Corona, CA - Metro at Main Bldg 8

486 N. Main Street, 92880, CA

   SOLD!   

$3,937,000

Price

6%

Cap Rate

$236,216

NOI

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Overview
Cap Rate
6%
NOI
$236,216
Building Size
7,044 sqft
Lot Area
0.5 acres
Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest {land & building ownership} in a 100% occupied, 4-tenant building located within the mixed-use project, Metro at Main. Metro at Main is a unique mixed-use project with more than 60,000 square feet of ground-floor retail accompanied by nearly 300 luxury apartments. The 5-story apartment community was constructed in 2017 with rental rates ranging from $2,300 - $3,500 and an occupancy rate of over 97%.

Metro at Main is located along North Main Street, an arterial thoroughfare serving the city of Corona that averages over 35,000 vehicles per day. The site also benefits from nearby direct on/off ramp access to Interstate 15 (187,000 VPD) and State Highway 91 (263,500 VPD), providing ease and convenience for customers, employees, and residents alike. Metro at Main is within walking distance from the Corona North Main Station, the second busiest station within the Metrolink rail system which spans over 538 miles throughout Southern California. Furthermore, the asset is within close proximity of multiple national/credit tenants include Walmart Supercenter, Target, Lowe’s, Burlington, Stater Bros, Hobby Lobby, Kohls, and more. Strong tenant synergy increases consumer traffic to the immediate subject trade area and promotes crossover tenant exposure to the site. Moreover, the site is located within walking distance from multiple luxury apartment complexes including The Artisan at Main (404 Units), One11 (178 Units), and Parkridge meadows (89 Units), providing a direct residential consumer base from which to draw. Located within a dense infill trade area, the 5-mile subject trade area is supported by more than 243,000 residents and 89,000 daytime employees who boast an extremely affluent average household income of $125,000.

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Listing ID: a288X000002lqOqQAI
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