400, resulting in a 6.40% cap rate and a price per square foot of $312.48. The asking price for this exceptional investment is $4,631,000. The lease includes twelve, five-year options.