663 Edith Ave - Supermarket FOR SALE


Corning, CA 96021
$7,073,000 USD
415-413-3005
663 Edith Ave, Corning, CA for Sale
$7,073,000 USD
Supermarket - FOR SALE
1/5
null | 5.5% Cap Rate

663 Edith Ave
Corning, CA 96021


HIGHLIGHTS

  • 15-year net lease to Grocery Outlet (NASDAQ: “GO”)
  • 10% rental increases every five (5) years
  • Grocery Outlet is the nation’s largest extreme value grocery retailer, with more than 457 locations in eight states and $3.6 billion in annual revenue
  • Grocery Outlet opened 27 new stores in fiscal 2022, including 10 in the fourth quarter
  • In fiscal 2022, net sales increased by 18.9% to $930.8 million during the fourth quarter
  • Q1 2023 continued strong earnings with net sales increasing by 16.1% along with Company wide raised guidance for fiscal 2023

OVERVIEW

This Grocery Outlet has an easily accessible location near a signalized hard corner along Edith Avenue in a compact Corning retail corridor. The property is ideally set with immediate access to Interstate 5, allowing the site to capture significant commuter traffic (31,500 AADT). The site greatly benefits from its construction neighbored by a new construction Dutch Bros, creating significant crossover shopping opportunities. Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Safeway, Burger King, Taco Bell, Subway, Dollar Tree, and many more, creating significant crossover shopping. 43,020 residents live within a fifteen-mile radius of the site, providing a large and reliable customer base. The location is a common gateway to Sacramento, the capital of California and the sixth-most populous city in California (524,943 population). Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Grocery Outlet and Corning for steady concurrent growth.

FOR SALE DETAILS

PRICE

$7,073,000 USD

PRICE/SF

$440 USD /SF

CAP RATE

5.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Grocery Outlet

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Supermarket

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2023

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

4.48 AC

LAND SF

195,264 SF

ZONING

-

APN/PARCEL ID

071-080-021-000

ASK ABOUT THIS PROPERTY

Ryan ForsythCushman & WakefieldMore Info
415-413-3005

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Ryan ForsythCushman & WakefieldMore Info
415-413-3005

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.