WSS

6021 South Central Avenue, Phoenix, AZ 85042

$6,380,000

Cap Rate 6.50%

Views: 223 DOM: 270 Updated: 09.18.24 Posted: 03.27.24 Status: Active

Summary

Price $6,380,000	Built/Renov 2002/2023	Tenant WSS
Cap Rate 6.50%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 15,080	Lease Start 12-01-2023	#Units 118
Price/SF $423.08	Expiration 12-01-2034	Tenant Type General Retail
NOI $414,700	R. Term 9.11	Ownership Fee Simple
Rent/SF $27.50	Increases 10.0%/5/yrs	Pop 5Mi 209,887
Lot/AC 2.58	Options 4/5yrs/10%	AHHI 5Mi $83,846

Lease Highlights

WSS has 10+ years remaining on the current lease term with 4 (5-year) options to extend
The lease features 10% rental escalations throughout the initial term and option periods
Favorable NN+ lease with landlord responsible for roof and structure
Corporate guaranteed lease

Location Description

WSS is strategically located near the signalized, hard-corner intersection of S. Central Avenue and W. Southern Avenue, with access to a combined daily traffic count of 59,700 vehicles. The property boasts excellent visibility with significant street frontage and a large monument sign. Adjacent to the Foothill Shopping Center, anchored by Los Altos Ranch Markets and Harbor Freight Tools, it is...

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Key Features

Recent renovation
Roof guarantee
High traffic 50M+ VPD
Dense retail corridor
Dense 200M+ pop 5 mi
Top 100 MSA
Long 10+ yr lease
Favorable NN+ lease
Traded and rated company
Corporate Guarantee

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Links

WSS Wikipedia WSS Wikipedia Phoenix, Arizona Zip Code 85042 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: WSS
Guarantor:Corp T and Rated
Company:Foot Locker, Inc
# Units:118
Tenant S&P: BB
Moody’s: Ba2
Stock: NYSE: FL

About Tenant

WSS Shoes, formerly Warehouse Shoe Sales, is a leading southern California retailer that offers a wide variety of footwear, clothing, and accessories from all major brands. WSS carries over 3,000...

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Demographics

	1 Miles	3 Miles	5 Miles
2027 Total Population :	22,323	110,480	218,840
2022 Total Population :	21,187	105,845	206,585
2022 Employed Civilian Pop :	8,434	46,329	87,956
2022 Total Businesses :	389	2,074	7,865
2022 Average Household Income :	$ 63,654	$ 81,670	$ 76,917
2022 Total Consumer Spending :	$ 353 M	$ 2297 M	$ 4433 M
2022 Median Age :	29	31	31
2022 Total Households :	6,293	32,292	66,099
2022 Pop Age 25+: Bachelor's Degree :	714	7,305	17,117
2022 Average Home Value :	$ 319,421	$ 322,824	$ 318,180

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
E Southern Ave	S 4th St	2015	29,167	0.24 mi
East Southern Avenue	S 4th St	2018	28,585	0.24 mi
South Central Avenue	E Sunland Ave	2018	24,892	0.26 mi
W Southern Ave	S Montezuma St	2015	29,247	0.28 mi
East Southern Avenue	S 5th St	2018	31,291	0.32 mi
West Southern Avenue	S 4th Ave	2018	32,236	0.38 mi
S Central Ave	W Chambers St	2014	21,690	0.40 mi
W Vineyard Rd	S Montezuma St	2015	2,923	0.50 mi
S Central Ave	W Carson Rd	2007	25,000	0.58 mi
South Central Avenue	W Carson Rd	2018	23,145	0.58 mi

Listing Broker

Patrick Luther

SRS National Net Lease Group

Contact

420 Listings
50917 Views
165 Sold

Matthew Mousavi

SRS National Net Lease Group

Contact

369 Listings
46483 Views
137 Sold

Patrick Luther

Patrick joined SRS in 2016 with more than 10 years of transactional brokerage experience in the commercial real estate industry and over $1 billion in closed transactions, representing over 300 individual properties. Along with Matthew Mousavi, Patrick co-founded and leads the National Net Lease Group at SRS, the exclusive net lease capital markets platform within SRS, comprised of more than 75 professionals handling all net lease transactions for the firm nationally. He focuses on all types of

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Matthew Mousavi

Matthew is the managing principal and co-founder of the SRS National Net Lease Group, based in Newport Beach, California. SRS’ is the exclusive net lease investment advisory platform across more than 25 offices nationally. SRS is the largest retail estate firm in North America exclusively focused on retail services, of which Matthew is a member of the board. The firm has a track record spanning over 30 years and billions in transaction volume, and represents over 400 retailers throughout the co

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