Leslie's Pools 1166 S Main St 3,696 SF Retail Building Manteca, CA 95337 $1,265,000 ($342.26/SF) 7.10% Cap Rate

Prided below recent MAI appraisal. We represent an estate that wants a quick sale. The 7.1 CAP rate is actual.
The subject property is comprised of a 1 story wood frame and stucco retail building (a pad in front of a shopping center) with gross building area of approximately 4,416 square feet (3,696 SF + 720 SF display area not used) constructed in 1990 and last updated in 2000 for current tenant use. The rentable area is 3,696 square feet used by the tenant Lesile Poolmart. No consideration was given to the 720 square foot display area with two small pools as it is no longer used and is considered an axillary area. Additionally, there are 12 on-site parking spaces.
Leslie's is the single NNN tenant in the building. They have occupied the premises since 2000. They recently extended their fully NNN lease for an additional 5-years. There are no rent increases.
Leslie's Pool Supplies — commonly known as Leslie’s Poolmart or just Leslie’s — is a large U.S. specialty retail company focused on swimming pool and spa supplies, equipment, maintenance, installation, and services. Founded in 1963 as a small backyard pool supply operation in North Hollywood, California, it has grown into the largest pool and spa retailer in the U.S. with hundreds of locations nationwide and extensive online shopping options