3434 Southern Ave Phoenix, AZ 85041-4306

This exceptional investment opportunity presents a fee-simple interest in a 14,821-square-foot Walgreens located in Phoenix, Arizona. The property boasts a brand-new 15-year absolute NNN lease with a corporate guarantee from Walgreens (NASDAQ: WBA), commencing November 20, 2023, and expiring November 29, 2038. The lease includes twelve 5-year renewal options, ensuring long-term stability. Rental increases of 5% every five years provide built-in inflation protection and steadily growing net operating income (NOI), currently at $326,040, representing a 6.00% cap rate on the $5,434,000 asking price. The property, built in 2007, sits on a 1.54-acre lot with 59 parking spaces and is zoned C-1 Neighborhood Commercial. Its prime location at the signalized intersection of West Southern Avenue and South 35th Avenue benefits from high daily traffic counts (65,400 vehicles) and proximity to other major retailers, including Dollar Tree, Taco Bell, Planet Fitness, Goodwill, McDonald's, Walmart Supercenter, Starbucks, and Jack in the Box. The 5-mile trade area boasts a population exceeding 213,000 residents and 104,000 employees, with an average household income of $89,116. This is a truly passive investment opportunity with zero landlord responsibilities, offering significant long-term value and strong returns. The property's APN is 105-68-530.