788 Main StWillits, CA 95490

Property Details for 788 Main St

Lot size

0.46 AC

Property type

Retail properties

Property subtype

Turn key restaurants

APN

006-131-37-00

APU

61313700

Description

This fee-simple offering presents a compelling passive investment opportunity: a brand-new, 2,773 square foot Starbucks with a drive-thru, situated on a 0.46-acre lot at 788 S Main St, Willits, CA 95490. The property boasts a new 10-year net lease (NNN) commencing October 1, 2024, with a strong corporate guarantee from Starbucks, the world's largest coffeehouse company. The lease includes a 10% rent increase every five years and five-year renewal options. The property underwent renovations in 2024 and currently generates a net operating income (NOI) of $170,000, representing a 5.35% cap rate on the asking price of $3,177,570. This highly visible corner location in Willits, known as "The Heart of Mendocino County" and "The Gateway to the Redwoods," benefits from its position at a signalized intersection of two major roadways. The property is 100% occupied and represents a limited-responsibility investment with significant long-term growth potential. This is a 1031 exchange eligible property.

• CAP approach

  CAP return

  Valuation

  6%

  $8,117,915

  6.5%

  $7,493,460

  7%

  $6,958,213

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,307,867

  Geo Method

  $7,242,527

• Alternative Use

  Use

  Valuation

  Residential

  $6,321,014

  Hospitality

  $5,790,014

  Educational

  $4,817,224

  Medical

  $4,982,896

  Retail

  $7,493,460

Location Insight

City

Willits

County

Mendocino

State

California

Latitude

39.4044

Longitude

-123.352

CBSA code

46380

CBSA name

UKIAH, CA MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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