663 Edith Ave | Corning, CA 96021
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663 Edith Ave
Corning, CA 96021
Grocery Outlet · Retail Property For Sale
Investment Highlights
- 15-year net lease to Grocery Outlet (NASDAQ: “GO”)
- 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
- In fiscal 2022, net sales increased by 18.9% to $930.8 million during the fourth quarter
- 10% rental increases every five (5) years
- Grocery Outlet opened 27 new stores in fiscal 2022, including 10 in the fourth quarter
- Q1 2023 continued strong earnings with net sales increasing by 16.1% along with Company wide raised guidance for fiscal 2023
Executive Summary
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.
PROPERTY FACTS
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Supermarket
Building Size
16,063 SF
Building Class
B
Year Built
2023
Price
$7,073,000
Price Per SF
$440
Cap Rate
5.50%
NOI
$389,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
4.48 AC
Opportunity Zone
Yes
Frontage
289 FT on Edith Ave
Amenities
- Air Conditioning
PROPERTY TAXES
Parcel Number | 071-080-055-000 | Improvements Assessment | $2,734,000 |
Land Assessment | $656,875 | Total Assessment | $3,390,875 |
PROPERTY TAXES
Parcel Number
071-080-055-000
Land Assessment
$656,875
Improvements Assessment
$2,734,000
Total Assessment
$3,390,875
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