Walgreens - Dark - Apple Valley, CA

This is a unique opportunity to purchase a free standing retail building on a main thoroughfare in San Bernardino County, the largest county in the contiguous United States by area. San Bernardino is part of the Inland Empire of southern California and has over 2.1 million residents. Highway 18 is the main thoroughfare through Apple Valley. National retail tenants in the adjacent and across the street from this store include Target, Walmart, Albertsons, Starbucks, Chase Bank, Ross Dress for Less, and more. Subject property is located approximately 3 miles southeast of Providence St. Mary Medical Center, a 213-bed full service hospital served by 300 physicians. Just one block from the subject property is located Apple Valley Town Hall which includes the Civic Center Park, Apple Valley Police Department, the Apple Valley Conference Center and the San Bernardino County Library.The store is dark and no longer in operation but will produce over $2,000,000 of income over the remaining 6.5 years of lease term. Rental income is guaranteed by Walgreens corporate (S&P BBB-) investment grade Fortune 500 Company with over 9,200 locations. Lease buyout is available from Walgreens. Property can be purchased free and clear of debt or by a debt assumption. The current loan has an interest rate of 4.5% and a monthly payment of $16,273 giving a buyer $10,727 cash flow per month not including principal paydown. The loan comes due 7/28/2029 and will have a balance of $2587,920 at maturity.