Cap Rate: 3.75%
Net Operating Income: $145,000
Square Footage: 27,870
Lot Size: 2.36 AC
Year Built: 1984
Priced Below Replacement Cost At $139 Per Square Foot
Below Market Rent: 45¢/SF Rent
This is a rare CVS Pharmacy absolute net leased offering in Manteca, CA. The lease calls for zero landlord obligations. The tenant has five, 5 year options with 5% increases at options. The asset is well situated on a major commercial thoroughfare and is nearby Save Mart, Burger King, Jiffy Lube, Chevron, Subway, Taco Bell, and many others. The site benefits from excellent freeway access to Interstate 5, Highway 99 and Interstate 480. Manteca is a strong submarket within the California Central Market and is located approximately 76 miles east of San Francisco, and 36 miles south of Sacramento. The area is also experiencing tremendous growth with over 15 new housing developments± 12,000 new units under construction.
Manteca is a city in San Joaquin County, California. The city had a population of 67,096 as of the 2010 census and an estimated population of 83,028 in 2019. Manteca is a city in the Central Valley of California, located 76 miles (122 km) east of San Francisco.
Manteca fashions itself the “Family City”, and it lies at a crossroads of major highways and railroads. As recently as the 1970s, Manteca existed primarily on agriculture and was still barely a stop between two freeways, Interstate 5 and State Route 99. The continuing rise in Bay Area housing prices caused Bay Area families to look further eastward for more affordable places to live. Since the construction of the 120 bypass portion of State Route 120, Manteca has become a popular choice for these commuters. Neighboring towns include Lathrop, Ripon, Escalon, and Tracy. Manteca is located in between the larger cities of Modesto and Stockton.