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Chipotle 550 NE Circle Blvd 3,045 SF Retail Building Corvallis, OR 97330 $3,685,000 ($1,210.18/SF) 4.75% Cap Rate
Investment Highlights
- Newly Renovated Chipotlane Long Term Lease
- Dynamic Corporate Tenant
- Strategic Retail Location
- Attractive Rent Increases
- Zero Landlord Responsibilities
- High Traffic Counts
Executive Summary
Horvath & Tremblay is pleased to present the exclusive sale of a single tenant, corporate leased Chipotle investment property located at 550 NE Circle Boulevard in Corvallis, Oregon (the “Property”). The Property was completely renovated in 2023 for Chipotle, who signed a brand-new, 15-year Absolute NNN Lease. The lease currently has 12+ years of term remaining with four (4), 5-year renewal options. The lease features attractive 10% rent increases every five years throughout the primary lease and at the start of each renewal option.
The Chipotle is well-located along NE Circle Boulevard, a prominent commercial and commuter corridor in Corvallis. The Property is positioned within an established commercial cluster surrounded by national and local retailers, restaurants, grocery stores, and other daily-needs businesses, generating consistent traffic and providing a strong built-in customer base. The Property offers convenient access to US Highway 99 and is located near Oregon State University, Reser Stadium, and major employment, retail, and residential areas throughout Corvallis.
The Chipotle is well-located along NE Circle Boulevard, a prominent commercial and commuter corridor in Corvallis. The Property is positioned within an established commercial cluster surrounded by national and local retailers, restaurants, grocery stores, and other daily-needs businesses, generating consistent traffic and providing a strong built-in customer base. The Property offers convenient access to US Highway 99 and is located near Oregon State University, Reser Stadium, and major employment, retail, and residential areas throughout Corvallis.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
3,045 SF
Building Class
C
Year Built/Renovated
1997/2023
Price
$3,685,000
Price Per SF
$1,210.18
Cap Rate
4.75%
NOI
$175,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.10
Lot Size
0.72 AC
Zoning
Commercial
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Accommodation and Food Services
- 3,045 SF
- -
- Triple Net
- Dec 2028
Chipotle Mexican Grill began in 1993 with a first restaurant built around made-to-order Mexican-inspired food. The company operates as a fast-casual restaurant business focused on burritos, bowls, quesadillas, tacos, salads, catering, digital ordering, and rewards. Chipotle emphasizes real ingredients, responsible sourcing, and sustainability across food and animals, people, and the environment, with a market presence that extends beyond the United States.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Accommodation and Food Services | 3,045 SF | - | Triple Net | Dec 2028 |
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
70/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 321530 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,484,470 |
Property Taxes
Parcel Number
321530
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,484,470
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Chipotle | 550 NE Circle Blvd