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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 Under Contract
Lead Broker Information Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive 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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