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Chipotle 6435 Morro Rd

1,940 SF Retail Building Atascadero, CA 93422 $3,928,000 ($2,025/SF) 4.15% Cap Rate

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Investment Highlights

Limited drive-thru’s with only 16 allowed in all of Atascadero, proving excellent intrinsic real estate value
10% rental increases every five (5) years in initial term and option periods, providing a passive long-term income generator
Chipotle is ranked on the Fortune 500 and is recognized on the 2024 list for Fortune’s Most Admired Companies

New 15-year net lease to a major national QSR tenant
Chipotle is the only restaurant company of its size that owns and operates all its restaurants

Executive Summary

This Chipotle has a high-visibility and easily accessible location along E.G. Lewis Highway (59,000 AADT). The property is a trophy location with visibility from U.S. Highway 101, allowing the site to capture significant commuter traffic (66,700 AADT. Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Vons, McDonald’s, In-n-Out Burger, Carl’s Jr., Starbucks, Mr. Pickle’s, Dollar Tree, Round Table Pizza, Jamba, and many more, creating significant crossover shopping. The site greatly benefits from its proximity to highly attended area schools, including Atascadero High School, Atascadero Middle School, and Santa Rosa Academic Academy (combined 2,740 students). 34,193 residents live within a five-mile radius of the site with an excellent annual household income of $135,841, providing an extremely large and reliable customer base. Projected income increases within 1-, 3-, and 5-mile radii over the next five years poise Chipotle and Atascadero for steady concurrent growth.