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Grocery Outlet 2900 Sperry Ave 20,000 SF Retail Building Patterson, CA 95363 $6,838,000 ($341.90/SF) 5.85% Cap Rate
Investment Highlights
- 15-year net lease (12+ years remaining) to Grocery Outlet, with over 500 locations nationwide.
- Corporate-backed lease by Grocery Outlet Inc., a publicly traded company (NASDAQ: “GO”), enhances investment security with a proven track record.
- The company narrowed its 2025 net sales outlook to a range of about $4.70B to $4.72B, which represented roughly 5% to 6% year-over-year growth
- 10% rental increases every five (5) years in the initial term and four (4) option periods.
- Grocery Outlet has demonstrated financial stability, with a market cap exceeding $1.5 billion as of 2025.
- The company’s updated full-year 2025 outlook raised guidance from 33–35 net new stores to 37 new store openings.
Executive Summary
This property occupies a high visibility position at the signalized intersection of Sperry Avenue, which carries approximately 11,200 vehicles per day, and Rogers Road. The corner location provides strong access, exposure, and ease of ingress and egress, supporting consistent customer traffic.
The tenant demonstrates operational strength, with net sales increasing approximately 10.1 percent in fiscal year 2024 to $4.37 billion. This upward trajectory reflects brand stability and continued consumer demand.
The site also benefits from direct visibility and access from Interstate 5, which sees traffic counts of roughly 55,400 vehicles per day. This exposure enables the property to capture commuter traffic and regional draw beyond the immediate trade area.
Demographically, the fifteen mile radius encompasses a population of 124,779. Within one mile, the average annual household income is approximately $155,783, supporting strong purchasing power and sustained retail performance.
Strategically positioned between San Francisco, San Jose, and Stockton, the location provides connectivity to major Bay Area employment centers and commuter corridors. Projected income growth across the one, three, and five mile radii over the next five years further supports long term revenue stability and market expansion for this Grocery Outlet location.
The tenant demonstrates operational strength, with net sales increasing approximately 10.1 percent in fiscal year 2024 to $4.37 billion. This upward trajectory reflects brand stability and continued consumer demand.
The site also benefits from direct visibility and access from Interstate 5, which sees traffic counts of roughly 55,400 vehicles per day. This exposure enables the property to capture commuter traffic and regional draw beyond the immediate trade area.
Demographically, the fifteen mile radius encompasses a population of 124,779. Within one mile, the average annual household income is approximately $155,783, supporting strong purchasing power and sustained retail performance.
Strategically positioned between San Francisco, San Jose, and Stockton, the location provides connectivity to major Bay Area employment centers and commuter corridors. Projected income growth across the one, three, and five mile radii over the next five years further supports long term revenue stability and market expansion for this Grocery Outlet location.
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Freestanding
Building Size
20,000 SF
Building Class
B
Year Built
2023
Price
$6,838,000
Price Per SF
$341.90
Cap Rate
5.85%
NOI
$400,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.23
Lot Size
1.99 AC
Zoning
PATHSC
Parking
85 Spaces (5.67 Spaces per 1,000 SF Leased)
Nearby Major Retailers
Property Taxes
| Parcel Number | 021-93-13 | Improvements Assessment | $6,318,900 |
| Land Assessment | $789,169 | Total Assessment | $7,108,069 |
Property Taxes
Parcel Number
021-93-13
Land Assessment
$789,169
Improvements Assessment
$6,318,900
Total Assessment
$7,108,069
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Grocery Outlet | 2900 Sperry Ave
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