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Family Dollar

2318 S Airport Way, Stockton, CA 95206

Listing Price: $2,580,000

Cap Rate
6.20%
Tenant Name
Family Dollar
Years Remaining On Lease
5.1
Gross SF
20,300
Guarantor
Corporate Guarantee
Rentable SF
20,300
Price/Gross SF
$127.09
Lease Type
Double Net
Rent Per Square Feet
$7.88

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale a 20,300 square foot NNN single tenant retail building built in 1964 and remodeled for Family Dollar located in an Opportunity Zone at a corner intersection at 2318 Airport Way, Stockton, California 95206 only one mile from San Joaquin Fairgrounds, Say Soccer Complex and William Brotherhood Park. Family Dollar has just over five years remaining on the original lease which commenced in April 2018 and expires on March 31, 2028. There are four (4), successive five (5)-year options with rents increasing 5.8% for the 1st Option on April 2028 then increasing 10% for each remaining three options. While Family Dollar leased the entire 20,300 square feet, it occupies only 9,589 square feet leaving 10,711 square feet unused and vacant. Should Family dollar ever vacate the property, the Owner may re-lease the entire 20,300 square feet to another single tenant or subdivide to two or more tenants. Currently, Family Dollar is paying only $.66 NNN per square foot while market rents in the area are over $1.00 NNN per square foot. Family Dollar is an American variety store chain. With over 8,000 locations in all states except Alaska and Hawaii, it was the second largest retailer of its type in the United States until it was acquired by Dollar Tree in 2015 and its headquarters operations were moved from Matthews, a suburb of Charlotte, North Carolina, to Chesapeake, Virginia As one of the nation’s fastest-growing retailers, Family Dollar offers a compelling assortment of merchandise for the whole family, ranging from household cleaners to name-brand foods, from health and beauty aids to toys, from apparel for every age to home fashions, all for everyday low prices. While shoppers can find many items at $1 or less, most items in the store are priced below $10, making shopping fun without stretching the family budget. The City of Stockton is home to approximately 300,000 people. Historically, the city has been an agriculturally based economy, however telecommunications and manufacturing have also become important aspect of the economy. Stockton is a large urban center and is the 13th largest city in the State of California. The major sectors for employment in Stockton include healthcare, agriculture, construction, government, finance, insurance and education. With Stockton's continued growth comes new residents, new businesses, new opportunities, and new construction projects. Today's urban redevelopment is helping to bring the City of Stockton into the 21st century in exciting and dynamic ways. The nearby Port of Stockton, just five miles away, is a very busy Import / Export hub with ocean going vessels shipping break-bulk and containerized cargos by land or sea. The property is strategically located between the Hwy 99 & I-5 north & south bound traffic. With approximately 14,000 average daily traffic counts, the one mile and three-mile average household incomes are approximately $48,596 and $54,458 respectively and the one-mile and three-mile average population is 16,976 and 112,200 respectively.

Investment Highlights

  • Investment Grade Opportunity Ideal for 1031 Exchange
  • 10-Year Initial Long-Term Corporate NNN Lease with over five years Remaining with four (4), successive five (5)-Year Options
  • 5.8% Rent Increase for 1st Option then 10% Percent Increases in Remaining Three Option Periods
  • Opportunity Zoned Corner Property on .89 Acres Providing 37 Parking Spaces
  • 2018 New Roof With 15 Year Warranty
  • 2018 New HVAC Units
  • Strong Demographics with Over 112,000 Residents with an Average Household Income of $54,000 within 3 Miles
  • Only one mile from San Joaquin Fairgrounds, Say Soccer Complex and William Brotherhood Park

Exclusively Listed By

Financing By

Listing Price: $2,580,000

Cap Rate
6.20%
Tenant Name
Family Dollar
Years Remaining On Lease
5.1
Gross SF
20,300
Guarantor
Corporate Guarantee
Rentable SF
20,300
Price/Gross SF
$127.09
Lease Type
Double Net
Rent Per Square Feet
$7.88

Investment Highlights

  • Investment Grade Opportunity Ideal for 1031 Exchange
  • 10-Year Initial Long-Term Corporate NNN Lease with over five years Remaining with four (4), successive five (5)-Year Options
  • 5.8% Rent Increase for 1st Option then 10% Percent Increases in Remaining Three Option Periods
  • Opportunity Zoned Corner Property on .89 Acres Providing 37 Parking Spaces
  • 2018 New Roof With 15 Year Warranty
  • 2018 New HVAC Units
  • Strong Demographics with Over 112,000 Residents with an Average Household Income of $54,000 within 3 Miles
  • Only one mile from San Joaquin Fairgrounds, Say Soccer Complex and William Brotherhood Park

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale a 20,300 square foot NNN single tenant retail building built in 1964 and remodeled for Family Dollar located in an Opportunity Zone at a corner intersection at 2318 Airport Way, Stockton, California 95206 only one mile from San Joaquin Fairgrounds, Say Soccer Complex and William Brotherhood Park. Family Dollar has just over five years remaining on the original lease which commenced in April 2018 and expires on March 31, 2028. There are four (4), successive five (5)-year options with rents increasing 5.8% for the 1st Option on April 2028 then increasing 10% for each remaining three options. While Family Dollar leased the entire 20,300 square feet, it occupies only 9,589 square feet leaving 10,711 square feet unused and vacant. Should Family dollar ever vacate the property, the Owner may re-lease the entire 20,300 square feet to another single tenant or subdivide to two or more tenants. Currently, Family Dollar is paying only $.66 NNN per square foot while market rents in the area are over $1.00 NNN per square foot. Family Dollar is an American variety store chain. With over 8,000 locations in all states except Alaska and Hawaii, it was the second largest retailer of its type in the United States until it was acquired by Dollar Tree in 2015 and its headquarters operations were moved from Matthews, a suburb of Charlotte, North Carolina, to Chesapeake, Virginia As one of the nation’s fastest-growing retailers, Family Dollar offers a compelling assortment of merchandise for the whole family, ranging from household cleaners to name-brand foods, from health and beauty aids to toys, from apparel for every age to home fashions, all for everyday low prices. While shoppers can find many items at $1 or less, most items in the store are priced below $10, making shopping fun without stretching the family budget. The City of Stockton is home to approximately 300,000 people. Historically, the city has been an agriculturally based economy, however telecommunications and manufacturing have also become important aspect of the economy. Stockton is a large urban center and is the 13th largest city in the State of California. The major sectors for employment in Stockton include healthcare, agriculture, construction, government, finance, insurance and education. With Stockton's continued growth comes new residents, new businesses, new opportunities, and new construction projects. Today's urban redevelopment is helping to bring the City of Stockton into the 21st century in exciting and dynamic ways. The nearby Port of Stockton, just five miles away, is a very busy Import / Export hub with ocean going vessels shipping break-bulk and containerized cargos by land or sea. The property is strategically located between the Hwy 99 & I-5 north & south bound traffic. With approximately 14,000 average daily traffic counts, the one mile and three-mile average household incomes are approximately $48,596 and $54,458 respectively and the one-mile and three-mile average population is 16,976 and 112,200 respectively.

Exclusively Listed By

Financing By

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