NNN Lease 7.0% Cap - Church Tenant 15 year lease

Retail-Commercial for Sale
Catylist Listing ID: 28506241
Property Subtypes: Free-Standing Building, Other
Building Size (RSF): 12,999 SF
Gross Building Area: See Agent
Gross Land Area: 1.23 Acres
Sale Price: $3,434,226
Unit Price: $264.19 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Sale Terms: Cash to Seller
Cap Rate: 7.0%
Last Updated: 10/23/2017

Overview / Comments

***Exclusive Listing ***

12,999+/- square foot freestanding building with a full kitchen with hood, walk-in cooler, walk-in freezer, stainless steel and granite counter tops, HVAC units, ceiling fans, and full-size grease trap.

Previously occupied by Auto Boutique & Collectibles, now 100% occupied by a church tenant with an absolute NNN lease. The current tenant has 10 years left on an existing 15 year lease agreement, expiring August 31, 2026; the lease is personally guaranteed.

7.0% Cap. Seller to credit a buyer the difference between current base rent and the September 1, 2016 scheduled base rent increase, upon the close of escrow.

Located in the Cheyenne Valley Gateway professional office and retail park. It is centrally located between the communities of Summerlin and Aliante, and just minutes away from both I-15 and US 95.
Monthly rent of $20,032.99

Current Tenants

Tenant Business Name Calvary Chapel Meadow Mesa Church
Industry Type Other Services
Is Renting? Yes
SF of Space Occupied 12,999 SF
Current Rent $216,823 PSF (Annual)
Escalations September 1, 2014 $18,068.61 monthly base rent, Thereafter, each year rent shall increase by 3.5% or CPI, whichever is greater.
Options Option to extend for two additional 60 month periods.

Additional Details

Nearest MSA: Las Vegas-Paradise
County: Clark
Submarket/Township: North Las Vegas
Tax ID/APN: 139-07-417-012
Zoning: (PUD) PLANNED UNIT DEVELOPMENT
Highway Access: The subject property is strategically located within minutes of freeways.
Site Description: ***Exclusive Listing *** 12,999+/- square foot freestanding building with a full kitchen with hood, walk-in cooler, walk-in freezer, stainless steel and granite counter tops, HVAC units, ceiling fans, and full-size grease trap.
Area Description: ***Exclusive Listing *** Located in the Cheyenne Valley Gateway professional office and retail park. It is centrally located between the communities of Summerlin and Aliante, and just minutes away from both I-15 and US 95, the Las Vegas Strip and the Las Vegas Speedway with the North Las Vegas Airport located directly across West Cheyenne from the site.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 12,999 SF
Property Condition: Excellent
Year Built: 2009
Parking Type: Surface
Zoning Description: (PUD) Planned Unit Development

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,512 205,130 542,917
Median Age: 35.47 34.37 35.13
Households: 5,725 69,969 187,209
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