Initial Cap Rate: 3.85%
Effective Cap Rate: 4.15%
Net Operating Income: $191,791
Square Footage: 7,828* (Includes 3,000 SF office building)
Lot Size: 0.67 AC
Market: Bay Area
The subject is a corporate Jiffy Lube with an absolute NNN Lease in Santa Clara, California. The NNN lease includes 2.5% annual bumps. The lease is corporately guaranteed by Jiffy Lube International, Inc. with zero landlord obligations. The asset is adjacent to a 7.9 acre parcel being developed into 300,000 sq. ft. of office space by Sobrato Real Estate. Additionally, this site is well positioned on a major commercial thoroughfare, averaging over 34,000 VPD. Jiffy Lube has operated at this location for over 30-years.
Located in Santa Clara County at the southern tip of the San Francisco Bay, about 45 miles south of San Francisco, Santa Clara is a strategic regional hub, convenient proximity to freeways, airports, railroads, expressways, light rail and other public transportation. Santa Clara is located in the center of Silicon Valley. It is bordered by San Jose on all sides, except for Sunnyvale and Cupertino to the west.
Santa Clara is home to the headquarters of many significant companies, such as Intel, Advanced Micro Devices, and Nvidia. It is also home to Santa Clara University, the oldest university in California. Additionally, Levi’s Stadium, home of the San Francisco 49ers, is located in Santa Clara, along with its headquarters and practice facilities. Nearby is the Santa Clara Convention Center, one of Silicon Valley’s largest event and meeting venues. Santa Clara also offers several museums, such as the Intel Museum, Triton Museum of Art. And the Harris-Lass Historical House.