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corporate guarantee | NNN Investment

$1,876,162

1605 Central Avenue, McKinleyville, CA 95519

Active
Last Updated: 09/09/2025

6.15

Cap Rate

115,384

NOI

Details:
Cap Rate:    6.15%
NOI:    $115,384
Building Size:    6,600 sqft
Lot Area:    22,651 sqft
Occupancy:    100%
Lease Type:    Triple Net
Year Built:    1999
Zoning:    C-2-N
Tenancy:    Single
Highlights:
  • Approximately 6,600 sq. ft. freestanding building on 0.52 acres with twenty-four (24) dedicated parking stalls.
  • Prime Retail Corridor: Positioned on Central Avenue, McKinleyville’s main commercial artery, offering excellent visibility and access with over 17,850 vehicles per day.
  • Essential Regional Hub: McKinleyville serves as a key retail and service center for Northern Humboldt County, drawing from a broad trade area and benefiting from limited alternative retail corridors.
  • Strategic Connectivity: Immediate access to Highway 101 ensures strong regional traffic and consistent customer flow.
  • Adjacent AutoZone Validates Market Strength: AutoZone’s decision to locate next door underscores the robust demand for auto parts in this trade area. Rather than diluting business, this clustering effect highlights the strength of the automotive retail segment here.
  • Proven Market Leader: Despite AutoZone’s proximity, O’Reilly continues to outperform in store traffic according to Placer.ai data, reinforcing its entrenched customer loyalty and competitive edge.
Description:

BEST-IN-CLASS TENANT
Corporate Lease: O’Reilly Auto Enterprises, LLC (NASDAQ: ORLY), a Fortune 500 company and one of the nation’s largest specialty retailers of automotive aftermarket parts.
Investment-Grade Credit: S&P BBB+, Moody’s Baa1, providing institutional-quality security for investors.
Dominant Market Position: Over 6,000 locations nationwide with a proven dual-market strategy serving both DIY customers and professional installers, ensuring consistent, diversified revenue streams.
Resilient in All Economic Cycles: Automotive parts and maintenance are essential services, making O’Reilly a steady performer regardless of market conditions.

LEASE & INCOME SECURITY
True NNN Lease: Tenant responsible for taxes, insurance, and CAM; landlord limited to roof and structure, creating a near-passive investment.
Established Location: O’Reilly has operated at this site for 26+ years, demonstrating deep market penetration and long-term success.
Reasonable Market Rent: Current rent is in line with market rates, making relocation cost-prohibitive and reinforcing the tenant’s commitment to this profitable location.

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Offering Memorandum
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