Vista, CA - Black Rock Coffee
$4,111,000
905 S. Santa Fe Dr, Vista, CA 92083
4.5
Cap Rate
185,000
NOI
Details:
Description:
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Black Rock Coffee investment property located in Vista, California (San Diego MSA). The tenant recently signed a brand new 15 year lease with 4 (5-year) options to extend, demonstrating their long-term 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, 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 an out of state investor. Founded as a family owned and operated business in Oregon in 2008, Black Rock Coffee Bar has grown to 150 retail locations in seven states.
The site is ideally located at the signalized, hard corner intersection of Civic Center Drive and South Santa Fe Ave, which supports over 57,000 vehicles per day. The asset also benefits from nearby access to State Highway 78 (134,000 VPD), making this an ideal, centralized location with easy commutes. Furthermore, the subject property is located less than 1-mile from Vista Village, a 229,000 SF Community Center anchored by Lowes, Frazier Farms, Crunch Fitness, Cinepolis, Bevmo, and more. Other nearby national/credit tenants include Food4 less, Petco, Harbor Freight, CVS, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Moreover, the asset is positioned between multiple apartment complexes including the Rylan (126 units), Kenso Residential (183 units), Avalon Vista (221 units), and more, providing a direct residential consumer base from which to draw. The dense, 5-mile subject trade area is supported by more than 250,000 residents and 102,000 employees who boast affluent average household incomes of more than $134,000.
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