Address: 706 Fletcher Parkway, El Cajon, California, United States 92020
Cap Rate: 3.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $168,000
Net Operating Income: $168,000
Lease Term Remaining: 20 Years
Rental Increases: 10 Percent Every Five Years
Options: Two, Five-Year Options
Rentable Sq/Ft: 3,414 SF
Rent Sq/Ft: $49.21
Price Sq/Ft: $1312
Lot Size: +/- 0.62 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Boston Market property located in El Cajon (San Diego), California. The property consists of 3,414 square feet of building space and is situated on approximately .62 acres of land. The property is subject to a brand new 20-year Triple-Net (NNN) ground lease as well as a 20-year triple-net building lease. The current rent for the ground lease is $128,000, while the current rent for the building lease is $40,000. Both the ground lease and the building lease will be subject to ten percent rental increases every five years. The increases will continue through the two, five-year tenant renewal options. This unique lease structure provides an investor future flexibility to bifurcate the leasehold from the ground position. The investor will also have the ability to combine the two leases in the future.
This Boston Market property is located at 706 Fletcher Parkway in El Cajon, California. El Cajon is a city in San Diego County, California. El Cajon is located less than fifteen miles east of San Diego, the second most populous city in the state of California.
The subject property is well-positioned in the main retail corridor within El Cajon, surrounded by many national and regional tenants. Nationally recognized tenants in the area include: Walmart, Dollar Tree, Target, Home Depot, Office Depot, JCPenney, H&M, Marshalls, McDonald’s, Burger King, Subway, Starbucks, KFC, Pizza Hut, US Bank, Bank of America, Chase Bank, Wells Fargo, as well as many others. Cajon Valley Middle School and Grossmont High School are both located within two miles of the subject property. The schools have a combined enrollment of 3,276 students. Sharp Grossmont Hospital, which has 455 beds, is located within three miles of the subject property.
This Boston Market has approximately 165,667 people residing within a three-mile radius of the property and over 343,364 people residing within a five-mile radius. The subject property benefits from its position on Fletcher Parkway, which has an average daily traffic count of 39,204 vehicles. The subject property is also situated near the entrance/exit ramp for U.S. Interstate 8, which has an average daily traffic count of 196,037 vehicles.
San Diego is a city on the Pacific coast of California known for its beaches, parks and warm climate. Immense Balboa Park is the site of the renowned San Diego Zoo, as well as numerous art galleries, artist studios, museums and gardens. A deep harbor is home to a large active naval fleet, with the USS Midway, an aircraft-carrier-turned-museum, open to the public. San Diego was originally centered in the Old Town district, but by the late 1860s the center of focus had relocated to the Bayfront in the belief that this new location would increase trade. As the “New Town” – present-day Downtown – waterfront location quickly developed, it eclipsed Old Town as the center of San Diego. Today, downtown San Diego has more than $6.4B in 63 real estate projects either under construction, approved, or under review. The city is also home to the NFL’s San Diego Chargers, who play in the city’s Qualcomm Stadium, which has a seating capacity of 70,561 people.
Broker of Record: Kent Williams – License # 00823860