3434 Southern Ave Phoenix, AZ 85041-4306

Property Details for 3434 Southern Ave

Year built

2007

Construction

CONCRETE

Lot size

1.54 lot acres

Property size

14,820 SF

Zone code

C-1

Property type

Drug stores

APN

105-68-530

APU

10568530

Description

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.

Location Insight

City

Phoenix

County

Maricopa

State

Arizona

Longitude

-112.133

Latitude

33.3926

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments