Carvana Car Dealership Property in San Diego Hits the Market - Brand New Construction!

This ad is marked as Sold

Description:


SOLD, SOLD, SOLD .. was listed for $32,727,000



SRS National Net Lease Group is bringing to market an investment opportunity in San Diego, California.

It's an absolute triple net (NNN) lease property leased to Carvana (NYSE - CVNA), a well-established, publicly-traded used-car retailer.

This newly-constructed, corporate-signed investment property offers numerous attractive features that make it an opportunity for passive investors seeking a management-free investment. The asking price for the property is $32.7 million.

The subject property, located at 1545 Camino del Rio S, boasts the fee simple interest of a state of the art Carvana facility, encompassing both land and building ownership.

The tenant has committed to signing a brand new 20-year lease at the close of escrow, underscoring its long-term dedication to the site. This extended lease term provides investors with stable and predictable cash flow for two decades, further reinforced by annual rental increases of 2 percent. These rental escalations not only ensure the growth of net operating income (NOI) but also serve as a hedge against inflation, safeguarding the investment’s long-term value. The projected net operating income for the new owner is $1.8 million with a 5.5 percent cap rate.



CONTACT INFORMATION
Patrick Luther
MANAGING PRINCIPAL
SRS Real Estate Partners
610 Newport Center Drive
Suite 1500
Newport Beach, California 92660
D: 949.698.1115
M: 480.221.4221
Email: patrick.luther@srsre.com
AZ License No. BR579712000
CA License No. 01912215
NV License No. S.0169792

Members profile:


Advertised by: Patrick Luther (click here to see full profile)
Email: Email Advertiser

Ad Details


Property is Sold
Parking Spaces Outside 10.85 Spaces per 1,000 SF Leased
Auto Use Allowed Yes
Garage Spaces (put 0 if this does not apply) 50.00
Price Info SOLD, SOLD, SOLD .. was listed for $32,727,000
Price: $0 USD

Buildings & Land


Property Name Carvana
Property Types Car Lot or Building, Showroom, Retail, Vehicle Related
Land Types Retail

Size & Value


Bldg. Size (Sq. Ft.) 18,440
Price/Sq. Ft. 1,775
Cap Rate 5.50%
Lot/Parcel Size 5.62 AC
Year Built: 2023
Other Units or Spaces: Building Height: 6 Stories NOI: $1,800,000 Tenancy: Single

Use & Status


Best Property Use This is an investment property
Construction Status: Under Construction
Zoning CR 2-1

Unique Sale Issues


Type of Sale Real Estate Agency Sale
Tenants with Current Leases Yes
Net Operating Income 1800000
Lease Type NNN

Location


Address 1545 Camino del Rio
City San Diego
State CA
Postal Code 92108
Country USA

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Ad id: 89584503
Region:
Ad views: 1308