Verizon
| Price | $715,000 |
| Cap Rate | 6.00% |
| NOI | $42,864 |
| Lease Term | 5 Years |
| Lease Type | Net, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof And Structure |
| Rental Increases | 2% Annual Rental Increases And 3% Increases At Start Of Each Option |
| Year Built | 2019 |
| Building Size | 1,800 SF |
| Lot Size | 0.12 acres (5,227 SF) |
| Status | Available |
| Lead Broker Information | Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
NET LEASE WITH STRONG GUARANTY AND RECENT EXTENSION
» Guaranteed by The Cellular Connection, LLC (TCC), the largest Verizon franchisee in the country, with nearly 900 stores in 39 states
» Rare annual 2% rental increases in initial term and 3% increase at the start of each option period, providing a hedge against inflation
» Five-year lease extension commencing in 2020
» Recently remodeled building
HIGH-TRAFFIC LOCATION IN DOWNTOWN CORVALLIS
» Strategically located at the signalized hard corner of Northwest Harrison Boulevard and Northwest 3rd Street, with excellent visibility and access to 31,700 vehicles per day
» Located in downtown Corvallis in the center of the city’s retail corridor
CLOSE TO SEVERAL SCHOOLS AND MAJOR EMPLOYERS
» Within walking distance of Oregon State University (28,886 students and 13,160 employees), Linn-Benton Community College (5,974 students and 234 employees), and Corvallis High School (1,266 students)
» Close to some of the region’s largest employers, including Oregon State University and Hewlett-Packard’s Corvallis offices
» Population near the property increases during the day due to the number of daytime employees working in the area, with 18,827 employees working within a one-mile radius of the property
LOCATED IN AN OPPORTUNITY ZONE WITH TAX INCENTIVES
» Opportunity Zones were created to encourage investors to reinvest capital gains, which can come from any investment—including stocks, bonds, real estate and partnership interests—into these zones
» Investors can invest in qualified Opportunity Zones through an investment called an Opportunity Fund, which provides both temporary and long-term tax deferrals for eligible investors
» No taxes on 10% of gains after five years, 15% of gains after seven years, and 100% of gains after ten years
Property Description
The property is strategically located at the signalized hard corner of Northwest Harrison Boulevard and Northwest 3rd Street, with excellent visibility and access to 31,700 vehicles per day. Located in downtown Corvallis, the property is in the center of the city’s retail corridor. Notable retailers near the property include Advance Auto Parts, McDonald’s, Starbucks, and Dutch Bros. Other tenants a short distance from the property include Safeway, AMC Theatres, Trader Joe’s, Michaels, PetSmart, Home Depot, and more.
The property is centrally located near several schools and major employers. The property within walking distance of Oregon State University (28,886 students and 13,160 employees), Linn-Benton
Community College (5,974 students and 234 employees), and Corvallis High School (1,266 students). The property is close to some of the region’s largest employers, including Oregon State University and Hewlett-Packard’s Corvallis offices. As a result, the population near the property increases during the day due to the number of daytime employees working in the area, with 18,827 employees working within a one-mile radius of the property.
