Chipotle NNN — Phoenix, AZ

Updated July 18, 2026

$4,112,000 · 4.50% CAP · 15 YRS

Brand-new Chipotle in Phoenix under a corporate guarantee, with 15 years of primary term and 10% increases every five years. The NN structure keeps landlord duties limited, and four 5-year options extend the horizon.

Lease Abstract

Price

$4,112,000

Cap rate

4.50% CAP

NOI

$185,000

Term remaining

15 YRS

Lease type

NN

Increases

10% every 5 years

Options

Four (4) Five (5) Year Options

Guarantee

Corporate

Building

2,325 SF

Lot

1.09 AC

Year built

2026

Listing information is deemed reliable but not guaranteed — pricing, cap rates, and lease terms are subject to change, prior sale, or withdrawal without notice.

Property Details

2,325 SF building, built 2026, 1.09 acres of land. $1,769/SF asking, $79.57/SF NOI. Rent increases: 10% every 5 years. Renewal options: Four (4) Five (5) Year Options. Corporate guarantee. Primary term ends around 2041 (15 yrs left at listing, Jul 2026).

Location

Phoenix, Arizona. Full address and offering memorandum released on request — see our Chipotle tenant guide and the Arizona market page for the underwriting context.