Umpqua Bank & First American Title Company 805 11th St 18,392 SF 100% Leased Retail Building Lakeport, CA 95453 $6,410,000 ($348.52/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- Two-Tenant Retail Property Leased to Investment Grade Tenants with Annual Rental Escalations in Both Leases
- Very Strong Deposit Base Ensuring their Long-Term Commitment to this Location - $127 Million in Deposits
- Adjacent to CVS & Safeway-Anchored Retail Center
- Anchored by Long-Term Lease to Umpqua Bank (NASDAQ: COLB)
- Excellent Access and Visibility along Eleventh Street - 11,500 AADT
- 120 Miles North of San Francisco
EXECUTIVE SUMMARY
The subject property benefits from prominent retail location adjacent to a Safeway and CVS-anchored retail center with excellent access and visibility along 11th Street (11,500 AADT) in close proximity to its junction with CA-29. The site benefits from robust demographics with a total daytime population of 12,798 within a 5 mile radius and average household income of $90,170 within 1 mile of the site. Other retail tenants in the surrounding area include Grocery Outlet, Dollar Tree, Dollar General, and more.
This branch of Umpqua bank holds approximately $127 million in deposits and has the highest level of deposits of Umpqua Bank branches in the county. Countywide, Umpqua Bank has the second-highest deposit market share of the 11 banks operating in the county.
Lakeport (population 5,026) is the seat of Lake County, California, and is located on the western shore of Clear Lake, California’s largest wholly freshwater lake and the oldest lake in North America. The city is located approximately 125 miles north of Sacramento. Lakeport and the surrounding area are a popular tourist destination due to the lake’s large population of largemouth bass and popular watersports, including swimming, waterskiing, wakeboarding, boat races, and jet skiing.
This branch of Umpqua bank holds approximately $127 million in deposits and has the highest level of deposits of Umpqua Bank branches in the county. Countywide, Umpqua Bank has the second-highest deposit market share of the 11 banks operating in the county.
Lakeport (population 5,026) is the seat of Lake County, California, and is located on the western shore of Clear Lake, California’s largest wholly freshwater lake and the oldest lake in North America. The city is located approximately 125 miles north of Sacramento. Lakeport and the surrounding area are a popular tourist destination due to the lake’s large population of largemouth bass and popular watersports, including swimming, waterskiing, wakeboarding, boat races, and jet skiing.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Bank
Building Size
18,392 SF
Building Class
C
Year Built
1994
Price
$6,410,000
Price Per SF
$348.52
Cap Rate
6%
NOI
$384,491
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.46
Lot Size
0.92 AC
Zoning
Retail - Retail
Parking
28 Spaces (1.52 Spaces per 1,000 SF Leased)
Frontage
149’ on Eleventh Street
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 026-301-280-000 | Improvements Assessment | $3,901,886 |
| Land Assessment | $580,291 | Total Assessment | $4,482,177 |
