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Property profile & analytics
OFF-MARKET
Estimated value
$1,795,000
Retail space
2610 Rte 66 Flagstaff, AZ 86004-4305
Entity Owned
11-yr Hold
Free & Clear
Property ID
US07-2368012
Property summary
AI-generated overview
This exceptional investment opportunity presents a Walgreens ground lease at 2610 E Rte 66, Flagstaff, AZ 86004. The 14,550 square foot property, built in 2013, sits on a 50,355 square foot lot and boasts a strong 100% occupancy rate. The absolute NNN lease with Walgreens, a Fortune 500 company, has a remaining term of 8.3 years, expiring February 28, 2033, and includes a 10% rent increase every 10 years. The current annual net operating income (NOI) is $242,000, resulting in an attractive 5.75% cap rate. This single-tenant property benefits from its prime location on Historic Route 66, experiencing approximately 32,724 vehicles per day, and its proximity to Northern Arizona University and Flagstaff Medical Center. The surrounding area features numerous national retailers, further enhancing the property's value. The asking price is $4,210,000. This is a rare opportunity to acquire a stable, high-performing retail investment in a desirable location with significant growth potential. The property's strong tenant, favorable lease terms, and strategic location make it an ideal addition to any investment portfolio. The property's parcel number is 107-13-001B.
Property profile
Verified
Property type
Retail space
Use group
STORE, RETAIL OUTLET
Year built
2012
Total area
14,256 SF
Lot
1.16 ac (50,355 SF)
APN
107-13-001B
UPID
US07-2368012
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Walgreens Photo (Bike/Boat/Book/etc) Store
-
FedEx OnSite Postal Service Courier Service
-
COVID-19 Drive-Thru Testing at Walgreens Pharmacy
-
Redbox Cinema (Bike/Boat/Book/etc) Store
-
Walgreens Pharmacy
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.93M
Blend (final)
Blend
$1.80M
Owner & transaction history
LEE ARCE DEVELOPMENT COMPANY
LEE ARCE DEVELOPMENT COMPANY
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.9M
+126.9%
Apartment house (5+ units)
$2.9M
+122.5%
Restaurant
$2.8M
+115.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Flagstaff submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Flagstaff submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$1,290,000
Current use
COMMERCIAL (GENERAL)
$2,920,000
Change: +127% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$2,865,000
Change: +122% · Conversion: Difficult
RESTAURANT
$2,775,000
Change: +116% · Conversion: Easy
OFFICE BUILDING
$2,655,000
Change: +106% · Conversion: Easy
MEDICAL BUILDING
$2,335,000
Change: +81% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,315,000
Change: +80% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$2,310,000
Change: +79% · Conversion: Difficult
Blend value · Realmo final
$1.80M
Range $1.62M – $1.97M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$126 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$38,135
Tax year 2023
Assessed value
$680,735
Assessed 2024
Previous assessed
$680,735
+0.0% YoY
Effective rate
5.60%
On assessed value
Assessed land
$110,870
Assessed improvement
$569,865
Land market value
$671,937
Improvement market value
$3,453,727
Total market value
$4,125,664
Applied tax rate
150.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
STORE, RETAIL OUTLET
Status
Off-Market
Year built
2012
Heating
NONE
Stories
1
Total area
14,256 SF
Lot
1.16 ac (50,355 SF)
APN
107-13-001B
UPID
US07-2368012
Jurisdiction
COCONINO
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.3M
COMMERCIAL (GENERAL)
Est. value
$2.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.9M
RESTAURANT
Est. value
$2.8M
OFFICE BUILDING
Est. value
$2.7M
MEDICAL BUILDING
Est. value
$2.3M
AUTO REPAIR, GARAGE
Est. value
$2.3M
INDUSTRIAL (GENERAL)
Est. value
$2.3M
RETAIL STORES Current
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
RESTAURANT
OFFICE BUILDING
MEDICAL BUILDING
AUTO REPAIR, GARAGE
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2012
Heating
NONE
Stories
1
Lot
1.16 ac
Current owner
From public records · entity-resolved
LEE ARCE DEVELOPMENT COMPANY
Entity
Free & Clear · 0 yrs held
Mailing address
PO BOX 1159, DEERFIELD, IL 60015-6002
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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