16 W Mckellips Rd Mesa, AZ 85201

Property Details for 16 W Mckellips Rd

Year built

1985

Lot size

0.67 lot acres

Property size

2,758 SF

Zone code

LC

Property type

Commercial real estate

APN

136-17-003S

APU

13617003S

Description

This exceptional investment opportunity presents a brand-new, 1,585 square foot Gravity Coffee location in Mesa, Arizona. Built in 2024, this property boasts a prime location on East McKellips Road, a high-traffic thoroughfare with over 68,000 cars daily. The property features a drive-thru, crucial for this thriving QSR/Restaurant concept. The 25.1-year net lease, commencing December 15, 2024, and expiring December 31, 2049, includes a corporate guarantee and attractive 10% rent bumps every five years, ensuring consistent income growth. With a current net operating income (NOI) of $130,000 and a 5.80% cap rate, this offering provides a strong return on investment. The tenant, Gravity Coffee, is a rapidly expanding franchise with over 50 locations across nine states, demonstrating a proven business model. Situated on a 0.674-acre lot, this property benefits from a robust trade area with over 265,098 residents within a five-mile radius. The lease includes five, five-year renewal options, providing long-term stability and potential for future appreciation. This is a rare opportunity to acquire a high-performing, established brand in a rapidly growing market. The asking price is $2,241,000, representing a price per square foot of $1,413.88.