Address: 131 Auto Center Circle, Salinas, California, United States 93906
Cap Rate: 4.50%
Lease Type: Triple Net (NNN)
Annual Rent: $123,678
Net Operating Income: $123,678
Lease Term Remaining: 18.5 Years
Rental Increases: 1.75% Annually Starting Year 7
Options: Four (4), Five (5)-Year Options
Rentable Sq/Ft: 3,000 SF
Rent Sq/Ft: $41.23
Price Sq/Ft: $916
Lot Size: +/-0.92 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Burger King located at 131 Auto Center Circle in Salinas, CA. The property consists of 3,392 square feet of building space and is situated on roughly 0.92 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 $123,678 and will increase by 1.75% percent annually starting 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 131 Auto Center Circle in Salinas, CA. Salinas is the county seat of, as well as the largest city in, Monterey County.
This Burger King property is strategically located just off of CA-101 in a dense retail area that consists of large shopping centers, malls, and automotive dealerships. Major national retail and restaurant tenants in the area include: BP, Chili’s, Kohl’s, The Home Depot, Cinemark, Best Buy, Sears, AutoZone, Ross, Pier 1 Imports, Olive Garden, Walgreens, Safeway, Subway, Chase, Target, Marshalls, Red Lobster, Party City, Lowe’s, Walmart, Jack in the Box, and Shell. Major automotive dealerships include GMC, Nissan, Volkswagen, Chevrolet, Toyota, Jeep, and Ford. Another major draw to the area is the Northridge Mall, which, amongst other attractions, includes 110 shops, a fast-food court, and four department stores, all encompassed within the nearly 1,000,000 square-foot single-story facility. Additionally, North Salinas High School and Harden Middle School are both located just south of the property. Together, these schools have a total enrollment of 3,200 students.
The subject property has approximately 71,000 individuals residing within a three-mile radius and 169,000 individuals within a five-mile radius of the property. This Burger King property benefits from its close proximity to North Davis Road, which has an average daily traffic count of 37,000 vehicles. The subject property is also located just down the road from a point of ingress and egress to CA-101, which brings a total of 59,000 vehicles into the immediate area 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.
Broker of Record: Kent Williams – License # 00823860