Tempe, AZ Carvana 707 East Gilbert Drive, Tempe, AZ Cap Rate 6.35% Tempe ( Arizona, US ) Built

$10,867,000 USD

BAI-MEX Bienes Raíces y Negocios

  • Type: Commercial
  • Style: Commercial
  • Size: 8,394 sq. ft.
  • Development Level: Built
  • Year Built: 2018


Tempe, AZ Carvana 707 East Gilbert Drive, Tempe, AZ Cap Rate 6.35%

Cap Rate: 6.35%
NOI: $690,057
Building Size: 8,394 sqft
Year Built: 2018

Price: 10,867,000 USD

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a newly constructed, freestanding, corporate guaranteed, Carvana Car Vending Machine, investment opportunity located in Tempe, Arizona (Phoenix MSA). The tenant, Carvana LLC, recently signed a 20-year lease in 2018 (17 years remaining) with 4 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features approximately 9.59% rental increases (lesser of 9.59% or 1.25 x 5-year CPI) every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor.

Carvana is located directly along State Highway 202 (198,600 VPD), the primary east/west thoroughfare traveling throughout Tempe, with convenient nearby on/off ramp access. The asset benefits from excellent visibility via significant highway frontage and its 8-story Car Vending Machine, increasing direct consumer exposure. Carvana is positioned in a dense retail and commercial corridor with nearby national/credit tenants including Walmart Supercenter, The Home Depot, Target, Michaels, Burlington, Dollar Tree, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. In addition, the property is located directly across from Arizona State University - Tempe Campus, the largest of the ASU’s campuses with more than 70,000 students enrolled. Moreover, Carvana is located just 4.5 miles east of Phoenix Sky Harbor International Airport, Arizona’s largest and busiest airport with a reported 46,288,337 passengers in 2019. The 5-mile trade area is supported by more than 340,000 residents with an average household income of $73,000.

For more information:

Javier Tamez Martínez.
Celular: +52 (81) 1599 75 36
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Information is deemed to be correct but not guaranteed.