Initial Cap Rate: 3.85%
Effective Cap Rate: 4.15%
Net Operating Income: $108,936
Square Footage: 4,362
Lot Size: 0.46 AC
Market: Bay Area
The subject is a corporate Jiffy Lube with an absolute NNN Lease in Newark, California.
The NNN lease includes 2.5% annual rent increases and one, five-year renewal option.
The lease is corporately guaranteed by Jiffy Lube International, Inc. with zero landlord
obligations. The asset is well positioned on a major commercial thoroughfare and across
from the renovated NewPark Shopping Mall (Macy’s, AMC, 24 Hour Fitness) and new
construction of retail and residential mixed-use project.
Newark is a city in Alameda County, California, United States. It was incorporated as a city in September 1955. Newark is an enclave, surrounded by the city of Fremont. The three cities of Newark, Fremont, and Union City make up the Tri-City Area. Its population was 47,529 at the 2020 census making it the third largest city in the US named Newark after Newark, New Jersey and Newark, Ohio.
The western edge of the city is near the southern end of the San Francisco Bay. State Route 84 runs through the city, and continues as the Dumbarton Bridge to cross the San Francisco Bay to reach Menlo Park. Interstate 880 serves as the eastern boundary with Fremont.