Available $2,823,529 - Retail - Single Tenant
Investment Offering & Highlights
- New 15 Year Lease with very attractive 10% rent increases every 5 years
- Corporate-backed lease – “AA-“ credit rating by Standard & Poor’s
- Hard Corner Location at Signalized Intersection of Adams Avenue and Ohio Street – Combined daily traffic counts exceed 21,900 vehicles
- Proven Operation – 7-Eleven has operated at this site for over 30 years and recently expanded to absorb the additional 29% of the buildings GLA
- Beer and Wine Sales at this Location
- Densely populated area – Over 581,000 residents within a five mile radius
The subject property is a 7-Eleven located in the North Park community of San Diego, California. 7-Eleven, who has operated at this location for over 30 years, recently exhibited their long-term commitment to the site by signing a new 15 year lease and expanding their operations to incorporate the additional 1,000 square feet of the building (previously occupied by Insta Print). The lease provides for 10% rent increases every five years throughout both the initial lease term and four 5-year renewal options. Beer and wine sales at this location ensure the profitability of the site’s operation.
Headquartered in Irving, Texas, 7-Eleven is the largest chain store operator worldwide with over 65,000 locations and has a “AA-“ credit rating by Standard & Poor’s.
Located at the intersection of Adams Avenue and Ohio Street, the property is situated at a signalized hard corner along the area’s main retail corridor. Combined daily traffic counts exceed 21,900 vehicles. The culturally diverse surrounding community is home to a plethora of cafes, diners, coffee shops, microbreweries and boutiques. The site is positioned one block west of Interstate 805, one of the area’s main traffic thoroughfares with daily traffic counts of over 185,000 vehicles. This densely populated area is home to over 260,000 residents within a three mile radius and over 581,000 within a five mile radius.
- Price: $2,823,529
- Cap Rate: 4.25%
- Building Size: 3,400 SF
- Year Built: 2017
- Status: Available