3434 Southern Ave, Phoenix, AZ 85041-4306
- Drug stores
- 14,820 SF
- 1.54 lot acres
Current Use by Public Records
- Walgreens Photo / (Bike/Boat/Book/etc) Store
- Walgreens Pharmacy / Pharmacy
- Walgreens / Pharmacy
- FedEx OnSite / Postal Service / Courier Service
- Tiffani Pham, PharmD / Pharmacy
Property Details for 3434 Southern Ave
- Year built
- 2007
- Construction
- CONCRETE
- Lot size
- 1.54 lot acres
- Zone code
- C-1
- Property type
- Drug stores
- APN
- 105-68-530
- APU
- 10568530
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| May 23, 2025 | $5,200,000 | Lawrence S Mihalas | Cot Wg Meadow LLC | Special Warranty Deed | — |
| Nov 27, 2023 | — | Walgreen Co | Cot Wg Meadow LLC | Lease | — |
| Nov 27, 2023 | $4,533,500 | Cot Wg Meadow LLC | Walgreen Arizona Drug Co | Special Warranty Deed | $90.3M · Wells Fargo Bank NA |
| Sep 11, 2006 | $1,540,000 | Walgreen Arizona Drug Co | 35th Avenue Holdings LLC | Grant Deed | — |
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.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $5,280,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $6,314,000
- AI Estimate
- $6,217,000
Market price range: $1.74M - $8.17MMarket price range: $1.70M - $8.03M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $4,415,000 Current use
- RESTAURANT
- $7,915,000 Change: +79% Conversion: Easy
- AUTO REPAIR, GARAGE
- $6,260,000 Change: +42% Conversion: Difficult
- OFFICE BUILDING
- $4,445,000 Change: +1% Conversion: Easy
- MEDICAL BUILDING
- $3,935,000 Change: -11% Conversion: Difficult
- WAREHOUSE, STORAGE
- $3,845,000 Change: -13% Conversion: Difficult
- NEIGHBORHOOD: SHOPPING CENTER
- $3,770,000 Change: -15% Conversion: Moderate
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Phoenix
- County
- Maricopa
- State
- Arizona
- Longitude
- -112.133
- Latitude
- 33.3926
- CBSA code
- 38060
- CBSA name
- PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA
