Big 5
$5,058,000
2503 Cleveland Avenue, Santa Rosa, CA 95403
5
Cap Rate
252,900
NOI
Details:
Highlights:
- Big 5 Just Exercised its Second Option
- 10% Rental Increase in Year 4 of Option
- Infill Location in Heart of California’s Wine Country
- Strong Sales Location During the Pandemic – Outdoor-Athletic Equipment
- Sustainable Rent per Square Foot - $16.86 PSF
- Santa Rosa Metropolitan Statistical Area – Population 502,146
Description:
The subject property is ideally situated in a highly-trafficked retail corridor with excellent visibility along Cleveland Ave (15,797 AADT), less than one mile from U.S. 101/Redwood Highway (119,000 AADT). The property benefits from excellent demographics, with a population of 207,070 within a five mile radius of the site. Average household income exceeds $86,630, and 28.8% of households within a five-mile radius of the site earn more than $100,000 annually. The median home value surrounding the site is $460,975.
The site additionally benefits from close proximity to schools, retailers, and major employers. TJ Maxx and Staples anchor the retail center across the street from the site, and other major retailers in the area include CVS, Safeway, Starbucks, Big Lots, O’Reilly Auto Parts, In-N-Out, Five Guys, The Home Depot , Lucky’s, and more. In addition, the site is located less than half a mile from Coddingtown Mall, a recently remodeled 82,000 square foot indoor mall featuring more than 40 specialty shops and anchored by Whole Foods, Target, Nordstrom Rack, Macy’s, Dick’s Sporting Goods, Crunch Fitness, and JC Penney. In addition, the site is located less than a mile from Santa Rosa Junior College, with enrollment of more than 26,600. Santa Rosa High School and Ridgeway High School also neighbor the site. The subject property also neighbors a number of major employers and civic landmarks, including the Sonoma County Sheriff’s Office, the Superior Court of California, Sonoma County Superior Court, and numerous Sonoma County administrative offices. The site is also located approximately one mile from the Kaiser Permanente Santa Rosa Medical Center, a large, full service hospital employing hundreds.
The subject property survived the recent wildfires that devastated the Santa Rosa area undamaged. However, the site was located just one mile from the border of the mandatory evacuation zone, and numerous buildings in the surrounding retail area were damaged or destroyed. Properties neighboring the site that were damaged or destroyed include K-Mart, Trader Joe’s, McDonald’s, Arby’s, Fountaingrove Inn, and numerous tracts of residential properties. As recovery and cleanup efforts proceed, a significant amount of reconstruction and development activity can be anticipated near the site.
The subject property was undamaged by the recent fires. Much of the region’s commercial real estate space was destroyed in the fires, leaving very little supply of available space as the area rebuilds.
Location
Gallery
