Listed by CP Partners, Lockehouse Retail Group
$5,538,000
La-Z-Boy
Details
Property Type Retail
Sub Type Storefront
Square Footage 12,000
Net Rentable (SqFt) 12,000
Cap Rate 6.50%
NOI $360,000
Occupancy 100%
Tenancy Single
Rent Bumps Yes
Price per SqFt $462
Year Built 1997
Acreage 1.660
Investment Type Net Lease
Ground Lease No
High-Profile Single Tenant Absolute NNN
Marketing description
Franchisee level corporate guaranty with a long-term La-Z-Boy operator that has 21 locations and growing in Northern California. The sale lease back proceeds will be used to fund further expansion.
Investment highlights
- Absolute NNN Sale-Leaseback: 12,000 SF building featuring a corporate-guaranteed lease with 10% rent increases every five years and two 5-year options.
- Stable Performance: Consistent location ranking in the 54th percentile of furniture stores nationwide with approx. 10,500 annual visits, per Placer.ai.
- Brand Strength: La-Z-Boy (NYSE: LZB) is a legacy brand with nearly 100 years of operation and nationwide name recognition.
- Resilient Asset Class: Internet-resistant tenancy; the “try-before-you-buy” nature of furniture ensures long-term utility of the physical showroom.
- Costco Shadow Anchor: Strategically positioned immediately adjacent to a high-volume Costco Wholesale, driving daily high-value crossover traffic.
- Regional Crossroads: Located at the critical I-80/I-680 interchange (“Gateway to the Bay”), benefiting from traffic counts of ~174,000 VPD on I-80.
- Strong Economic Drivers: Serves the affluent Green Valley neighborhood and benefits from proximity to Travis Air Force Base, the county’s largest employer.
Listing Contacts
Listed by CP Partners, Lockehouse Retail Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$360,000.00
$30,000.00/mo
Valuation Metrics
0
DSCR
6.5%
Cap Rate
6.5%
ROI
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