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La-Z-Boy 3500 Sisk Rd 17,995 SF Retail Building Modesto, CA 95356 $5,333,000 ($296.36/SF) 6.75% Cap Rate
Investment Highlights
- Absolute NNN Sale-Leaseback: 17,995 SF facility with a corporate-guaranteed lease requiring zero landlord maintenance or expense responsibility.
- Top Tier Performance: High-volume location ranked in the 79th percentile (top 21%) of La-Z-Boy stores nationally, recording over 20,300 visits
- Resilient Asset Class: Internet-resistant tenancy; the “try-before-you-buy” nature of furniture ensures long-term utility of the physical showroom.
- Terms include 10% rent increases every five years and two 5-year renewal options.
- Brand Strength: La-Z-Boy (NYSE: LZB) is a legacy brand with nearly 100 years of operation and nationwide name recognition.
- Prime Retail Corridor: Located on Sisk Rd (11,500+ VPD) near Vintage Faire Mall, Modesto’s primary regional shopping destination.
Executive Summary
Franchisee level corporate guaranty with a long-term La-Z-Boy operator that has 21 locations and growing in Northern California. The sale lease back proceeds will be used to fund further expansion.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Building Size
17,995 SF
Building Class
C
Year Built
1981
Price
$5,333,000
Price Per SF
$296.36
Cap Rate
6.75%
NOI
$360,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.54
Lot Size
0.76 AC
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
20/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $2,742,163 | |
| Land Assessment | $898,881 | Total Assessment | $3,641,044 |
Property Taxes
Parcel Numbers
Land Assessment
$898,881
Improvements Assessment
$2,742,163
Total Assessment
$3,641,044
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La-Z-Boy | 3500 Sisk Rd
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