Monterey Park, CA - Raising Cane's
$6,800,000
1970 S. Atlantic Boulevard, Monterey Park, CA 91754
3.5
Cap Rate
238,000
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, corporate signed, newly constructed, drive-thru equipped, Raising Cane’s Chicken Fingers located in Monterey Park, California (Los Angeles MSA). The tenant, Raising Cane’s Restaurants, L.L.C., recently signed a brand new 15-year lease with 3 (5-year) options and 1 (4-year) option to extend, 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, steadily growing NOI and hedging against inflation. The lease is signed by the corporate entity and is an absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Founded in 1996, Raising Cane’s is an established and nationally recognized brand with over 600 locations.
Raising Cane’s is strategically located near the signalized, hard corner intersection of South Atlantic Boulevard and Brightwood Street, with a combined 33,800 vehicles passing by daily. The property features brand new state-of-the-art construction and a unique footprint with a dual-lane drive-thru, providing ease and convince for customers. The asset benefits from nearby direct on/off ramp access to State Highway 60 (261,000 VPD), an east-west state highway serving the eastern side of the Los Angeles metropolitan area. The property is within walking distance of East Los Angeles College (36,970 students) and less than 2.5 miles away from California State University Los Angeles (27,681 students), providing a direct consumer base to draw from. Located within a dense retail corridor, Raising Cane’s is within close proximity to a variety of national/credit tenants including Big 5 Sporting Goods, Staples, CVS Pharmacy, Walgreens, Rite Aid, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover exposure to the site. The 5-mile trade area is supported by more than 725,000 residents and 275,000 daytime employees with an average household income of over $77,000.
Location
Gallery
