For Sale
$4,187,000

870 Main StCorona, CA 92878

High-Yield NNN Lease Investment

Overview

Added:
Dec 11, 2024
Days on market:
114
Exceptional investment opportunity: a 2,650 square foot Habit Burger Grill in Corona, CA, boasting a strong 4.35% cap rate and a substantial 17-year remaining lease term (with options) on a fee-simple property. Built in 2022, this single-tenant, triple-net (NNN) leased property features a drive-thru and is situated on a 0.57-acre lot with 23 parking spaces. The lease includes 10% rent bumps every five years, beginning in 2026, resulting in an average cap rate of 5.14% over the initial lease term. The Habit Burger Grill, a subsidiary of Yum! Brands, benefits from a prime location within a thriving retail corridor, surrounded by major national retailers and numerous residential communities, including several luxury apartment complexes. The property enjoys high daily traffic counts due to its proximity to major freeways (I-91 and I-15) and a robust daytime population. The Inland Empire's strong economy, driven by manufacturing, distribution, and logistics, further enhances the investment's appeal. This offering presents a rare opportunity to acquire a well-positioned, high-performing asset with significant long-term growth potential. The property's address is 870 N Main St, Corona, CA 92878, and the APN is 122-061-012. The lease expires December 1, 2041, and includes two five-year renewal options. The property's net operating income (NOI) is $182,148. The asking price is $4,187,000. The drive-thru component is enhanced by an easement on an adjacent parcel, ensuring exclusive use. The Habit Burger Restaurants LLC (corporate) remains liable per the lease.

Highlights

  • Habit Burger (a Yum! Brands subsidiary) is the tenant with a corporate guarantee on a 20-year lease with 17.6 years remaining plus two 5-year options.
  • Newly constructed (2022) A-Class retail building with drive-thru; exclusive use of adjacent parcel drive-thru via easement.
  • Triple-net (NNN) lease; details on page 11.
  • 10% rent increases every five years, starting 2026; 5.14% average cap rate over initial term.
  • Strong demographics: 116,264 residents within 3 miles, 266,698 within 5 miles.
  • High daily traffic counts (41,700 vehicles) at major intersection; excellent freeway access (91 & 15 freeways).

Property Details for 870 Main St

Property type
Retail properties
Square Feet
2,650 SF
Year Built
2022
Lot Size (sq. ft)
24,829 SF

Location Insight

City
Corona
County
Riverside
State
California
Latitude
33.895262929365
Longitude
-117.5634510566
870 Main St, Corona, California

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870 Main St
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