Shell Station & C-Store: Absolute NNN | 200 Five Cities Dr
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Shell Station & C-Store: Absolute NNN 200 Five Cities Dr
2,786 SF Retail Building Pismo Beach, CA 93449 $1,600,000 ($574/SF) 4.50% Cap Rate
Investment Highlights
- Seller financing available to qualified buyers
- Shell branded gas station & convenience store
- Being sold below replacement cost
- Absolute NNN, zero landlord responsibilities
- Stable cash flow with massive upside potential
- Attractive Price/SF
Executive Summary
200 Five Cities Drive., operating as Pismo Beach Shell Gas & Sam's Food Market, is a two-story, single-tenant fuel station and convenience store located in the City of Pismo Beach, California. The building construction is of unknown framing with a pitched metal Loc-Panel roof and painted stucco exterior. Development was completed in 1998 and per city building permits, the structure consists of 2,786+/- square feet of improvements, situated on a 12,600+/- square foot lot, currently zoned C1 with a use code of retail gasoline station and convenience store.
The Fee-Simple Shell Gas Station features a convenience store, a water & air station, 6 on-site parking spaces, a picnic area, and four dual-sided fuel dispensers, providing a total of 8 gas pumps.
The current tenant, Valley Convenience Stores, Inc., is operating on the second option of an absolute NNN lease. The tenant is paying a fixed annual rental rate of $25.84 p/sf which calls for 0 increases through the remaining period of the lease which expires in 2037.
The subject property is situated off Five Cities Dr. on the South 101 Corridor. The property is centrally located on a highly trafficked street averaging a traffic count of 15,700 cars in 2017 and surrounded by both major retailers as well as large, planned communities.
The immediate vicinity, which includes Pismo Coast Premium Outlet, is a major retail draw for the area and includes well-known retailers such as Nike, Ralph Lauren, and Calvin Klein. In addition, the subject property is minutes from North Bach Campground and Pismo Beach Mobile Home Park, a 29-acre gated senior community with 233 home sites located on the Pacific Coast Highway.
Pismo Beach is a city in San Luis Obispo County, in the Central Coast area of California, and is within proximity to both Morrow Bay and Paso Robles. The estimated population was 8,327 in the 2017 census, up from 8,185 in 2016 Pismo Beach is part of the Five Cities Area, a cluster of cities in that area of San Luis Obispo County. The median household income in a 1-mile radius is $71,046.
Location Highlights
+ Located adjacent to US Highway 101 Corridor (70,000 VPD)
+ Situated on a heavily trafficked retail corridor
+ Neighboring The Pismo Beach Premium Outlet Mall
+ Minutes to Oceano Dunes Off-Road Park
+ Next Door to The 233 Site Pismo Beach Mobile Home Park
The Fee-Simple Shell Gas Station features a convenience store, a water & air station, 6 on-site parking spaces, a picnic area, and four dual-sided fuel dispensers, providing a total of 8 gas pumps.
The current tenant, Valley Convenience Stores, Inc., is operating on the second option of an absolute NNN lease. The tenant is paying a fixed annual rental rate of $25.84 p/sf which calls for 0 increases through the remaining period of the lease which expires in 2037.
The subject property is situated off Five Cities Dr. on the South 101 Corridor. The property is centrally located on a highly trafficked street averaging a traffic count of 15,700 cars in 2017 and surrounded by both major retailers as well as large, planned communities.
The immediate vicinity, which includes Pismo Coast Premium Outlet, is a major retail draw for the area and includes well-known retailers such as Nike, Ralph Lauren, and Calvin Klein. In addition, the subject property is minutes from North Bach Campground and Pismo Beach Mobile Home Park, a 29-acre gated senior community with 233 home sites located on the Pacific Coast Highway.
Pismo Beach is a city in San Luis Obispo County, in the Central Coast area of California, and is within proximity to both Morrow Bay and Paso Robles. The estimated population was 8,327 in the 2017 census, up from 8,185 in 2016 Pismo Beach is part of the Five Cities Area, a cluster of cities in that area of San Luis Obispo County. The median household income in a 1-mile radius is $71,046.
Location Highlights
+ Located adjacent to US Highway 101 Corridor (70,000 VPD)
+ Situated on a heavily trafficked retail corridor
+ Neighboring The Pismo Beach Premium Outlet Mall
+ Minutes to Oceano Dunes Off-Road Park
+ Next Door to The 233 Site Pismo Beach Mobile Home Park
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
2,786 SF
Building Class
C
Year Built
1998
Price
$1,600,000
Price Per SF
$574
Cap Rate
4.50%
NOI
$72,000
Tenancy
Single
Building Height
2 Stories
Building FAR
0.22
Lot Size
0.29 AC
Zoning
C1
Parking
6 Spaces (2.15 Spaces per 1,000 SF Leased)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 005-242-002 | Improvements Assessment | $578,358 |
| Land Assessment | $642,030 | Total Assessment | $1,220,388 |
PROPERTY TAXES
Parcel Number
005-242-002
Land Assessment
$642,030
Improvements Assessment
$578,358
Total Assessment
$1,220,388
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Shell Station & C-Store: Absolute NNN | 200 Five Cities Dr
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