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Walgreens 10405 N La Canada Dr 14,766 SF Retail Building Tucson, AZ 85737 $6,477,943 CAD ($438.71 CAD/SF) 6% Cap Rate
Investment Highlights
- Absolute NNN Lease – Tenant responsible for all maintenance, repairs, and operating expenses, including roof, structure, and parking lot
- Rare 5% Rent Increases Every Five Years – Embedded contractual rent growth over the primary term and option periods
- Prime Retail Corridor Location – Situated near a major signalized intersection and surrounded by national retailers in a dominant commercial corridor
- Long-Term Lease with Built-In Growth – Lease expiration February 28, 2035, with twelve (12) five-year renewal options
- Rare Walgreens Drive-Thru – Enhanced functionality and operational efficiency compared to standard in-line formats
- High-Income Demographics – Positioned within a dense, affluent trade area with strong household incomes and long-term population stability
Executive Summary
10405 N. La Cañada Drive presents a compelling net lease investment opportunity in Oro Valley, Arizona, one of the safest and most established retirement communities in the Western United States. The property is secured by a long-term absolute NNN lease with Walgreens, providing passive income with no landlord responsibilities and built-in rental growth. Strategically positioned along a dominant retail corridor near a major signalized intersection, the site benefits from high-income demographics, strong national tenancy in the surrounding area, and proximity to country clubs and luxury resorts. With a drive-thru-equipped format, rare 5% rent increases every five years, and long-term renewal options, the offering is well suited for investors seeking durable cash flow, capital preservation, and a defensive 1031 exchange opportunity.
Location Summary:
Located in Oro Valley, an affluent suburban community within the Tucson, Arizona metropolitan area, the property is positioned along North La Cañada Drive, a primary retail corridor serving the northwest Tucson region. The site benefits from strong visibility, access, and proximity to a major signalized intersection, surrounded by national retailers and daily-needs services. Oro Valley’s reputation for safety, high household incomes, and limited commercial infill supports long-term retail demand and durable real estate fundamentals.
The greater Tucson market provides regional connectivity and access to employment centers, healthcare institutions, and lifestyle amenities, while Oro Valley offers a distinct, upscale residential base anchored by master-planned communities, country clubs, and luxury resorts. This combination of metropolitan accessibility and submarket affluence creates a stable consumer base and reinforces the location’s longterm relevance for essential retail uses within a high-barrier desert market.
*Showcased rent includes the scheduled increase effective February 2027*
Location Summary:
Located in Oro Valley, an affluent suburban community within the Tucson, Arizona metropolitan area, the property is positioned along North La Cañada Drive, a primary retail corridor serving the northwest Tucson region. The site benefits from strong visibility, access, and proximity to a major signalized intersection, surrounded by national retailers and daily-needs services. Oro Valley’s reputation for safety, high household incomes, and limited commercial infill supports long-term retail demand and durable real estate fundamentals.
The greater Tucson market provides regional connectivity and access to employment centers, healthcare institutions, and lifestyle amenities, while Oro Valley offers a distinct, upscale residential base anchored by master-planned communities, country clubs, and luxury resorts. This combination of metropolitan accessibility and submarket affluence creates a stable consumer base and reinforces the location’s longterm relevance for essential retail uses within a high-barrier desert market.
*Showcased rent includes the scheduled increase effective February 2027*
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,766 SF
Building Class
B
Year Built
1997
Price
$6,477,943 CAD
Price Per SF
$438.71 CAD
Cap Rate
6%
NOI
$388,710 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.20
Lot Size
1.66 AC
Zoning
PAD
Parking
72 Spaces (4.88 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Dedicated Turn Lane
- Signalized Intersection
- Drive Thru
Somewhat walkable
30/100
Very drivable
80/100
Minimal public transit
10/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 224-25-023F | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $454,099 CAD |
Property Taxes
Parcel Number
224-25-023F
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$454,099 CAD
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Walgreens | 10405 N La Canada Dr
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