Listed by CP Partners, Lockehouse Retail Group
$7,325,000
La-Z-Boy
Details
Property Type Retail
Sub Type Storefront
Square Footage 14,359
Cap Rate 6.25%
NOI $457,800
Tenancy Single
Rent Bumps Yes
Price per SqFt $510
Year Built 1981
Acreage 0.830
Parking Spaces 97 spaces
Parking per 1,000 SqFt 6.76
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: 14,359 SF asset secured by a corporate-guaranteed lease with 10% rental increases every five years and two 5-year options.
- Nationally Ranked Performance: Exceptional store volume, currently ranked #6 out of 321 locations nationwide with 44,200 visits in the past 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.
- High-Barrier Infill Market: Rare fee-simple retail opportunity in a dense, supply-constrained East Bay corridor with historically low vacancy.
- Dominant Retail Synergy: Situated on “Furniture Row” near Sunvalley Mall and the Veranda; adjacent to Target, Best Buy, and Nordstrom Rack.
- Affluent Demographics: Wealthy trade area with average household incomes exceeding $148,000 in a 1-mile radius, supporting premium home goods spending.
Listing Contacts
Listed by CP Partners, Lockehouse Retail Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$457,800.00
$38,150.00/mo
Valuation Metrics
0
DSCR
6.25%
Cap Rate
6.25%
ROI
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