Building Details

Year Built 2023

Buildings 1

Stories 1

Units 1

Tenancy Single

Listing Agency: SRS Real Estate Partners Newport Beach c***@gmail.com

Listed By: Calvin Short · License #01927216

Source: Crexi

Added: Mar 27 Changed: Aug 20 Last Checked: Aug 20 at 3:11PM

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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 SRS Real Estate Partners Newport Beach

Investment Insights

Based on property information with market context.

The property is a NNN leased Tractor Supply Co. investment property located in Rancho Murieta, California. The lease is corporately signed and has approximately 12 years of guaranteed term remaining, along with four 5-year option periods. Rental increases of 5% occur every 5 years (next in 2028) throughout the initial term and options. The lease structure is a modified NNN lease where the Landlord is responsible for roof and structure. A 20-year roof warranty is in place with about 17 years remaining on the term. Tractor Supply operates over 2,400 locations nationwide and maintains strong corporate performance with an average unit volume of approximately $ 6.5MM. The Tractor Supply is located along Murieta Drive, the primary commercial corridor serving the Rancho Murieta community, within Murieta Marketplace, the area’s dominant retail center. Murieta Marketplace is anchored by Bel Air Grocery and supported by tenants including Starbucks, Taco Bell, Burger King, Ace Hardware, and USPS. Rancho Murieta is a master-planned, gated community with controlled commercial development, creating a customer base for essential retail users. The site serves both Rancho Murieta North and South residential communities and is accessible from surrounding rural and agricultural areas. Average household incomes exceed $150,000 within a 1–3 mile radius.

Key Highlights

• NNN Lease with Tractor Supply Co. (Nasdaq: TSCO) with approximately 12 years of guaranteed term remaining.
• Rare, modified NNN lease structure where Landlord is only responsible for roof and structure, offering a passive investment.
• Located within Murieta Marketplace, the area’s dominant retail center anchored by Bel Air Grocery.

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

$290,126

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

4.15%

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%

$5,802,520 $5.8M

Cap Rate 7%

$4,144,657 $4.1M

Cap Rate 9%

$3,223,622 $3.2M

Market Conditions

NOI Build-Up for 22,286 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

$438.6K $19.68/SF

− Vacancy

−$24.1K −$1.08/SF

EGI

$414.5K $18.60/SF

− OpEx

−$124.3K −$5.58/SF

NOI

$290.1K $13.02/SF

Area

Sacramento County, CA

Vacancy

5.50%

Lease Rate

$19.68 /SF/Yr

Expense Ratio

30.00%

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%

$5,802,520

Cap Rate 7%

$4,144,657

Cap Rate 9%

$3,223,622

Alternative Uses

Best Use

Retail

$4.14M

$3.63M – $4.84M (±1% cap)

NOI $290,126 @ 7.0% cap · market cap 4.15%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$5.94M

$5.19M – $6.93M (±1% cap)

NOI $415,596 @ 7.0% cap · market cap 5.94%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Tractor Supply Co. Pet Store & Service Garden Center at Tractor ... Garden Center

Suggested Use

Top Pick Building Supply Auto Parts Store Dental Office Electrical Service Hair Salon Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

160

Businesses Nearby

Explore this area Business Placement

Demographics for 95683, CA

6,550

Population

2,673

Households

2.5

Avg Household Size

53

Median Age

55%

College-Educated

97%

High-School Grad

86.4 sq mi

ZIP Area

76

Density / Sq Mi

$130,439

Median Household Income

$72,232

Median Earnings

$2,472

Median Rent

$666,200

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

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What type of property is this? Where is this retail space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Retail space - NNN leased Tractor Supply Co. investment property for sale.

Where is this retail space located?

The property is located at 7309 Murieta Dr Rancho Murieta, CA.

What is the asking price?

The asking price for this property is $6,991,000.

What are key features of this property?

This property features: NNN Lease with Tractor Supply Co. (Nasdaq: TSCO) with approximately 12 years of guaranteed term remaining.; Rare, modified NNN lease structure where Landlord is only responsible for roof and structure, offering a passive investment.; Located within Murieta Marketplace, the area’s dominant retail center anchored by Bel Air Grocery.