Chula Vista, CA - Circle K
$4,444,000
746 Main Street, Chula Vista, CA 91911
4.5
Cap Rate
200,000
NOI
Details:
Description:
SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, ground leased Circle K investment property located in Chula Vista, California. The tenant, Circle K, recently signed a brand new, 20-year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases in years 11 and 16 of the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for
a passive investor.
The Circle K is accessed from the signalized, hard corner intersection of Main Street and Maxwell Road which combine to average more than 38,700 vehicles passing by daily. Additionally, the asset is located less than a mile from Interstate 805, which sees over 262,000 vehicles per day. Main Street is the primary road used to travel to and from North Island Credit Union Ampitheater, one of the largest venues in San Diego. Furthermore, Main Street is being expanded eastward to intersect with California 125 and Hunte Pkwy, increasing the importance of Main Street as a primary east-west corridor. The subject property is a part of a new development that will feature national/credit tenants such as Starbucks, Chipotle, Taco Bell, Caliber Collision, Quick Quack Car Wash, and more. In addition, the asset is less than a mile from Chula Vista Crossings, a Kohl’s anchored center with other tenants including Bob’s Discount Furniture, ALDI, PetSmart, In-N-Out, Panda Express, and more. The property is located near several new housing developments including The Village of Escaya (500+ planned units), Sunbow (700+ homes), and Cota Vera, which will total approximately 4,800 units when completed. The immediate trade area is supported by a population of over 350,400 residents and 82,100 employees within 5 miles and an affluent average household income of $141,577 within 1 mile.
Location
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