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Harbor Freight Tools, El Cerrito, CA

Harbor Freight Tools

El Cerrito, CA

Price $8,084,000
Cap Rate 4.35%
NOI $351,624
Lease Term 10 Years
Lease Type Net Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof, Structure, And Parking Lot
Rental Increases Approximate 10% Rental Increases Every Five (5) Years
Year Built 2022
Building Size 16,547 SF
Lot Size 1.48 Acres (64,469 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

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

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 10-YEAR NET LEASE WITH SCHEDULED RENTAL INCREASES TO STRONG RETAIL TENANT
» New 10-year net lease with option periods, creating a stable, long-term investment
» Harbor Freight Tools is one of the nation’s fastest growing retailers with over 1,200
stores nationwide, over 20,000 employees, and more than 40 million customers
» Rental increases every five years, providing a hedge against inflation
» Net lease requires minimal landlord management, ideal for an out-of-area investor
» 2022 remodel featuring latest Harbor Freight designs and concepts – includes a
new roof with 15-year warranty on labor and 20-year warranty for materials

LOCATED IN AN AFFLUENT AND GROWING BAY AREA CORRIDOR
» High-traffic location along State Route 123/San Pablo Avenue (31,000 AADT), significantly increasing traffic to the site
» Proximity to major California thoroughfares, including Interstate 80 and Interstate 580 (combined 338,000 AADT)
» Population of 312,964 within a five-mile radius of the site, providing an extremely large customer base for the property
» Average annual household income of $132,822 within three miles of the site
» Projected 14 percent average annual household income increase within a one-mile radius of the site in the next five years, poising Harbor Freight and El Cerrito for significant concurrent growth

LOCATED NEAR LARGE EL CERRITO EMPLOYERS AND COMMUNITY HUBS
» Surrounded by a strong mix of local and national retailers, including Target, The Home Depot, Marshalls, Trader Joe’s, Petco, and many more
» Six miles from University of California, Berkeley (45,000 students, 23,524 staff)
» 3.5 miles from San Pablo Lytton Casino (1,500+ gaming machines, 500 employees)
» Gateway to San Francisco (14.8 million visitors in 2021, up 25% from 2020)
» Centrally located near single family housing developments and large apartment and townhouse complexes


Property Description

This Harbor Freight Tools is conveniently located along State Route 123/San Pablo Avenue (31,000 AADT), attracting significant traffic to the site. The property also maintains proximity to major California thoroughfares, including Interstate 80 and Interstate 580 (combined 338,000 AADT). 312,964 residents live within a five-mile radius of the location, providing a large customer base for the business. The property is located in an affluent area as well, with an average annual household income of $132,822 within three miles of the site. With a projected 14 percent average annual household income increase within a one-mile radius of the site in the next five years, Harbor Freight Tools and El Cerrito are poised for significant concurrent growth.

Visibility to the property is increased by the site’s centralized location near large El Cerrito employers and community hubs. The location is surrounded by many major national retailers, including Target, The Home Depot, Marshalls, Trader Joe’s, Petco, and many others. This Harbor Freight Tools resides six miles from University of California, Berkeley, which has an enrollment of 45,000 students and 23,524 staff. The site also benefits from its setting 3.5 miles from San Pablo Lytton Casino, which features 1,500+ gaming machines and 500 employees. The property is centrally located near single family housing developments and large apartment complexes, and serves as a common gateway to San Francisco (14.8 million visitors in 2021, up 25 percent from 2020).

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