Address: 41 South Sanborn Rd, Salinas, California, United States 93905
Cap Rate: 4.50%
Lease Type: Triple Net (NNN)
Annual Rent: $208,237
Net Operating Income: $208,237
Lease Term Remaining: 18.5 Years
Rental Increases: 1.75% Annually Starting Year 7
Options: Four (4), Five (5)-Year Options
Rentable Sq/Ft: 3,392 SF
Rent Sq/Ft: $61.39
Price Sq/Ft: $1364
Lot Size: +/-0.65 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Burger King located at 41 South Sanborn Road in Salinas, CA. The property consists of 3,392 square feet of building space and is situated on roughly 0.65 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 $208,237 and will increase by 1.75% percent annually staring in year seven and continuing 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 41 South 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 located in a large retail corridor that is located just off of CA-101. The subject property benefits from its close proximity to numerous national retail and restaurant tenants including: Subway, Domino’s, Bank of America, McDonald’s, Chase, KFC, Wells Fargo, Taco Bell, Starbucks, BP, Mobil, Foods Co., and Dairy Queen. The subject property is also located close by to numerous industrial complexes with tenants including Peterbilt, Slakey Brothers, and Michelin. In addition to these concepts, the subject property benefits from its close proximity to the Salinas Municipal Airport and the Salinas Army Air Base, which is located just south of the subject property. The airport is a part of the larger National Plan of Integrated Airport Systems as a regional general aviation airport. Another attraction to the area is Alisal High School, which is situated to the northeast of the subject property and has a total enrollment of approximately 2,500 students.
The subject property has approximately 137,000 individuals residing within a three-mile radius and 168,000 individuals within a five-mile radius of the property. This Burger King is located on South Sanborn Road, which experiences an average daily traffic count of 25,000 vehicles. The subject property is also located just down the street from a point of ingress and egress to CA-101, which has an average daily traffic count 66,000 vehicles.
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