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740 Quintana Rd
Morro Bay, CA 93442
New Walgreens - Rare CA Coast Opportunity · Retail Property For Sale
Investment Highlights
- New 11 Year net lease with minimal landlord responsibilities
- Rare Central Coast California net lease investment opportunity – extremely high barriers to entry
- The first new Walgreens to open in California in a decade, quickly backfilling the Rite Aid vacancy, signifying exceedingly high confidence
- Rare 10% rent increases every five years throughout the lease
- Strong fundamentals with market rent at $15/SF/Yr and below replacement cost at $250/SF
- One of only two Walgreens locations in San Luis Obispo County, and the only major corporate pharmacy within a fourteen-mile radius
Executive Summary
Cushman & Wakefield's Net Lease Group is pleased to exclusively offer for sale a new Walgreens (former Rite Aid) in Morro Bay, California. The property consists of a new ±23,643 square foot retail store leased to Walgreens Co. with a new 11-year lease with 10% rent increases every 5 years that commenced in June 2026.
The Walgreens property is located in the Albertson’s-anchored Cypress Plaza shopping center on Quintana Road just off world famous California Highway 1 (35,000 VPD) in Morro Bay, California – an extremely high barrier to entry market on California’s Central Coast. Other national tenants in Cypress Plaza include McDonald’s, Subway, Round Table Pizza, O’Reilly Auto Parts, Burger King, and UPS. The property is part of the primary daily needs retail and commercial corridor in Morro Bay along Quintana Road that also includes an AutoZone and Dollar Tree anchored shopping center. Adjacent to Cypress Plaza are several medical office buildings, including the Central Coast Optometric Center and Urgent Care of Morro Bay, along with the Morro Bay Fire Department, Community Center, Library, and California Department of Social Services office. One block east of the property is Morro Bay Boulevard, a major thoroughfare through downtown Morro Bay, and the on/off ramps to Highway 1. The property is 3 minutes from the Morro Bay Embarcadero, 15 minutes from US 101 and San Luis Obispo, and 25 minutes from the San Luis Obispo County Airport.
The Walgreens property is located in the Albertson’s-anchored Cypress Plaza shopping center on Quintana Road just off world famous California Highway 1 (35,000 VPD) in Morro Bay, California – an extremely high barrier to entry market on California’s Central Coast. Other national tenants in Cypress Plaza include McDonald’s, Subway, Round Table Pizza, O’Reilly Auto Parts, Burger King, and UPS. The property is part of the primary daily needs retail and commercial corridor in Morro Bay along Quintana Road that also includes an AutoZone and Dollar Tree anchored shopping center. Adjacent to Cypress Plaza are several medical office buildings, including the Central Coast Optometric Center and Urgent Care of Morro Bay, along with the Morro Bay Fire Department, Community Center, Library, and California Department of Social Services office. One block east of the property is Morro Bay Boulevard, a major thoroughfare through downtown Morro Bay, and the on/off ramps to Highway 1. The property is 3 minutes from the Morro Bay Embarcadero, 15 minutes from US 101 and San Luis Obispo, and 25 minutes from the San Luis Obispo County Airport.
Property Facts
Sale Type
Investment NNN
Property Type
Building Size
23,642 SF
Building Class
C
Year Built
2026
Price
$5,910,750
Price Per SF
$250.01
Cap Rate
6%
NOI
$354,645
Tenancy
Single
Building Height
1 Story
Building FAR
0.22
Lot Size
2.48 AC
Zoning
C1
Property Taxes
| Parcel Number | 066-280-001 | Improvements Assessment | $1,756,394 |
| Land Assessment | $1,916,070 | Total Assessment | $3,672,464 |
Property Taxes
Parcel Number
066-280-001
Land Assessment
$1,916,070
Improvements Assessment
$1,756,394
Total Assessment
$3,672,464
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