3120 Mchenry AveModesto, CA 95350
- Retail properties
- 15,060 SF
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
- Retail properties
- Property subtype
- 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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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