For Sale
$6,823,000

840 Main St Corona, CA 92878

Corona, CA QSR Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
135
This exceptional investment opportunity presents a 3,660 square foot Raising Cane's restaurant in Corona, CA, built in 2022. The property sits on a 1.29-acre lot with 56 parking spaces and boasts a double drive-thru lane. This is a triple-net (NNN) ground lease with a corporate guarantee from Raising Cane's, one of the fastest-growing restaurant brands, offering a passive investment with minimal landlord responsibilities. The current lease, expiring September 30, 2036, has a remaining term of 11.9 years, with lease options available. The property benefits from a 10% rent increase every five years, starting in 2026, resulting in an average cap rate of 4.78% over the initial lease term. The asking price is $6,823,000, with a current NOI of $290,000 and a 4.25% cap rate. The property is strategically located in a high-traffic area with strong demographics, near major freeways (91 and 15), and surrounded by numerous shopping centers and residential communities, including several luxury apartment complexes. This prime location within a thriving retail corridor in the Inland Empire offers significant long-term growth potential. The property's APN is 122-061-009. The location is minutes from major freeways and adjacent to Orange County, providing easy access to a large consumer base. Nearby national retailers include Target, Walgreens, Costco, and many others. The Inland Empire's robust economy, driven by manufacturing, distribution, and logistics, further enhances the investment's appeal.

Highlights

  • Raising Cane's (750+ locations) NNN ground lease in new Class-A Parkridge Plaza.
  • 2022 construction with double drive-thru; 12+ years remaining on initial lease term plus 19 years of options.
  • 10% rent increases every 5 years (first in 2026); 4.78% average cap rate over initial term.
  • Strong demographics: 116,264 residents within 3 miles, 266,698 within 5 miles; 41,700 combined daily traffic counts at major intersections.
  • Excellent location in Corona, Inland Empire, near I-91 (246,500 CPD) and I-15 (158,000 CPD) freeways, and adjacent to Orange County.
  • Dense retail area with nearby major shopping centers and national retailers (Target, Walgreens, Costco, etc.).

Property Details for 840 Main St

Property type
Retail properties, Restaurants
Square Feet
3,660 SF
Year Built
2022
Lot Size (sq. ft)
56,192 SF

Location Insight

City
Corona
County
Riverside
State
California
Latitude
33.894439743578
Longitude
-117.56339686956

FAQs

What type of property is this?
Retail property - Corona, CA QSR Investment Opportunity
Where is the retail property located?
The property is located at 840 Main St Corona, CA.
What is the asking price?
The asking price for this property is $6,823,000.
What are key features of this property?
This property features: Raising Cane's (750+ locations) NNN ground lease in new Class-A Parkridge Plaza.; 2022 construction with double drive-thru; 12+ years remaining on initial lease term plus 19 years of options.; 10% rent increases every 5 years (first in 2026); 4.78% average cap rate over initial term.
How can I contact the broker?
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840 Main St
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