590 Solano StCorning, CA 96021

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

Grocery and convenience stores

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

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