Quik Stop I 880 | Absolute NNN Lease

$2,181,000

38995 Farwell Dr, Fremont, CA 94536

For Sale

Retail Service Gas Station

Active

Last Updated: 08/18/2022

Details:

Cap Rate: 4.4%

NOI: $96,000

Building Size: 5,299 sqft

Lot Area: 0.33 acres

Lease Type: Absolute Net

Year Built: 1969

Price Per Sqft: $411.59

Offered by

Alan Treadway

CEO

Benchmark Advisory Group

#00226652

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Highlights:

Located Between I-880 and I-680
Over 8 Years Remaining on Current Lease Term
Pro-Forma CAP Rate of 4.84% beginning in 202
Absolute NNN Lease - No Landlord Responsibility
Irreplaceable Bay Area Real Estate

Description:

Marcus and Millichap is pleased to present a +/- 5,299 Square Foot Gas Station and Convenience store located in Fremont, CA. Positioned on a third of an acre parcel, this asset benefits from being positioned less than a quarter mile from I-880 which has daily traffic count of 237,000 Vehicles Per Day. This property was the original Headquarters of Quik Stop in the late 1960s and 1970s, and there is still an office leased and maintained by the tenant above the C-Store. The lease on the building is NNN, with all maintenance responsibilities falling to the Tenant, including Roof and Structure. There are 4 Options to Extend the lease term left on the property, each with an attractive 10% rental increase. The next increase is in 2023, putting the Pro-Forma CAP Rate at 4.84% at the list price.