Las Vegas, NV - Green Valley Grocery
$4,896,000
7690 South Durango Drive, Las Vegas, NV 89113
4.8
Cap Rate
235,000
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, corporate signed, Green Valley Grocery investment property located in Las Vegas, Nevada. The tenant, Midjit Market, Inc. recently executed a brand new 20-year lease that includes 4 (5-year) options to extend, demonstrating their long-term commitment to the site. Midjit Market, Inc. is the parent company of Green Valley Grocery, a regional gas station/c-store operator with more than 60 locations, most of which being near Las Vegas. The lease features scheduled rental increases throughout the initial term and options to extend, increasing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity in a state with no state income tax. Investor benefits from fee-simple ownership of the building and land. Fee-simple ownership of a convenience store qualifies for accelerated depreciation (see page 14 for more details).
Green Valley Grocery is strategically located at the signalized, hard corner intersection of W. Robindale Road and S. Durango Drive (55,000 VPD), a primary North/South retail and commuter thoroughfare serving Las Vegas and the immediate trade area. The subject property is located directly across from the main entrance of Rhodes Ranch, a 1,330-acre master planned golfing community with 4,000 single family homes. The site is also positioned near new development such as the UnCommons and Durango Station Casino. UnCommons mixed-use development is located on a 40-acre site and will include 500k SF of office, 91k SF of retail, 800+ residential units, and 2,500+ parking spaces. Station Casinos is developing a new resort called Durango, located just 1 mile from the subject property that will include a hotel, casino floor, four restaurants, a food hall, and meeting and convention space The 5-mile trade area is supported by a population of over 286,000 with an average household income of $95,637.
Location
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