6435 Morro RdAtascadero, CA 93422

Property Details for 6435 Morro Rd

Lot size

0.24 AC

Property type

Parking lots & garages

APN

030-212-029

APU

30212029

Description

This exceptional investment opportunity presents a 1,940 square foot Chipotle restaurant located at 6435 Morro Rd, Atascadero, CA 93422. The property sits on a 0.55-acre lot and boasts a new 15-year net lease (NN+) with a corporate guarantee, commencing December 28, 2023, and expiring December 31, 2038. The lease includes 10% rent bumps every five years, ensuring a passive income stream for the long term. The property's strong financial performance is reflected in its $3,928,000 asking price and a 4.15% cap rate, generating a current NOI of $163,000. Built in 2023, this location benefits from high visibility and accessibility along E.G. Lewis Highway (59,000 AADT) and U.S. Highway 101 (66,700 AADT), capturing significant commuter traffic. The surrounding area features a robust retail corridor with major national tenants including Vons, McDonald's, In-N-Out Burger, and more, creating significant crossover shopping opportunities. The property's proximity to Atascadero High School, Atascadero Middle School, and Santa Rosa Academic Academy (a combined 2,740 students) provides a large and reliable customer base. The 34,193 residents within a five-mile radius boast an excellent average annual household income of $135,841. Limited drive-thrus in Atascadero further enhance the property's value. This is a rare opportunity to acquire a high-performing, strategically located Chipotle in a thriving coastal California market. The sale is structured for a 1031 exchange.

Location Insight

City

Atascadero

County

San Luis Obispo

State

California

Latitude

35.4838

Longitude

-120.665

CBSA code

42020

CBSA name

SAN LUIS OBISPO-PASO ROBLES, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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