- For sale
Multi-tenant NNN leased retail investment, with a long-term lease. This highly-visible, freestanding ±3,668-square-foot retail asset is located at 455 N Country Club Drive in Mesa, Arizona. $1.6 million. Initial cap rate is 7.50 percent.
In 2019 the building underwent an approximate $190,000 interior and exterior renovation to upgrade finishes and modernize the property, including a new roof with a 10-year warranty.
Bank of America also made a significant investment in signage and pole lighting and worked with the landlord to update the building and ATM area.
This opportunity offers investors a fully occupied multi-tenant investment with a new long term, seven-year lease with AAA Auto Title Loans, LLC dba CASH 1.
An investor will enjoy the benefit of additional income with limited building vacancy risk from ancillary tenants: Bank of America ATM, which is installed on the west side of the building, and Clearly Water, Ltd, a water mill located on the south side of the site.
Since 1997, AAA Auto Title Loans, LLC dba CASH 1 has been a long-standing regional operator, who currently has 14 locations in Arizona; and a related entity owns 11 locations in Nevada.
AAA Auto Title Loans, LLC dba CASH 1 has occupied the property since 2006, and a new seven-year, NNN lease commenced June 1, 2019, with a starting rental rate of $28 NNN and 2 percent annual escalations.
The property is located in Mesa, Arizona, the third largest city in all of Arizona (trailing only Phoenix and Tucson) and the 38th largest city in the country with nearly 460,000 residents. The property is located in the downtown Mesa submarket, which is undergoing a major renovation with the expansion of the Light Rail transportation system.