PRIME Net Leased Investment - Rite Aid

1735 E Walnut Ave Visalia, CA 93292

1735 E Walnut Ave, Visalia, CA, 93292
1735 E Walnut Ave, Visalia, CA, 93292
FOR SALE
Property Type:
Free Standing Building
Amount:
$7,995,000
Last Verified:
Jan 20, 2021

Highlights

  • Excellent Location (Surrounded by Residential Communities) contributes to the more than 147,000 residents within a 5-Mile radius.​
  • ​Current Cap Rate (Net) 5.62%
  • ​Options including without Management Fee (Option 1) 5.96% (Option 2) 6.25% (Option 3) 6.57% (Option 4) 6.89% (Option 5) 7.24% (Option 6) 7.60%
  • ​NOI $448,926
  • ​Single Tenant- Long Term Lease (NN)
  • ​Original Lease Term - 20 Years
  • ​Remaining Lease Term - 5 +/- years
  • ​Options 6 of 5 years each with Rent Increase 5% per option
  • ​Single Tenant, 1-Story Building on 1.56+/- acres
  • ​Corporate Guarantor
  • ​Debt Assumable (Subject to lender approval)
  • ​100% occupancy
  • ​70+/- Parking Spaces
  • ​Strong local demographics and population growth
  • ​Sellers are doing a 1031 Exchange

Description

We are pleased to present this popular Rite-Aid located in Visalia, CA with a Price Improvement.​ This Rite-Aid is one of the top producing stores within the California Central Valley and features a double drive through facility/prescription drive thru and has a strong operating history.​ Rite-Aid's popularity with the community and its 20-year commitment with 6 additional successive terms of five (5) year each (options) to extend (Rent Increase 5% per option), demonstrates their commitment to this location.​ Rite-Aid is located on a hard corner with excellent visibility and high traffic count.​ Centrally located, this prime Retail net investment property, is in the heart of East Visalia, CA and operates as a high performing essential services business.​



In addition to the Drive Thru Pharmacy, the building contains approximately 17,272 SF of interior space there is also ample Parking Spaces and is on a NN lease.​



With a 2020 population of 137,272, it is the 44th largest city in California.​ Visalia is currently growing at a rate of 1.28% annually and its population has increased by 10.31% since the most recent census, which recorded a population of 124,442 in 2010.​ Spanning over 38 miles, Visalia has a population density of 3,620 people per square mile.​



Visalia serves as the economic center of the Sequoia Valley region, which is one of the most productive agricultural areas of the entire USA.​ Due to this strong agricultural presence, many of the workers live locally, which contributes to the more than 147,000 residents within a 5-Mile radius.​

This prime Retail investment property, is in the heart of East Visalia, CA. Visalia, serves as the economic center of the Sequoia Valley region, which is one of the most productive agricultural areas of the entire USA. Due to this strong agricultural presence, many of the workers live locally, which contributes to the more than 147,000 residents within a 5-Mile radius. In addition, the local market has a healthy quantity of other strong retail tenants such as Walmart, Costco, McDonalds and more.


Year Built: 2006
Building Size: 17570sq ft
Lot Size: 1.56 acres

Map of 1735 E Walnut Ave, Visalia, CA, 93292

Presented by:

Request additional information


Send a message
Share this Listing

Not Interested In This Property? TheBrokerList.com Can Help
Looking for an office, retail space, warehouse or anything else?
Contact a Licensed Member Today

What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.