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VOLKSWAGEN OF FAIRFIELD & AUDI NAPA VALLEY 2855 Auto Mall Pky 29,006 SF Retail Building Fairfield, CA 94533 $21,746,000 ($749.71/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- Long-Term Absolute NNN Lease – 100% Absolute NNN leased to Schomp Automotive Group (21 years remaining)
- Secure Income Stream – VW of Fairfield & Audi Napa Valley benefits from built-in rent increases of 2.5%
- Strong Lease Guarantee – The lease is guaranteed by Schomp Automotive and its partners
- Highly Desirable Location – Situated on ±4.23 AC, centrally located immediately off the CA Interstate 80 (±203,418 CPD) in the heart of Solano County
EXECUTIVE SUMMARY
* Long-Term Absolute NNN Lease – 100% Absolute NNN leased to Schomp Automotive Group (21 years remaining). Schomp Automotive is a well-established dealership group with a 77-year history operating 12 dealership locations across three states including BMW, Hyundai, Mercedes-Benz, Honda, and Porsche dealerships to name a few.
* Strong Lease Guarantee – The lease is guaranteed by Schomp Automotive and its partners. Given the guarantors’ strong overall financial performance, company size, and history of operating successful dealership franchises across different states, this is a tangible benefit that adds a significant safety net to the lease. Furthermore, the tenant has committed to the upkeep of the site investing $5 million into this location recently to renovate and meet dealership image compliance standards.
* Secure Income Stream – In addition to the strength of its franchisee and long term NNN lease, VW of Fairfield & Audi Napa Valley benefits from built-in rent increases of 2.5% Annually equating to a $324,713 growth in NOI over the anticipated hold period and provides a beneficial hedge against inflation.
* Highly Desirable Location – VW of Fairfield & Audi Napa Valley are situated on ±4.23 acres, centrally located immediately off the CA Interstate 80 (±203,418 CPD) in the heart of Solano County. This location at the Fairfield Auto Mall makes it easily accessible to the remainder of the city of Fairfield and a destination for the residents of the surrounding Vallejo Metropolitan Area (±459,205) looking to purchase an automobile.
* Strong Lease Guarantee – The lease is guaranteed by Schomp Automotive and its partners. Given the guarantors’ strong overall financial performance, company size, and history of operating successful dealership franchises across different states, this is a tangible benefit that adds a significant safety net to the lease. Furthermore, the tenant has committed to the upkeep of the site investing $5 million into this location recently to renovate and meet dealership image compliance standards.
* Secure Income Stream – In addition to the strength of its franchisee and long term NNN lease, VW of Fairfield & Audi Napa Valley benefits from built-in rent increases of 2.5% Annually equating to a $324,713 growth in NOI over the anticipated hold period and provides a beneficial hedge against inflation.
* Highly Desirable Location – VW of Fairfield & Audi Napa Valley are situated on ±4.23 acres, centrally located immediately off the CA Interstate 80 (±203,418 CPD) in the heart of Solano County. This location at the Fairfield Auto Mall makes it easily accessible to the remainder of the city of Fairfield and a destination for the residents of the surrounding Vallejo Metropolitan Area (±459,205) looking to purchase an automobile.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
29,006 SF
Building Class
C
Year Built/Renovated
2006/2022
Price
$21,746,000
Price Per SF
$749.71
Cap Rate
6%
NOI
$1,304,788
Tenancy
Single
Building Height
1 Story
Building FAR
0.16
Lot Size
4.23 AC
Zoning
COMMERCIAL
Parking
324 Spaces (11.17 Spaces per 1,000 SF Leased)
Frontage
286’ on Auto Mall Pky
AMENITIES
- Car Charging Station
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 0028-123-030 | Improvements Assessment | $9,284,686 |
| Land Assessment | $5,802,927 | Total Assessment | $15,087,613 |
PROPERTY TAXES
Parcel Number
0028-123-030
Land Assessment
$5,802,927
Improvements Assessment
$9,284,686
Total Assessment
$15,087,613
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VOLKSWAGEN OF FAIRFIELD & AUDI NAPA VALLEY | 2855 Auto Mall Pky
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