1292 East Prosperity Ave Tulare, CA 93274
Chili's NNN ground lease with 11 years remaining.
Type:Retail
Property size:
6,102 SF- Added:
- May 12, 2016
- Days on Market:
- 3630
- Last Refresh:
- Mar 17 at 1:13 pm
Property Features for 1292 East Prosperity Ave
General Information
- Standard status
- Active
- Size
- 6,102 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2006
Listing agent Eric Carlton License #CA 01809955
Listing office Colliers - Los Angeles - Orange County, California
Listing date May 12, 2016
Source Crexi
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All listing content including descriptions, pricing, images are the copyrighted material of Colliers - Los Angeles - Orange County, California
Overview
Chili's Restaurant NNN Ground Lease
This offering presents an opportunity to acquire a Chili’s restaurant operating under a long-term, absolute NNN ground lease. The property is positioned as an outparcel to a Walmart. The lease has approximately 11 years remaining, with four 5-year options. The lease includes fixed rental escalations of 10% every 5 years, with the next increase scheduled for February 2022, followed by an approximate 35% increase in rent at the first option. The property benefits from frontage on East Prosperity Avenue, which experiences approximately 34,550 vehicles per day. It is adjacent to Monte Vista Shopping Center, a 20-acre power center featuring the Galaxy Movie Theater and various national retailers. The location is near Highway 99. Surrounding retailers include Lowe’s, Chase Bank, McDonald’s, Panda Express, Home Depot, CVS, and Starbucks. The property is located in Tulare, CA. The building size is 6,102 square feet. Brinker International, Inc., the parent company of Chili’s, has a Standard & Poor rating of BBB-.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
It's Just Wings
Restaurant
Chili's Grill & Bar
Restaurant
Location Insight
- Map
- Local Demand
- City
- Tulare
- County
- Tulare
- State
- California
- Longitude
- -119.326485
- Latitude
- 36.227946
Nearby Similar for Sale
FAQs
What type of property is this?
Conventional restaurant - Chili's NNN ground lease with 11 years remaining.
Where is this conventional restaurant located?
The property is located at 1292 East Prosperity Ave Tulare, CA.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: Absolute NNN ground lease with approximately 11 years remaining, providing a passive income stream.; Located as an outparcel to a successful Walmart, benefiting from its customer traffic.; Fixed rental escalations, including a significant increase at the first option.
