Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a freestanding Little Caesars drive-thru restaurant located at 3261 Cerrillos Road in Santa Fe, New Mexico. The property is positioned as an outparcel to Walmart along the city’s primary commercial arterial, benefiting from exceptional visibility, strong traffic counts, and consistent daily consumer activity. Cerrillos Road serves as one of Santa Fe’s most important retail and commuter corridors, connecting the trade area to St. Michaels Drive, I-25, and the broader Santa Fe MSA. The asset is secured by an absolute NNN lease with zero landlord responsibilities, offering truly passive income backed by Sizzling Caesars, LLC—an experienced 450+ unit Little Caesars franchisee with a proven operational track record. The lease features rare 3% annual rent increases throughout the option periods, providing reliable income growth and long-term inflation protection. With a lease commencement date of 2012, the site demonstrates strong operational durability and long-standing tenant commitment. The surrounding trade area is anchored by Walmart, The Home Depot, Albertsons, Sam’s Club, Best Buy, and a dense mix of national retailers, service providers, and daily-needs operators. Santa Fe’s stable economic base—supported by state government, healthcare, education, and tourism—creates consistent demand for value-oriented quick-service dining. The property benefits from a strong residential population, workforce housing, and steady commuter traffic along Cerrillos Road, one of the highest-volume corridors in the region. This property provides investors with a rare combination of passive NNN income, annual rent escalations, and a high-performing national QSR brand in a supply-constrained, high-barrier market. The long-term operating history, drive-thru format, and Walmart outparcel positioning make this an attractive, durable net-lease investment.