Cool Hand Luke's For
For Sale
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2505 Patterson Rd, Riverbank, CA 95367
Single tenant investment opportunity leased to Cool Hand Luke’s.
Property Size7,537 SF
Price / SF$355.58
Days on Market156
Property Features for 2505 Patterson Rd
General Information
Standard status
Active
Size
7,537 SF
Total Parking Spaces
87
Property subtype
Retail
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$177,031
Building Details
Year Built
2004
Buildings
1
Tenancy
Single
Listing Agency:
Transwestern
Listed By:
CJ Brill · License #02073511
Source:
Crexi
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 13 at 6:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Transwestern
Investment Insights
Based on property information with market context.
This single-tenant property is leased to Cool Hand Luke’s Steakhouse & Saloon, located in the Modesto MSA. The building features a western-themed buildout, including a bar/lounge area and an outdoor patio. Cool Hand Luke’s has been operating at this location since 2008. The franchisee, which operates multiple Cool Hand Luke’s locations, acquired this location in 2025. The property is situated along Patterson Road, which has a traffic volume of over 20,350 vehicles per day, and is an outparcel to the IMAX Galaxy Theatre. The property size is 7,537 square feet.
Key Highlights
- Single tenant investment property leased to Cool Hand Luke’s Steakhouse & Saloon.
- Cool Hand Luke’s has operated at this location since 2008, demonstrating established success.
- Located on busy Patterson Road with high traffic volume (20,350+ VPD).
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$116,971
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.36%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,339,420
$2.3M
Cap Rate 7%
$1,671,014
$1.7M
Cap Rate 9%
$1,299,678
$1.3M
Market Conditions
NOI Build-Up for 7,537 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$162.8K $21.60/SF
− Vacancy
−$6.8K −$0.91/SF
EGI
$156.0K $20.69/SF
− OpEx
−$39.0K −$5.17/SF
NOI
$117.0K $15.52/SF
Area
Stanislaus County, CA
Vacancy
4.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,339,420
Cap Rate 7%
$1,671,014
Cap Rate 9%
$1,299,678
Alternative Uses
Best Use
Specialty Retail
$1.67M
$1.46M – $1.95M
NOI $116,971 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.50M
$3.07M – $4.09M
NOI $245,219 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
452
Businesses Nearby
50k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 67%
Shops & Services 33%
Taco Bell
Dining
13,234 visits/mo
0.4 miles
Mister Car Wash
Shops & Services
8,882 visits/mo
0.5 miles
Burger King
Dining
7,433 visits/mo
0.3 miles
Carl's Jr.
Dining
5,593 visits/mo
0.0 miles
Cool Hand Luke's
Dining
5,515 visits/mo
0.4 miles
Demographics for 95367, CA
25,421
Population
7,579
Households
3.4
Avg Household Size
34
Median Age
20%
College-Educated
81%
High-School Grad
5.3 sq mi
ZIP Area
4,796
Density / Sq Mi
$90,633
Median Household Income
$46,447
Median Earnings
$1,526
Median Rent
$444,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Single tenant investment opportunity leased to Cool Hand Luke’s.
Where is this conventional restaurant located?
The property is located at 2505 Patterson Rd Riverbank, CA.
What is the asking price?
The asking price for this property is $2,680,000.
What are key features of this property?
This property features: Single tenant investment property leased to Cool Hand Luke’s Steakhouse & Saloon.; Cool Hand Luke’s has operated at this location since 2008, demonstrating established success.; Located on busy Patterson Road with high traffic volume (20,350+ VPD).
