Single Tenant NNN Leased Investment
7800 N. 59th Avenue
Glendale, AZ 85301
- Single Tenant NNN Leased Investment
- Tenant: Choices in Community Housing
- 8.4% Cap Rate on In-Place Income
- Tenant Has Renewal Option for 5 Additional Years
- Strong Behavioral Health Day Treatment Center Organization
- Tenant Services all of Arizona
- Offering Includes Two Commercial and One Residential Facility on a Master Lease Agreement
- Three Total Properties Located in both Glendale, AZ and Buckeye, AZ
- Option to Purchase Neighboring 1.62 Acres of Commercially Zoned Land to the Glendale Facility
The subject property consists of a single tenant NNN leased investment opportunity. The tenant is a local behavioral health organization consisting of a day treatment center focusing on disabled and special needs individuals. The operator recently executed a 5-year lease that commenced in September of 2018. The offering consists of three (3) separate buildings that include the main Glendale facility totaling 11,704 SF, the Buckeye, AZ facility totaling 3,102 SF ( and 5,000 SF neighboring lot), and a residential home in Glendale, AZ totaling 2,178 SF. These three buildings are on a single master lease agreement in which the operator is paying a NNN rent. There is an additional 1.92 acres of adjacent commercially zoned land that can be purchased separately our grouped together in the transaction for a portfolio sale.
The subject property is located south of the southwest corner of 59th Ave and Northern Ave in Glendale, AZ. It's located in close proximity to the US 60 Freeway. There are nearly 200,000 residents within a 3-mile radius within this dense suburban market, which also sees nearly 25,000 VPD along 59th Ave. The property is fairly close to Westgate as well as the Downtown Glendale Catlin Court Historic District. Northern Crossing Shopping Center is located directly across the street from the property.