Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace - https://rimarketplace.com/auction/2970/ Marcus & Millichap and RI Marketplace are pleased to present the opportunity to acquire a vacant, free-standing retail building located at 15025 Olympic Drive & 3500 Old Hwy 53 in Clearlake, California 95422 (the “Property”). Formerly occupied by Rite Aid, the Property is being offered significantly below replacement cost, creating an exceptional opportunity for investors to acquire a highly visible, strategically positioned asset in Northern California with substantial value enhancement potential. Constructed in 2009, the Property consists of a ±17,334 square foot, single-story retail building situated on 2 parcels totaling ±2.32-acre parcel (±101,125 SF). The site features a drive-thru, two curb cuts for convenient ingress and egress, and 78 surface parking spaces, supporting a wide range of retail and service-oriented users. Positioned at a hard-corner, signalized intersection, the Property offers excellent visibility with approximately ±365 feet of frontage along Olympic Drive (±7,383 VPD) and ±225 feet of frontage along Old Highway 53 (±5,286 VPD). Previously leased to Rite Aid on a triple-net (NNN) basis, the Property presents an immediate value-add opportunity through re-tenanting at market rates (CoStar estimated retail rents of $27–$34/SF NNN). The site is located caddy-corner to a Safeway-anchored retail center, benefiting from strong grocery-driven traffic and consistent consumer draw. Zoned C, Commercial, the Property offers flexible zoning that accommodates a broad range of retail, service, and commercial uses. The Property is located in Clearlake, the largest city in Lake County and the county’s primary retail, service, and population center. Clearlake is the commercial and services hub for the region, supporting surrounding communities including Lakeport, Lower Lake, Kelseyville, and Lucerne. The area is a daily-needs destination serving both local residents and pass-through traffic within Lake County’s dispersed population base. Healthcare demand is anchored by Adventist Health Clear Lake, a 25-bed critical access hospital located ±3-min from the Property, providing an important source of steady employment and daily traffic. As one of Lake County’s most established retail nodes, the area is supported by a concentration of retailers including Safeway, Wells Fargo, BMO Bank, and Dollar Tree. The former Rite Aid is situated within a federally designated Opportunity Zone, offering potential tax advantages and enhanced long-term investment incentives. The immediate trade area is further anchored by government offices, schools, and municipal services that generate consistent daytime activity and year-round consumer demand, positioning the Property. Regional connectivity is provided via SR53, located approximately ±0.7-Mi from the Property, and State Route 20, which offer direct access to Lakeport (±10-Mi) and connect Clearlake to Interstate 5 via Williams and Interstate 80 via Colusa. These routes link the market to Sacramento (±1-Hr, 45-Min), Santa Rosa (±75-Min), Napa Valley (±75-Min), the North Bay, and the broader Northern California trade area. The surrounding ±5-Mi trade area is home to more than 23,250 residents with an average household income (AHHI) of ±$76,500. Collectively, these fundamentals reinforce the Property’s long-term viability for re-tenanting, adaptive reuse, or continued essential retail occupancy, offering investors a stable foothold within Northern California’s supply-constrained retail landscape.