Rite Aid & O’Reilly Auto Parts
Martinez, California 94553
| Price | $9,619,000 |
| Cap Rate | 5.25% |
| NOI | $504,960 |
| Lease Term | Various |
| Lease Type | Net, with Tenants Responsible for Pro Rata Share of All Taxes, Insurance, and Maintenance, Excluding Roof and Structure |
| Rental Increases | Various |
| Year Built | 1984 |
| Building Size | 29,813 SF |
| Lot Size | 1.1 Acres (48,003 SF) |
| Status | Available |
| 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 Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
100% LEASED TWO-TENANT RETAIL ASSET WITH GREAT REAL ESTATE FUNDAMENTALS
» Fixed rental increases in extension terms, providing a hedge against inflation
» Multi-tenant retail asset allows for investment diversification
» Guaranteed leases for both tenants
» Minimal landlord obligations, ideal for an out-of-area investor
» Complimentary mix of “Amazon-proof” retailers
NET LEASES TO GROWING NATIONAL TENANTS WITH EXCELLENT FINANCIALS
» O’Reilly Auto Parts (NASDAQ: “ORLY”) operates 5,219 stores in 47 states and has annual sales of $9.54 billion
» O’Reilly Auto Parts is rated “BBB” by Standard & Poor’s
» Guaranteed by Rite Aid Corporation, one of the nation’s leading drugstore chains
» Amazon (NASDAQ: “AMZN”) has partnered with Rite Aid to provide staffed Amazon package pickup services (Amazon Counter) at Rite Aid locations
HIGH-TRAFFIC LOCATION IN DENSELY POPULATED BAY AREA
» Corner parcel location at the signalized four-way intersection of Morello Avenue and Arnold Drive with a combined 24,120 AADT
» 161,325 residents within a five-mile radius, creating an ample customer base
» Convenient access to Interstate 680 and John Muir Parkway (combined 234,200 AADT), increasing traffic to the site
» $121,872 average household income within one mile of the property
NEAR LARGE SCHOOLS, RETAILERS, AND COMMUNITY HUBS
» Convenient access to Kaiser Permanente – Martinez (204 beds, 868 employees) and VA Medical Center (120 beds, 1,093 employees)
» Four miles from Diablo Valley College (22,000 students, 670 employees)
» Surrounded by a strong mix of national retailers, including McDonald’s, Taco Bell, Carl’s Jr, The Home Depot, Starbucks, and many more
» Within five miles of seven major shopping centers (combined 3.2 million SF of retail space, 377 stores)
» Central location between Contra Costa Regional Medical Center, Shell Oil Refinery, Contra Costa County, and Dow Chemical Company (combined 12,665 employees)
Property Description
The property is strategically located on the corner parcel of the signalized four-way intersection of Morello Avenue and Arnold Drive, with visibility and access to 24,120 vehicles per day on both access roads. The site resides in a densely populated and affluent area, with 161,325 residents living within a five-mile radius of the location and an average household income of $121,872 within one mile of the property. The site is also located near Interstate 680 and John Muir Parkway (combined 234,200 AADT), increasing traffic to the site.
The property benefits from the site’s proximity near large schools, retailers, and community hubs. The location has convenient access to Kaiser Permanente Martinez (204 beds, 868 employees) and VA Medical Center (120 beds, 1,093 employees). The site is within five miles of seven major shopping centers (combined 3.2 million SF of retail space, 377 stores) and surrounded by a strong mix of national retailers, including McDonald’s, Taco Bell, Carl’s Jr, The Home Depot, Starbucks, and many more. The property is centrally located between Contra Costa Regional Medical Center, Shell Oil Refinery, Contra Costa County, and Dow Chemical Company (combined 12,665 employees) and four miles from Diablo Valley College, which features 22,000 students and 670 employees.
