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7-Eleven, Morgan Hill, CA

7-Eleven

Price $8,950,000
Cap Rate 4.50%
NOI $398,176
Lease Term 15 Years
Lease Type NNN, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Including Roof, Structure, and Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2020
Building Size 3,700 SF
Lot Size 1.318 Acres (57,430 SF)
Status Available
Lead Broker Information Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW 15-YEAR NNN LEASE WITH SCHEDULED RENTAL INCREASES TO STRONG RETAIL TENANT
» New 15-year NNN lease with three (3) five (5) year options, creating a stable, long-term investment to an iconic tenant with strong brand recognition
» 10% rental increases every five years, providing a hedge against inflation
» 7-Eleven, Inc. is an investment grade tenant with an “AA-” rating from Standard & Poor’s
» 7-Eleven is the largest convenience retail chain in the world, with more than 67,000 stores worldwide

HIGH-VISIBILITY LOCATION IN BRAND NEW EVERGREEN VILLAGE MIXED-USE DEVELOPMENT

» Located in Evergreen Village, a brand new 20-acre mixed-use center zoned for retail stores, restaurants, professional offices, medical use establishments, and more
» High-traffic location along Cochrane Road (34,872 AADT), significantly increasing traffic to the site
» Projected 17 percent AHI increase within a one-mile radius of the site in the next five years, poising Evergreen Village for significant growth
» Over 51,000 vehicles per day at the intersection of Cochrane Road and Butterfield Boulevard, increasing visibility to the property
» Convenient access to U.S. Highway 101, a major north-south U.S. thoroughfare which experiences a high traffic count of 143,900 vehicles per day

LOCATED IN A POPULATED AND AFFLUENT RETAIL CORRIDOR
» $167,423 average household income and a population of 60,439 within a five-mile radius of the location
» Neighbored by the only Walmart Supercenter location within a 15-minute drive of the site, increasing traffic to the property
» Irreplaceable infill location that is walking distance from a strong mix of national retailers, including Starbucks, In-n-Out Burger, McDonald’s, and many more
» Within three miles of four high schools, increasing lunch-time traffic to the site (combined enrollment of 2,717 students)

NEW 2020 CONSTRUCTION
» Features latest 7-Eleven convenience store fuel pumps and a drive-thru car wash, catering to both pedestrian and vehicular traffic



Property Description

The property is conveniently located along Cochrane Road, which experiences a high traffic count of 34,872 vehicles per day directly in front of the property. The location is strategically placed within Evergreen Village, a brand new 20-acre mixed-use center zoned for retail stores, restaurants, professional offices, medical use establishments, and more. Evergreen Village is located at the intersection of Cochrane Road and Butterfield Boulevard, which has a combined traffic count of 51,000 AADT. The property is primed to grow along with the surrounding area, with a projected 17 percent average annual household income increase within one mile of Evergreen Village in the next five years. The location also maintains convenient access to U.S. Highway 101, a major north-south U.S. thoroughfare that experiences a traffic count of 143,900 vehicles per day.

Visibility to the property is increased by the site’s centralized location in a densely populated and affluent retail corridor. The average household income within five miles of the property sits at a robust $167,423, with 60,439 residents living within that same five-mile radius. The property is neighbored by the only Walmart Supercenter location within a 15-minute drive of the site, increasing traffic to the property. The site maintains an irreplaceable infill location that is walking distance from a strong mix of national retailers, including Starbucks, In-n-Out Burger, McDonald’s, Hobby Lobby, Chipotle Mexican Grill, Panda Express, Denny’s, and many more. The property resides within three miles of four high schools (combined enrollment of 2,700+ students), increasing lunch-time traffic to the site.

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