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Shopping Neighborhood

3817 Plaza Dr

3817 Plaza Dr, Oceanside, CA 92056

Listing Price: $13,200,000

Cap Rate
5.70%
Gross SF
42,646
Rentable SF
42,646
Price/Gross SF
$309.52
Lot Size
3.80 acres
Year Built
1987

Investment Overview

Marcus & Millichap has been exclusively retained to offer for sale the fee simple interest in a prime, net-leased retail Property occupied by TJ Maxx and Goodwill in Oceanside, CA. Built in 1987, the property has been well maintained and renovated on a regular basis, with a new roof completed in 2017. TJ Maxx and Goodwill are both on recently executed long term leases and anchor Tri-City Plaza. The sales of TJ Maxx at this location have been increasing for 13 straight years until a dip in 2020 due to the pandemic, but are reportedly on track to surpass the 2019 record year in 2021. Goodwill relocated to the TJ Maxx building from with-in the shopping center in 2018 on a new, 10-year lease with 10% rent bumps in year 5 and during its option period. The staggered lease expirations minimize tenant rollover risk, augmented by strong corporate leases offering investors reliable, passive cash flow over a long-term holding period. The asset lies directly at the on/off ramp to Highway 78 and provides direct access to 155,000 vehicles per day along one of the main east/west commercial corridors in North County San Diego. The Property is surrounded by national retailers, including Rite Aid, Dollar Tree, Wal Mart, Kohl’s, Petsmart, Albertsons, Home Depot, and a just-opened Hobby Lobby. Oceanside is San Diego County’s fastest growing submarket, with more than 636 new single family, town-home and apartment units just constructed less than a mile from the property and numerous other residential and hospitality projects planned or under construction within a 5-mile radius. Directly across the street from the Property is Tri-City Medical center, a 400-bed, 700-physican medical hub, and MiraCosta College, which averages more than 17,000 enrolled students and 1,300 employees. The area features low retail vacancy, strong demographics, and numerous market growth drivers.

Investment Highlights

  • Established Tenants with Strong Sales
  • Ease of Management
  • Great San Diego County Location

Exclusively Listed By

Shopping Neighborhood

3817 Plaza Dr

Listing Price: $13,200,000

Cap Rate
5.70%
Gross SF
42,646
Rentable SF
42,646
Price/Gross SF
$309.52
Lot Size
3.80 acres
Year Built
1987

Investment Highlights

  • Established Tenants with Strong Sales
  • Ease of Management
  • Great San Diego County Location

Investment Overview

Marcus & Millichap has been exclusively retained to offer for sale the fee simple interest in a prime, net-leased retail Property occupied by TJ Maxx and Goodwill in Oceanside, CA. Built in 1987, the property has been well maintained and renovated on a regular basis, with a new roof completed in 2017. TJ Maxx and Goodwill are both on recently executed long term leases and anchor Tri-City Plaza. The sales of TJ Maxx at this location have been increasing for 13 straight years until a dip in 2020 due to the pandemic, but are reportedly on track to surpass the 2019 record year in 2021. Goodwill relocated to the TJ Maxx building from with-in the shopping center in 2018 on a new, 10-year lease with 10% rent bumps in year 5 and during its option period. The staggered lease expirations minimize tenant rollover risk, augmented by strong corporate leases offering investors reliable, passive cash flow over a long-term holding period. The asset lies directly at the on/off ramp to Highway 78 and provides direct access to 155,000 vehicles per day along one of the main east/west commercial corridors in North County San Diego. The Property is surrounded by national retailers, including Rite Aid, Dollar Tree, Wal Mart, Kohl’s, Petsmart, Albertsons, Home Depot, and a just-opened Hobby Lobby. Oceanside is San Diego County’s fastest growing submarket, with more than 636 new single family, town-home and apartment units just constructed less than a mile from the property and numerous other residential and hospitality projects planned or under construction within a 5-mile radius. Directly across the street from the Property is Tri-City Medical center, a 400-bed, 700-physican medical hub, and MiraCosta College, which averages more than 17,000 enrolled students and 1,300 employees. The area features low retail vacancy, strong demographics, and numerous market growth drivers.

Exclusively Listed By

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