Listed by CP Partners, Lockehouse Retail Group
$5,333,000
La-Z-Boy
Details
Property Type Retail
Sub Type Storefront
Square Footage 17,995
Net Rentable (SqFt) 17,995
Cap Rate 6.75%
NOI $360,000
Occupancy 100%
Tenancy Single
Lease Type Absolute NNN
Lease Term 10
Rent Bumps Yes
Lease Options Two, 5-Year
Price per SqFt $296
Year Built 1981
Acreage 0.760
Parking Spaces 13 spaces
Parking per 1,000 SqFt 0.72
Investment Type Net Lease
Tenant Credit Franchisee
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: 17,995 SF facility with a corporate-guaranteed lease requiring zero landlord maintenance or expense responsibility. Terms include 10% rent increases every five years and two 5-year renewal options.
- Top Tier Performance: High-volume location ranked in the 79th percentile (top 21%) of La-Z-Boy stores nationally, recording over 20,300 visits over the last 12 months, 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.
- Prime Retail Corridor: Located on Sisk Rd (11,500+ VPD) near Vintage Faire Mall, Modesto’s primary regional shopping destination.
- Highway Exposure: High-visibility positioning along State Route 99, exposing the asset to traffic counts exceeding 117,000 VPD.
- Retail Critical Mass: Surrounded by investment-grade tenants including Costco, Target, Kohl’s, and Walmart, creating significant cross-shopping synergy.
Listing Contacts
Listed by CP Partners, Lockehouse Retail Group
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$360,000.00
$30,000.00/mo
Valuation Metrics
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DSCR
6.75%
Cap Rate
6.75%
ROI
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