71722 29 Palms HwyTwentynine Palms, CA 92277

Property Details for 71722 29 Palms Hwy

Year built

2022

Lot size

5.38 AC

Property size (Sq ft)

16,000 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a 16,000 square foot Grocery Outlet, strategically located on 29 Palms Highway in Twentynine Palms, California. The property boasts a 15.1-year net lease (NN+) with a corporate guarantee from a nationally recognized tenant, ensuring consistent cash flow and minimal landlord responsibilities. The lease commenced December 15, 2022, and expires December 31, 2037, featuring built-in rent bumps every five years. The asking price is $6,400,000, representing a compelling 5.50% cap rate with a current net operating income (NOI) of $352,000. Built in 2022, this single-tenant property sits on a 5.38-acre lot, providing ample parking and convenient access for customers. Its high-visibility location benefits from significant traffic volume, drawing from a robust local population, tourism related to nearby Joshua Tree National Park, and the substantial presence of the Marine Corps Air Ground Combat Center (MCAGCC). The property's design and location are well-suited to meet the growing demand for grocery and essential goods in this area, further enhanced by ongoing residential expansion and a reported $150 million retail gap in the market. This is a strong, stable investment with built-in growth potential. The property is offered as a 1031 exchange opportunity.

Location Insight

City

Twentynine Palms

County

San Bernardino

State

California

Latitude

34.1358

Longitude

-116.098

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