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Mor Furniture 1720 W Olive Ave 21,710 SF Retail Building Merced, CA 95348 $4,800,000 ($221.10/SF) 6.67% Cap Rate
INVESTMENT HIGHLIGHTS
- +8 Years Remaining | Corporate Guaranty Mor Furniture | 41 Locations across 7 States | +40-year Operating History
- High Growth Trade Area | Strong Demographics & Employment Base
- High Traffic Olive Ave Retail Corridor | Strong Retail Demand by Top National Retailers | Several New Developments Nearby
- Low Replaceable PSF Rent | NNN Leased | Minimal Landlord Responsibilities | Fee Simple
- Pad to Lowe’s Anchored Center | 45,000 VPD Intersection | Excellent Real Estate Fundamentals
- Close Proximity to University of California, Merced (8,654 Students, 1,537 Employees) | Gateway to Yosemite
EXECUTIVE SUMMARY
• + 8 years remaining on the initial term with two (5-year) options
• 8.50% rental increase in November 2029 as well as FMV increases at the beginning of each option period, increasing NOI and hedging against inflation
• Corporate Guaranty Mor Furniture
• Mor Furniture operates 41 locations across seven states, serving as a dominant regional home furnishings brand. The company has a +40-year operating history and ranks among the top 100 furniture retailers in the U.S. They have a particularly strong and loyal presence in the Central Valley and all of California with 19 different locations in the State
• 8.50% rental increase in November 2029 as well as FMV increases at the beginning of each option period, increasing NOI and hedging against inflation
• Corporate Guaranty Mor Furniture
• Mor Furniture operates 41 locations across seven states, serving as a dominant regional home furnishings brand. The company has a +40-year operating history and ranks among the top 100 furniture retailers in the U.S. They have a particularly strong and loyal presence in the Central Valley and all of California with 19 different locations in the State
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
21,710 SF
Year Built
2005
Price
$4,800,000
Price Per SF
$221.10
Cap Rate
6.67%
NOI
$320,223
Tenancy
Single
Building Height
1 Story
Building FAR
0.23
Lot Size
2.15 AC
Zoning
C-2 - General Commercial
Parking
113 Spaces (5.2 Spaces per 1,000 SF Leased)
Frontage
155’ on Olive Ave
AMENITIES
- Signage
- Signalized Intersection
- Air Conditioning
Bike Score®
Very Bikeable (86)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 058-220-033 | Improvements Assessment | $2,315,238 |
| Land Assessment | $896,720 | Total Assessment | $3,211,958 |
PROPERTY TAXES
Parcel Number
058-220-033
Land Assessment
$896,720
Improvements Assessment
$2,315,238
Total Assessment
$3,211,958
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Mor Furniture | 1720 W Olive Ave
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