Chevron Gas Station & Convenience Store

Highlights:

• LONG TERM LEASE - The tenant signed a brand new 20 year Absolute NNN Lease in August 2023, leaving a new owner a nearly full term remaining.
• ZERO LANDLORD RESPONSIBILITIES - Absolute NNN Lease. Ideal for Investors not Local to the Market or looking for a "hands off" investment. Tenant responsible for all taxes, insurance, and maintenance including roof, structure, and parking lot.
• RENTAL INCREASES - 10% every Five (5) years Rental increases throughout the base term and following two options gives the investor the ability to hedge against inflation.
• BONUS DEPRECIATION - Fee simple ownership of a Gas Station provides the landlord the opportunity to use accelerated Bonus Depreciation model. Consulting your Accountant or Tax Attorney is advised.
• STRONG GUARANTOR - This location is backed by West Coasts Petroleum Newports, an Arizona LLC with guarantor net worth above $19.25M.
• STRONG OPERATOR - Fourteen (14) unit franchisee operator has been in business for over 16 Years, with Gross Annual Revenues over $69M.
• NEW CONSTRUCTION: This ChevronGas Station was just renovated in 2020.

Description:

Prime Net Lease is pleased to offer the opportunity to acquire the fee simple interest in a free standing Chevron Gas Station & Convenience Store located in Tucson, Az. The subject property was built in 1989, and significantly remodeled in 2020. Chevron purchased the site from the previous operator and signed a brand new 20 year Absolute NNN lease.

The original corporately guaranteed lease commenced in August 2023, now leaving 18+ years remaining on its initial term. This absolute NNN lease has 10.0% rental increases every five (5) years during the base term and grants the Tenant two successive 5-year options to extend the lease. The fuel station boasts a modern infrastructure, including state-of-the-art fuel pumps, and a well-stocked convenience store.

Prominent position along Speedway Blvd, a significant Tucson thoroughfare known for its heavy traffic flow (±42,895 VPD).

Property is located in close proximity to various shopping complexes, with national tenants such as Walmart Supercenter, Sprouts, Lowe’s, Fry’s, Safeway, and more. Tucson is the 2nd-most populated city in Arizona (Population of 546,019). There are six different multifamily communities located within 1 mile of location comprising over 1,538 Total Units.

Tucson is the 2nd-most populated city in Arizona, Population of 546,019.


Prominent position along Speedway Blvd, a significant Tucson thoroughfare known for its heavy traffic flow (±42,895 VPD). Located in close proximity to various shopping complexes, with national tenants such as Walmart Supercenter, Sprouts, Lowe’s, Fry’s, Safeway, and more. Tucson is the 2nd-most populated city in Arizona (Population of 546,019)

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