2411 Broadway StEureka, CA 95501

Property Details for 2411 Broadway St

Year built

2024

Lot size

0.80 AC

Property size (Sq ft)

3,160 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity presents a 3,160 square foot, multi-tenant retail property in Eureka, CA, boasting a prime location on Broadway Street. The property is 100% leased to Starbucks and Wingstop under a 10.5-year net lease (NN+) agreement commencing September 14, 2024, and expiring February 27, 2035. Both tenants are investment-grade, with Starbucks holding a "BBB+" rating from Standard & Poor's. Wingstop, a publicly traded company (NASDAQ: WING), demonstrates strong financial performance, reporting $155.7 million in revenue for the second quarter of 2024. The lease includes 10% fixed rental increases every five years throughout the initial term and any extension periods. The property sits on a 0.8-acre lot and was newly constructed in 2024. The strong NOI of $240,000 translates to a 5.00% cap rate, making this a compelling investment with a significant remaining lease term. The property benefits from high visibility and accessibility, situated within a vibrant retail corridor near major retailers like Walmart, Kohl's, and Costco, as well as Humboldt State University. Its proximity to local attractions and amenities further enhances its appeal and potential for long-term growth. This offering is structured for a 1031 exchange.

Location Insight

City

Eureka

County

Humboldt

State

California

Latitude

40.786

Longitude

-124.182

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