Wednesday, January 28, 2009
There is a great local NNN investment that just came available. On Story Road at McLaughlin in the heart of very dense retail development and renovation is a single tenant Dollar Tree on a new 10 year NNN lease. Offered at a reasonable 6% cap rate, the asking price is $5,128,000. The future upside is the 39,200 sq ft lot that the building is sitting on. The building was built in 1998 and has 4.59 spaces per 1,000 square feet or 55 parking spaces. If Dollar Tree does not exercise it's option to extend the lease in 10 years, the property will be well positioned to rent to another user. This is the time to get in to the San Jose retail market with a great location and great solid tenant. Call me for info!