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La-Z-Boy 5111 Business Center Dr 12,000 SF Retail Building Fairfield, CA 94534 $5,538,000 ($461.50/SF) 6.50% Cap Rate
Investment Highlights
- Absolute NNN Sale-Leaseback: 12,000 SF building featuring a corporate-guaranteed lease with 10% rent increases every five years and two 5-year options
- Brand Strength: La-Z-Boy (NYSE: LZB) is a legacy brand with nearly 100 years of operation and nationwide name recognition.
- Costco Shadow Anchor: Strategically positioned immediately adjacent to a high-volume Costco Wholesale, driving daily high-value crossover traffic.
- Stable Performance: Consistent location ranking in the 54th percentile of furniture stores nationwide with approx. 10,500 annual visits, per Placer.ai
- Resilient Asset Class: Internet-resistant tenancy; the “try-before-you-buy” nature of furniture ensures long-term utility of the physical showroom.
- Regional Crossroads: Located at the critical I-80/I-680 interchange (“Gateway to the Bay”), benefiting from traffic counts of ~174,000 VPD on I-80.
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
Property Subtype
Freestanding
Building Size
12,000 SF
Building Class
C
Year Built
1997
Price
$5,538,000
Price Per SF
$461.50
Cap Rate
6.50%
NOI
$360,000
Tenancy
Single
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.17
Lot Size
1.66 AC
Zoning
COMML
Parking
50 Spaces (4.17 Spaces per 1,000 SF Leased)
Frontage
146’ on I-80 Hwy
Amenities
- Freeway Visibility
- Signage
Somewhat walkable
30/100
Exceptionally drivable
100/100
Minimal public transit
10/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 0148-270-170 | Improvements Assessment | $1,459,761 |
| Land Assessment | $1,081,661 | Total Assessment | $2,541,422 |
Property Taxes
Parcel Number
0148-270-170
Land Assessment
$1,081,661
Improvements Assessment
$1,459,761
Total Assessment
$2,541,422
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La-Z-Boy | 5111 Business Center Dr
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