590 Solano StCorning, CA 96021
- Retail properties
- 32,000 SF
Property Details for 590 Solano St
- Year built
- 2019
- Lot size
- 2.59 AC
- Property size (Sq ft)
- 32,000 SF
- Property type
- Retail properties
- Property subtype
- Other retail properties
Description
This exceptional investment opportunity presents a 32,000 square foot, single-tenant net-leased grocery store located at 590 Solano St, Corning, CA 96021. The property, built in 2019, features high-quality steel construction and sits on a 2.59-acre lot with ample parking. The tenant, Sav-Mor Foods, a subsidiary of North State Grocery, Inc., operates under a 20-year lease (commencing January 1, 2020, and expiring December 31, 2039), with 15.1 years remaining. The lease includes annual rent increases of 1.25% (with a step-up to 1.25% annually starting January 2026) and three 5-year renewal options, each with a 1.25% annual increase. This top-performing Sav-Mor Foods location boasts consistently increasing sales. The property generates a substantial net operating income (NOI) of $517,957, representing a 7.00% cap rate on the $7,400,000 asking price ($231.25 per square foot). Further enhancing the investment's value is an additional $48,000 in annual solar revenue, co-terminus with the lease. The property enjoys a prime location on Solano Street, providing convenient access to Interstate 5 and State Route 99, serving a growing California city just 25 minutes from Chico and 90 minutes from Sacramento. The property's APN is 073-010-071-000. This is a rare opportunity to acquire a stable, high-performing investment with significant long-term growth potential.
Location Insight
- City
- Corning
- County
- Tehama
- State
- California
- Latitude
- 39.9278
- Longitude
- -122.173
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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