11845 Carmel Mtn Rd San Diego, CA 92128-4602

Property Details for 11845 Carmel Mtn Rd

Year built

1991

Lot size

2.18 lot acres

Property size

23,355 SF

Zone code

COMMERCIAL

Property type

Community centers

APN

313-690-12-00

APU

3136901200

Description

This exceptional investment opportunity presents a fee-simple, 23,650-square-foot Rite Aid pharmacy in San Diego, CA. Located at 11845 Carmel Mountain Rd, 92128, this property boasts a strong 5.25% cap rate and a substantial net operating income (NOI) of $414,183. The property sits on a 2.18-acre lot with 95 parking spaces and is part of the Carmel Mountain Ranch Town Center, a thriving shopping center. The lease, a triple-net (NNN) agreement with a corporate guarantee from Rite Aid Corporation, has a remaining term of 5.1 years, with seven five-year options. Rent increases by 10% every 10 years, and a Fair Market Value (FMV) clause at options 5-8 provides significant upside potential. The property benefits from its location in a high-traffic area, with strong daily traffic counts on nearby Carmel Mountain Rd. and Stoney Peak Dr., and proximity to Interstate 15. The surrounding area features affluent demographics, with a high average household income within a 5-mile radius ($182,368). The property's proximity to a major medical center and a new 55+ community further enhances its appeal. Built in 2004, this asset offers a secure, long-term investment opportunity with a proven track record. Rite Aid recently exercised a 5-year option, demonstrating their commitment to the location. This is a rare opportunity to acquire a high-performing retail property in a prime San Diego location.

Location Insight

City

San Diego

County

San Diego

State

California

Longitude

-117.076

Latitude

32.9801

CBSA code

41740

CBSA name

SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments