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Jiffy Lube

374 Miller Ave, Mill Valley, California, USA
$4,104,743 3.50% Cap 4,714 sq ft Actual Site Photo Print This Page

Location

374 Miller Ave, Mill Valley, California, USA

Price: $4,104,743
Initial Cap Rate: 3.50%
Effective Cap Rate: 3.76%
Net Operating Income: $143,666
Square Footage: 4,714
Lot Size: 0.3 AC
Market: Bay Area

100% Fee Simple InterestAbsolute NNN LeaseAnnual IncreasesCorporate GuaranteeHeavily Trafficked LocationLocated on a Major Commercial ThoroughfareScheduled IncreasesSurrounded by Major RetailersZero Landlord Obligations

The subject is a corporate Jiffy Lube with an absolute NNN Lease in Mill Valley, California. The NNN lease includes 2.5% annual rent increases and one five-year renewal option with the 2.5% annual bumps. The lease is corporately guaranteed by Jiffy Lube International, Inc. with zero landlord obligations. The asset is well positioned on a major commercial thoroughfare on a hard corner. The property benefits from heavy traffic counts of over 23,000 VPD along Miller Avenue. Jiffy Lube has operated in this location since 1988 and is the only fast lube shop in town.

Mill Valley is a an exclusive city in Marin County, California, located just 14 miles north of San Francisco via the Golden Gate Bridge and 52 miles from Napa Valley. Almost half (46%) of all Mill Valley workers commute to jobs outside Marin County. This is much higher than the statewide percentage (17%), which likely reflects the importance of San Francisco as an employment center. Consistent with the number of people who commute out of the county, 52% of Mill Valley commuters travel at least 30 minutes to work each day.

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