Absolute Net Leased La-Z-Boy in Retail Hub | 2315 Esplanade
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Absolute Net Leased La-Z-Boy in Retail Hub 2315 Esplanade
19,457 SF 100% Leased Retail Building Online Auction Sale Chico, CA 95926
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Investment Highlights
- Discover a profitable net lease investment opportunity with the acquisition of 2315 Esplanade, an established La-Z-Boy retailer.
- 2315 Esplanade presents new ownership with the ultimate passive income, yielding a stable NOI and minimal landlord responsibilities.
- 2315 Esplanade features a showroom, warehouse space, roll up doors, 18 parking spaces, and a thermoplastic polyolefin (TPO) roof.
- Strategically positioned in a concentrated retail hub, La-Z-Boy profits from exceptional visibility to nearly 25,000 vehicles traveling by daily.
- In December 2024, there will be three years left on the lease term with 3% annual increases providing a strong investment offering.
- La-Z-Boy benefits from dense resident and student populations, surrounded by neighborhoods and just 2 miles from California State University, Chico.
Executive Summary
2315 Esplanade offers a new owner the rare opportunity to acquire a single-tenant net leased investment in the thriving suburban market of Chico, California. This 19,457-square-foot, freestanding retail building is occupied by La-Z-Boy Furniture Galleries which is locally owned and operated by the largest Northern California La-Z-Boy franchisee. This absolute net investment is an advantageous addition to a new or existing investment portfolio. Being offered at below market value, 2315 Esplanade offers reliable income, annual rent increases, and future upside potential.
Branded as a La-Z-Boy since 1996, this location has a strong track record of successful furniture sales and proven commitment to this Chico location. La-Z-Boy Incorporated is one of the world’s leading residential furniture producers, marketing furniture for every room of the home. The company’s recognized distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, which include 355 stand-alone La-Z-Boy Furniture Galleries stores and 561 independent Comfort Studio locations. The company’s revenue exceeds $1.7 billion.
Chico is a thriving suburban community located along the Golden State Highway approximately 90 miles north of Sacramento, California. This scenic residential town is teeming with outdoor adventure, situated at the base of Butte Creek Canyon and a short drive to multiple national forests. Chico highlights an affluent demographic profile within a 5-mile radius of 2315 Esplanade. There are 106,000 residents earning an average household income of $92,000. Consumers spend an astounding $1.4 billion annually, with $85 million spent on household equipment and furniture. Chico is a premier location for new investment, backed by a stable economy and growing population.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Branded as a La-Z-Boy since 1996, this location has a strong track record of successful furniture sales and proven commitment to this Chico location. La-Z-Boy Incorporated is one of the world’s leading residential furniture producers, marketing furniture for every room of the home. The company’s recognized distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, which include 355 stand-alone La-Z-Boy Furniture Galleries stores and 561 independent Comfort Studio locations. The company’s revenue exceeds $1.7 billion.
Chico is a thriving suburban community located along the Golden State Highway approximately 90 miles north of Sacramento, California. This scenic residential town is teeming with outdoor adventure, situated at the base of Butte Creek Canyon and a short drive to multiple national forests. Chico highlights an affluent demographic profile within a 5-mile radius of 2315 Esplanade. There are 106,000 residents earning an average household income of $92,000. Consumers spend an astounding $1.4 billion annually, with $85 million spent on household equipment and furniture. Chico is a premier location for new investment, backed by a stable economy and growing population.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Retail
Property Subtype
Freestanding
Building Size
19,457 SF
Building Class
B
Year Built
1955
Tenancy
Single
Building Height
1 Story
Building FAR
0.65
Land Acres
0.69 AC
Zoning
CC - Commercial
Parking
18 Spaces (0.93 Spaces per 1,000 SF Leased)
Frontage
140 FT on Esplanade Rd
Amenities
- 24 Hour Access
- Accent Lighting
- Air Conditioning
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
-
- Retailer
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
La-Z-Boy Incorporated is one of the world’s leading residential furniture producers, marketing furniture for every room of the home. The Wholesale segment includes England, La-Z-Boy, American Drew®, Hammary®, and Kincaid®. The company-owned Retail segment includes La-Z-Boy Furniture Galleries® stores. Joybird is an e-commerce retailer and manufacturer of upholstered furniture. The corporation’s branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes stand-alone La-Z-Boy Furniture Galleries® stores and independent Comfort Studio® locations, in addition to in-store gallery programs for the company’s Kincaid and England operating units.
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
|
|
Retailer | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
Bike Score ®
Very Bikeable (77)
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
14,032
86,369
106,349
2020 Population
15,618
92,346
113,520
2029 Population
13,294
82,576
101,715
2024-2029 Projected Population Growth
-5.3%
-4.4%
-4.4%
Daytime Employees
15,355
40,936
57,167
Total Businesses
2,161
5,859
7,701
Average Household Income
$89,928
$87,374
$92,042
Median Household Income
$67,054
$66,969
$69,215
Total Consumer Spending
$191.5M
$1.1B
$1.4B
Median Age
37.4
32.0
33.4
2024 Households
6,280
35,081
43,381
Percent College Degree or Above
21%
22%
23%
Average Home Value
$406,654
$460,117
$489,891
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 006-120-001-000 | Improvements Assessment | $574,602 |
| Land Assessment | $398,237 | Total Assessment | $972,839 |
PROPERTY TAXES
Parcel Number
006-120-001-000
Land Assessment
$398,237
Improvements Assessment
$574,602
Total Assessment
$972,839
Sale Advisor
Sale Advisor
Mason Canter, President at The Mason Canter Group
(310) 722-3161
Contact
As an award-winning, veteran real estate investment specialist in residential and commercial property sales, Mason has successfully listed and sold hundreds of millions of dollars in real estate. Now, as Co-founder of Integrated Chapter Services (ICS) which has partnered with Avenu Tech to create a new monetization model that is fast replacing the antiquated and unprofitable loan origination services system, together they are revolutionizing the industry!
Born and raised in Los Angeles, Mason graduated Beverly Hills High School then studied in New York at NYU, earning his degrees with honors. His life journey has taught him that integrity, teamwork, and perseverance is a formula that achieves results. This has shaped and expanded his career in all forms of real estate from luxury homes to multi-family apartment buildings. His unique skill set, industry expertise, and genuine commitment to his clients has established an incomparable track record. Mason's results have not gone unnoticed.
Since 2015, Keller Williams LF and KW Commercial have awarded The Mason Canter Group each year with "Top Dog" performance awards for Highest GCI, Highest Number of Units Closed and has ranked in the Top 3 Regionally and Top 5 Nationally. Prior to starting his own company Mason consistently earned top honors year over year.
Born and raised in Los Angeles, Mason graduated Beverly Hills High School then studied in New York at NYU, earning his degrees with honors. His life journey has taught him that integrity, teamwork, and perseverance is a formula that achieves results. This has shaped and expanded his career in all forms of real estate from luxury homes to multi-family apartment buildings. His unique skill set, industry expertise, and genuine commitment to his clients has established an incomparable track record. Mason's results have not gone unnoticed.
Since 2015, Keller Williams LF and KW Commercial have awarded The Mason Canter Group each year with "Top Dog" performance awards for Highest GCI, Highest Number of Units Closed and has ranked in the Top 3 Regionally and Top 5 Nationally. Prior to starting his own company Mason consistently earned top honors year over year.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Molly Patten
Contact
Auctioneer License:
Ten-X Jessica Figueroa RE Brkr 01937601. Ten-X Auction Surety Bond 106465786
-
Mason Canter -
KW Commercial
1 of 19
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PHOTOS
STREET VIEW
STREET
MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Absolute Net Leased La-Z-Boy in Retail Hub | 2315 Esplanade
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