For Sale
$3,928,000

6435 Morro RdAtascadero, CA 93422

Prime Atascadero location, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 1,940 square foot Chipotle restaurant located at 6435 Morro Rd, Atascadero, CA 93422. The property sits on a 0.55-acre lot and boasts a new 15-year net lease (NN+) with a corporate guarantee, commencing December 28, 2023, and expiring December 31, 2038. The lease includes 10% rent bumps every five years, ensuring a passive income stream for the long term. The property's strong financial performance is reflected in its $3,928,000 asking price and a 4.15% cap rate, generating a current NOI of $163,000. Built in 2023, this location benefits from high visibility and accessibility along E.G. Lewis Highway (59,000 AADT) and U.S. Highway 101 (66,700 AADT), capturing significant commuter traffic. The surrounding area features a robust retail corridor with major national tenants including Vons, McDonald's, In-N-Out Burger, and more, creating significant crossover shopping opportunities. The property's proximity to Atascadero High School, Atascadero Middle School, and Santa Rosa Academic Academy (a combined 2,740 students) provides a large and reliable customer base. The 34,193 residents within a five-mile radius boast an excellent average annual household income of $135,841. Limited drive-thrus in Atascadero further enhance the property's value. This is a rare opportunity to acquire a high-performing, strategically located Chipotle in a thriving coastal California market. The sale is structured for a 1031 exchange.

Highlights

  • High-visibility Chipotle location on E.G. Lewis Highway (59,000 AADT).
  • Trophy location with excellent visibility from US Highway 101 (66,700 AADT), capturing significant commuter traffic.
  • Strong retail corridor location with numerous national and local co-tenants including Vons, McDonald's, and In-N-Out Burger.
  • Proximity to Atascadero High School, Atascadero Middle School, and Santa Rosa Academy (2,740 students).
  • Dense population (34,193 residents) within a 5-mile radius with high average household income ($135,841).
  • Strong projected income growth within 1, 3, and 5-mile radii over the next five years.

Property Details for 6435 Morro Rd

Property type
Retail properties, Restaurants
Square Feet
1,940 SF
Year Built
2023
Lot Size (sq. ft)
23,958 SF

Location Insight

City
Atascadero
County
San Luis Obispo
State
California
Latitude
35.484039819887
Longitude
-120.66544236926
6435 Morro Rd, Atascadero, California

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6435 Morro Rd
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