663 Edith AveCorning, CA 96021
- Other commercial real estate
- 864 SF
Property Details for 663 Edith Ave
- Year built
- 1948
- Construction
- WOOD
- Lot size
- 4.23 AC
- Property size (Sq ft)
- 864 SF
- Property type
- Other commercial real estate
- APN
- 071-080-021-000
- APU
- 71080021000
Description
This exceptional investment opportunity presents a 16,063 square foot Grocery Outlet in Corning, CA, a thriving retail corridor. The property boasts a 14.5-year remaining lease term (commencing December 15, 2023 and expiring December 31, 2038) with a corporate guarantee from Grocery Outlet, a publicly traded company (NASDAQ: GO). The net lease structure (NN+) provides a stable income stream with a current NOI of $389,000 and a 5.50% cap rate. The asking price is $7,073,000. Built in 2023, the property benefits from built-in rent bumps. Its prime location near a signalized intersection on Edith Avenue offers easy access to Interstate 5 (31,500 AADT), maximizing exposure to significant commuter traffic. Synergistic adjacency to a new Dutch Bros drive-thru further enhances its appeal. The property is surrounded by other established national and regional retailers, including Safeway, Burger King, Taco Bell, Subway, and Dollar Tree, creating a dense retail environment. A substantial customer base of 43,020 residents resides within a 15-mile radius. This property is ideal for a 1031 exchange.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
Alternative Use
- Use
- Valuation
- Residential
- $178,230
- Hospitality
- $163,258
- Educational
- $135,829
- Medical
- $140,500
- Retail
- $211,289
Location Insight
- City
- Corning
- County
- Tehama
- State
- California
- Latitude
- 39.9294
- Longitude
- -122.196
- CBSA code
- 39780
- CBSA name
- RED BLUFF, CA MICROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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