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Views: 45 DOM: 54 Updated: 11.08.24 Posted: 09.21.24 Status: Active

Summary

Price $2,783,000
Built/Renov 1971
Tenant Quik Mart
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 2,323
Lease Start 04-05-2023
#Units 17
Price/SF $1,198.02
Expiration 04-30-2043
Tenant Type Convenience/Gas
NOI $167,000
R. Term 18.5
Ownership Fee Simple
Rent/SF $71.89
Increases 10.0%/5/yrs
Pop 5Mi 156,781
Lot/AC 0.97
Options 4/5yrs/10%
AHHI 5Mi $55,369

Lease Highlights

  • Quik Mart has 18+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the initial term and option periods
  • Property qualifies for 60% year one bonus depreciation or 15-year accelerated depreciation per IRS 1250 Property Designation
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Quik Mart is strategically located on E Benson Highway, with access to 8,400 vehicles passing by daily. The property benefits from its proximity to the I-10 Freeway, which sees 80,000 VPD, and is within a 10-minute drive of both Davis-Monthan Air Force Base and Tucson International Airport. The surrounding area features prominent national tenants such as Dollar General, Circle K, and Amazon....

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Quik Mart
  • Guarantor:Corporate
  • Company:LPT Retail Management Services
  • # Units:17
  • Stock:Private

About Tenant

Quik Mart Stores, Inc. is a chain of convenience stores which have become known as the local choice in the Tucson convenience store marketplace. The company is the largest independent convenience...


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Listing Broker

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