Grocery Store Net-Leased
For Sale
Contact for pricing
29787 Antelope Rd, Menifee, CA 92584
Net-leased grocery asset anchored by regional specialty grocer.
Property Size17,854 SF
Price / SF$274.21
Days on Market154
Property Features for 29787 Antelope Rd
General Information
Standard status
Active
Size
17,854 SF
Property subtype
Retail
Zoning
Commercial
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$264,371
Building Details
Year Built
2019
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
CBRE - Orange County
(949) 725-8625
Listed By:
Jay Gomez · License #CA 01364065
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 10 at 1:55PM
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 CBRE - Orange County
Investment Insights
Based on property information with market context.
This commercial property is a net-leased grocery asset. The property is anchored by a regional specialty grocer. The property contains 17,854 square feet.
Key Highlights
- Long‑term net‑leased grocery asset.
- Anchored by regional specialty grocer.
- Built in 2019.
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
$293,091
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
5.99%
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%
$5,861,820
$5.9M
Cap Rate 7%
$4,187,014
$4.2M
Cap Rate 9%
$3,256,567
$3.3M
Market Conditions
NOI Build-Up for 17,854 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
$407.1K $22.80/SF
− Vacancy
−$16.3K −$0.91/SF
EGI
$390.8K $21.89/SF
− OpEx
−$97.7K −$5.47/SF
NOI
$293.1K $16.42/SF
Area
Menifee, CA
Vacancy
4.00%
Lease Rate
$22.80 /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%
$5,861,820
Cap Rate 7%
$4,187,014
Cap Rate 9%
$3,256,567
Alternative Uses
Best Use
Specialty Retail
$4.19M
$3.66M – $4.88M
NOI $293,091 @ 7.0% cap · market cap 5.99%
Second Best
Retail
$3.78M
$3.30M – $4.41M
NOI $264,361 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$4.52M
$3.96M – $5.28M
NOI $316,744 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
965
Businesses Nearby
793k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 35%
Superstores 20%
Shops & Services 20%
Apparel 14%
Target
Superstores
162,354 visits/mo
0.5 miles
Kohl's
Apparel
65,975 visits/mo
0.4 miles
Ralphs
Groceries
53,352 visits/mo
0.2 miles
Ross Dress for Less
Apparel
47,075 visits/mo
0.2 miles
Texas Roadhouse
Dining
40,622 visits/mo
0.3 miles
Demographics for 92584, CA
55,517
Population
18,480
Households
3
Avg Household Size
36
Median Age
28%
College-Educated
92%
High-School Grad
29.1 sq mi
ZIP Area
1,908
Density / Sq Mi
$113,470
Median Household Income
$53,466
Median Earnings
$2,301
Median Rent
$562,100
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Target Grocery — 30340 Haun Rd, Menifee, CA 92584
- Barons Market Menifee — 29787 Antelope Rd, Menifee, CA 92584
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Net-leased grocery asset anchored by regional specialty grocer.
Where is this grocery and convenience store located?
The property is located at 29787 Antelope Rd Menifee, CA.
What is the asking price?
The asking price for this property is $4,895,759.
What are key features of this property?
This property features: Long‑term net‑leased grocery asset.; Anchored by regional specialty grocer.; Built in 2019.
