Address: 1589 N Sanborn Rd, Salinas, California, United States 93905
Cap Rate: 4.50%
Lease Type: Triple Net (NNN)
Annual Rent: $158,653
Net Operating Income: $158,653
Lease Term Remaining: 18.5 Years
Rental Increases: 1.75% Annually Starting Year 7
Options: Four (4), Five (5)-Year Options
Rentable Sq/Ft: 3,089 SF
Rent Sq/Ft: $51.36
Price Sq/Ft: $1141
Lot Size: +/-0.72 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Burger King located at 1589 North Sanborn Road in Salinas, CA. The property consists of 3,089 square feet of building space and is situated on roughly 0.72 acres of land. The Burger King is subject to a 20-year absolute triple net (NNN) lease, with 18.5 years remaining on the base term. The base rent is $158,653 and will increase by 1.75% percent annually starting in year seven throughout the base term and into each of the four (4), five (5)-year tenant renewal option periods.
This Burger King property is located at 1589 North Sanborn Road in Salinas, CA. Salinas is the county seat of, as well as the largest city in, Monterey County.
This Burger King is strategically situated as an outparcel to a main shopping center in the immediate area. National tenants that are situated within this shopping center include: Subway, Ace, Dollar Tree, AutoZone, Sally Beauty, Circle K, Taco Bell, Starbucks, Jack in the Box, Anytime Fitness, and Food 4 Less. The subject property also benefits from being located just east of Alisal High School, La Paz Middle School, and Dr. Oscar F Loya Elementary School. Together, these three schools have a total enrollment of nearly 4,300 students. Additionally, the subject property sits just two miles northeast of the Salinas Municipal Airport, which has been designated as a part of the National Plan of Integrated Airport Systems as a regional general aviation airport. Next to the airport sits the Salinas Fairways Gold Course, which is an 18-hole Championship golf course designed by legendary golf architect Jack Fleming in 1957.
The subject property has approximately 98,000 individuals residing within a three-mile radius and 165,000 individuals within a five-mile radius of the property. This Burger King is located on North Sanborn Drive, which experiences an average daily traffic count of 12,000 vehicles. The subject property also benefits from its close proximity to E Borondia Rd, which brings a total of 11,000 vehicles into the immediate area, on average, each day.
The city of Salinas is an urban area located just outside the southern portion of the Greater Day Area and 10 miles east of the mouth of the Salinas River. The city is located at the mouth of the Salinas Valley roughly eight miles from the Pacific Ocean and has a climate more influenced by the ocean than the hot-summer interior. The city serves as the main business, governmental, and industrial center of the region. The marine climate is ideal for the floral industry, grape vineyards, and vegetable growers. Salinas is known for its vibrant and large agriculture industry being nicknamed the “The Salad Bowl of the World”. Salinas is known for its AgTech Industry, and is known as the emerging AgTech Capital of the nation and a global hub for agricultural technology. Its close proximity to Silicon Valley and large number of agricultural employers give forth to an ideal location for developing high tech agricultural innovations. Since 2015, Forbes has hosted the yearly Forbes AgTech Summit in Salinas. The event attracts AgTech entrepreneurs from around the world.
Broker of Record: Kent Williams – License # 00823860