Las Vegas, NV - Green Valley Grocery (Pebble)
$3,600,000
8870 S. Durango Drive, Las Vegas, NV 89113
5
Cap Rate
180,000
NOI
Details:
Description:
SRS Real Estate Partners, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding, Green Valley Grocery investment property located in Las Vegas, Nevada. The tenant, Midjit Market Inc., recently signed a brand new 20-year lease with 4 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor in a state with no state income tax. Green Valley Grocery is a chain of convenience stores known for its in-store gaming machines, the company operates over 60 locations in the Las Vegas MSA.
Green Valley Grocery is strategically located at the signalized, hard corner intersection of South Durango Drive and Pebble Road, which serves over 63,000 vehicles per day. The site also benefits from nearby access to South Rainbow Boulevard (35,000 VPD) and State Highway 160 (61,500 VPD), making this a centralized location with easy commutes. The asset is ideally positioned just north of Mountains Edge Marketplace, a 76,000 SF lifestyle center that’s home to Albertsons, Ross, Starbucks, Jersey Mikes, and more. Other nearby national/credit tenants include Walmart Supercenter, Tractor Supply, Walgreens, McDonald’s and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Furthermore, Green Valley Grocery is within walking distance from the Mountain Gate & Trails Apartments (539 units) and The Arioso Apartments (195 units), providing a direct residential consumer base from which to draw. Located just 12 miles from Las Vegas Strip, the 5-mile subject trade area is supported by more than 235,000 residents and 59,000 daytime employees. Residents within a 1-mile radius boast an affluent average household income of more than $121,000.
Location
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