337 1st St Salida, CO 81201-1601

This exceptional investment opportunity presents a 2,450-square-foot convenience store and Conoco Gas Station in Salida, Colorado. The property, built in 1976 and situated on a 0.2-acre lot, boasts a prominent location at 337 W 1st St, offering excellent visibility and access. Currently operating under an absolute NNN lease with Alta Convenience and Conoco Gas, the lease features approximately 16.2 years remaining, with four 5-year renewal options. The lease includes attractive rent bumps: 1.5% annual increases until February 2026, followed by 7.5% increases in 2031, 2036, and at the start of each option period. The property generates a substantial NOI of $147,668, resulting in a 6.25% cap rate. The asking price is $2,363,000, translating to $964.49 per square foot. The property includes 10 parking spaces and 2 gas pumps. The tenant, CF Altitude LLC, operates 164 service stations and convenience stores across multiple states and is headquartered in Greenwood Village, Colorado. Fee simple ownership provides potential bonus depreciation benefits. This offering presents a compelling combination of strong tenant occupancy, significant remaining lease term, and built-in rent growth, making it an ideal addition to any investment portfolio.