Current Financial Performance
Rent Roll Analysis
| Tenant | RBA (SF) | Rent | Annual | Insurance | Water | Taxes (Annual) | Monthly Total |
|---|---|---|---|---|---|---|---|
|
NAPA Auto Parts
NNN Lease • National Credit Tenant
View Lease Details
Lease Expiration:
August 2029
Renewal Options:
(2) Five-year options
Lease Type:
Triple Net (NNN)
Annual Tax Reimbursement:
$5,558.69
|
6,924 | $4,272 | $51,264 | $140 | $240 | $5,559 | $4,652 |
|
Bochetto Day Spa
NNN Lease • Local Tenant
View Lease Details
Lease Expiration:
August 2025
Renewal Options:
12-month renewal option
Lease Type:
Triple Net (NNN)
Annual Tax Reimbursement:
$1,023.36
|
2,800 | $1,300 | $15,600 | $52 | $75 | $1,023 | $1,512 |
|
Vacant Space
Available for Lease
|
4,200 | — | — | — | — | — | — |
| Total / Weighted Avg | 13,362 | $5,572 | $66,864 | $192 | $315 | $6,582 | $6,164 |
Investment Scenarios
As-Is Performance
NAPA and Day Spa occupied. 4,200 SF vacant space represents immediate value-add opportunity.
Day Spa Vacancy
Conservative scenario with NAPA only. Day Spa lease expires 08/2025, creating 7,000 SF vacancy.
Fully Leased
100% occupancy at market rates. Represents 30% upside from current performance with full lease-up.
Cap Rate Performance Comparison
Recent Capital Improvements (2024)
New TPO Roof
Complete roof replacement with 12mm rigid insulation, improving energy efficiency and longevity
HVAC Systems
Two new HVAC units installed, providing efficient climate control throughout the property
Exterior Paint
Fresh exterior paint enhancing curb appeal and protecting building envelope
Investment Highlights
🎯 Strong Anchor Tenant with Long-Term Stability
NAPA Auto Parts, a national credit tenant, anchors the property with a lease extending to August 2029. The lease includes two five-year renewal options, providing long-term income visibility and stability. NAPA occupies 52% of the building (6,924 SF) with proven operational success in the market.
📈 Significant Value-Add Upside Potential
4,200 SF of vacant space (31% of total RBA) presents immediate value-add opportunity. Additionally, Day Spa lease expires August 2025, offering strategic flexibility for repositioning or renewal. Pro forma analysis shows potential 30% NOI increase upon full lease-up, driving cap rate from 5.53% to 7.18%.
💰 Attractive Returns with Conservative Underwriting
Current in-place cap rate of 5.53% provides stable cash flow, while pro forma fully leased scenario projects 7.18% cap rate. Downside protection through strong NAPA anchor tenant ensures minimum 3.88% returns even in conservative vacancy scenarios. Multiple paths to value creation for sophisticated investors.
📍 Prime Location with Exceptional Visibility
Strategic positioning on Pacific Highway with direct access to Highway 99 and proximity to I-5 corridor. High-traffic commercial corridor provides excellent visibility and accessibility for retail and service tenants. Strong Cottage Grove submarket with diverse economic base and regional draw.
🔧 Turnkey Property with Minimal Capital Requirements
Comprehensive 2024 renovations eliminate near-term capital expenditure concerns. New TPO roof with rigid insulation, dual HVAC units, and fresh exterior paint represent significant owner investment. Property is capital-light and ready for immediate stabilization focus without major improvement needs.
🎲 Flexible Investment Strategy for Multiple Profiles
Suitable for both passive income investors seeking stable cash flow and active value-add operators targeting aggressive repositioning. NAPA anchor provides downside protection while vacancy creates upside opportunity. NNN lease structure minimizes landlord operating responsibilities and expenses.
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