840 Main StCorona, CA 92878

Property Details for 840 Main St

Year built

2022

Construction

WOOD

Lot size

1.55 AC

Property size (Sq ft)

3,486 SF

Property type

Drive through restaurants

APN

122-061-009

APU

122061009

Description

This exceptional investment opportunity presents a 3,660 square foot Raising Cane's restaurant in Corona, CA, built in 2022. The property sits on a 1.29-acre lot with 56 parking spaces and boasts a double drive-thru lane. This is a triple-net (NNN) ground lease with a corporate guarantee from Raising Cane's, one of the fastest-growing restaurant brands, offering a passive investment with minimal landlord responsibilities. The current lease, expiring September 30, 2036, has a remaining term of 11.9 years, with lease options available. The property benefits from a 10% rent increase every five years, starting in 2026, resulting in an average cap rate of 4.78% over the initial lease term. The asking price is $6,823,000, with a current NOI of $290,000 and a 4.25% cap rate. The property is strategically located in a high-traffic area with strong demographics, near major freeways (91 and 15), and surrounded by numerous shopping centers and residential communities, including several luxury apartment complexes. This prime location within a thriving retail corridor in the Inland Empire offers significant long-term growth potential. The property's APN is 122-061-009. The location is minutes from major freeways and adjacent to Orange County, providing easy access to a large consumer base. Nearby national retailers include Target, Walgreens, Costco, and many others. The Inland Empire's robust economy, driven by manufacturing, distribution, and logistics, further enhances the investment's appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $1,408,398

  6.5%

  $1,300,060

  7%

  $1,207,198

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,541,038

  Geo Method

  $3,091,958

• Alternative Use

  Use

  Valuation

  Residential

  $1,096,649

  Hospitality

  $1,004,524

  Educational

  $835,753

  Medical

  $864,495

  Retail

  $1,300,060

Location Insight

City

Corona

County

Riverside

State

California

Latitude

33.8943

Longitude

-117.564

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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