Alhambra, CA - Raising Cane's
$8,500,000
1300 E. Valley Boulevard, Alhambra, CA 91801
3.65
Cap Rate
310,000
NOI
Details:
Description:
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, double drive-thru equipped, newly-constructed Raising Cane’s investment property located in Alhambra, CA (Los Angeles MSA). The tenant, Raising Canes Restaurants, L.L.C., recently signed a brand new 15-year lease with 2 (5-year) options to extend and 1 additional (4-year) option, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. The brand new state-of-the-art property features Raising Cane’s latest prototype and opened in June, 2022. Founded in 1996, Raising Cane’s is an established and nationally-recognized brand with over 530 locations.
The Raising Cane’s is strategically located near the signalized, hard corner intersection of Valley Blvd. and S. New Ave., averaging a combined 59,200 vehicles passing by daily. The site benefits from nearby direct on/off ramp access to Interstate 10 (227,000 VPD), a major commuter highway serving the greater Los Angeles metropolitan area. The building will be complete with a double drive-thru, providing ease and convenience for customers. Furthermore, the property benefits from significant street frontage and a large pylon sign along E. Valley Blvd (30,900 VPD). The property is located in close proximity to The Marketplace, a 228,341 SF shopping center anchored by Planet Fitness, Rite Aid, O’Reilly Auto Parts, Dollar Tree, and more. Other nearby national/credit tenants include Costco Wholesale, Target, The Home Depot, Aldi, and Albertson’s. Strong tenant synergy increases consumer draw to the immediate trade area and provides crossover store exposure to the site. The 5-mile trade area is supported by 690,134 residents and 265,524 employees, providing a steady, consistent consumer base from which to draw. Residents within 5 miles of the subject property boast a healthy average household income of $96,087.
Location
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