Bob's Big Boy & Hyundai Car Lot - Leasehold Interest
6,448 SqFt
Marketing description
The Snyder Carlton National Net Lease Team is pleased to offer qualified investors a rare opportunity to acquire a Bob’s Big Boy and Used Car Lot (Leasehold Interest) located in Downey, CA (Los Angeles MSA). The property is well located at the intersection of Firestone Blvd. and Old River School Rd. and is situated on 1.91 acres of prime real estate. Bob’s Big Boy is a staple of the community and maintains a strong historical significance within the city. Bob’s Big Boy is currently on a month-to-month lease operating out of a 6,448 SF Building. The building is equipped with a drive-thru and has a large, dedicated parking area. The rear portion of the lot is leased to Hyundai of Downey on a month-to-month tenancy.
The ground lease commenced in 2008 and expires in March of 2106. The leasehold interest owner has a right of first refusal to purchase the fee interest in the ground should the ground lessor decide to sell in the future. Ground rent increases every 5 years based on CPI and cannot increase by less than 3% or more than 15% of the prior 5-year period. The property is zoned C-2 (General Commercial Zone)
Being that both Bob’s Big Boy and the used car lot operate on a month-to-month tenancy, this offers a new investor the ability to re-negotiate leases or re-position the asset completely into a higher and better use. The Seller of the leasehold interest is also the operator of the Bob’s Big Boy restaurant. The Bob’s Big Boy tenant is willing to leaseback the building for up to a 4-year period at a market rental rate. Currently, Bob’s Big Boy has a franchise agreement with Corporate in place that expires 10/6/2029, along with a façade agreement with the city of Downey that expires 03/31/2028.
This is a rare opportunity to acquire long-term control of the improvements within one of the premier retail shopping center intersections in the city of Downey. Given the surrounding demographics, traffic counts, and density within the immediate vicinity, there is sure to be a higher and better use for the nearly 2-acre commercial site.
Investment highlights
Landmark Property With Historical Building Significance
Two-Tenant Net Leased Retail Asset – Bob’s Big Boy & Hyundai of Downey Lot – Leasehold Interest
Future Re-Development or Re-Positioning Opportunity
1.91 Acre Commercial Lot
Month-to-Month Tenancy
Leasehold Interest / Control of Improvements Through 2106
Leasehold Interest Owner Has Right of First Refusal To Purchase Fee Simple Ground Lease Position
Leasehold Interest Owner Also Operates Bob’s Big Boy Restaurant – Will Leaseback up to 4 Years
Bob's Big Boy Restaurant Equipped With a Drive-Thru
Multiple Points of Ingress/Egress off of Firestone Blvd., Old River School Road, and Pomering Rd.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
