3120 Mchenry AveModesto, CA 95350

Property Details for 3120 Mchenry Ave

Year built

1966

Construction

STEEL FRAME

Lot size

2.12 AC

Property size (Sq ft)

15,060 SF

Property type

Auto shops

APN

013-014-002-000

APU

13014002000

Description

This exceptional investment opportunity presents a 15,060-square-foot retail property located at 3120 McHenry Ave, Modesto, CA 95350. The property is a single-tenant, 100% occupied auto dealership leased to Drive Time under a NNN lease with a corporate guarantee. The lease commenced on December 13, 2021, and expires on March 31, 2027. The asking price is $5,324,000, representing a compelling $353.52 per square foot and a 4.50% cap rate. Situated on a 2.12-acre lot, the single-story building was constructed in 1966. The property benefits from its prime location in Modesto, California, just off Highway 99 in Stanislaus County, a thriving agricultural region. Modesto boasts a population of approximately 223,654, making it the county's largest city. The property's strong tenant, favorable lease terms, and attractive financial metrics make it an ideal addition to any investment portfolio. The property's APN is 013-014-002-000. This is a ground lease-free opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $4,255,756

  6.5%

  $3,928,390

  7%

  $3,647,791

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,444,822

  Geo Method

  $6,444,822

• Alternative Use

  Use

  Valuation

  Residential

  $3,313,744

  Hospitality

  $3,035,372

  Educational

  $2,525,394

  Medical

  $2,612,246

  Retail

  $3,928,390

Location Insight

City

Modesto

County

Stanislaus

State

California

Latitude

37.6836

Longitude

-120.993

CBSA code

33700

CBSA name

MODESTO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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