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Jiffy Lube

3497 Stevens Creek Boulevard, San Jose, CA, USA
$4,217,257 3.50% Cap 5,000 sq ft Actual Site Photo Print This Page

Location

3497 Stevens Creek Boulevard, San Jose, CA, USA

Price: $4,217,257
Initial Cap Rate: 3.50%
Effective Cap Rate: 3.76%
Net Operating Income: $147,604
Square Footage: 5,000
Lot Size: 0.27 AC
Market: Bay Area

100% Fee Simple InterestAbsolute NNN LeaseAnnual IncreasesCorporate GuaranteeExcellent Access and VisibilityHeavily Trafficked LocationLocated on a Major Commercial ThoroughfareSurrounded by Major RetailersZero Landlord Obligations

The subject is a corporate Jiffy Lube with an absolute NNN Lease in the heart of San Jose, one of the wealthiest and fastest growing areas in the United States. The NNN lease includes 2.5% annual rent increases throughout the primary term, 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 corner of a major commercial thoroughfare, near two of the most heavily traveled freeways in the Bay Area. The property is less than one-mile Santana Row, Silicon Valley’s premier shopping and dining destination. The property benefits from heavy traffic counts of over 37,000 VPD. Jiffy Lube has a thirty year operational history at this infill location.

San Jose is the largest city in Northern California by both population and area; it is also the third-most populous city in California (after Los Angeles and San Diego). San Jose is the capital of Silicon Valley. Schools in the area, such as the University of California, Santa Cruz; San Jose State University; San Francisco State University; California State University, East Bay; Santa Clara University; and Stanford University, pump thousands of engineering and computer science graduates into the local economy every year.
San Jose is the home to the headquarters of major global tech companies including Cisco Systems, eBay, Adobe Inc., PayPal, Broadcom, Samsung, Acer, Hewlett-Packard Enterprise, and Zoom. In August, 2021, Apple announced the expansion of its 85-acre San Jose Campus with the construction of additional offices and some affordable homes.

As of June 2021, San Jose metropolitan area has the highest percentage of homes price $1,000,000 plus, in the entire United States. San Jose is one of the wealthiest major cities in the United States and the world, and has the third-highest GDP per capita in the world (after Zürich, Switzerland and Oslo, Norway), according to the Brookings Institution. The San Jose Metropolitan Area has the most millionaires and billionaires in the United States, per capita.

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