15650 San Pablo Ave San Pablo, CA 94806-1240

Property Details for 15650 San Pablo Ave

Year built

1998

Lot size

1.70 lot acres

Property size

14,563 SF

Zone code

C

Property type

Retail space

APN

405-170-004-7

APU

4051700047

Description

This exceptional investment opportunity presents a fee-simple, single-tenant Walgreens pharmacy located at 15650 San Pablo Ave, San Pablo, CA 94806. The 13,855 square foot property sits on a 1.7-acre lot and boasts a strong 6.75% cap rate with a current NOI of $265,000. Built in 1999, the property benefits from a long-term net lease (NN) with Walgreens, expiring December 31, 2032, offering 8.1 years of remaining term plus six 5-year renewal options. The lease includes significant rent bumps: a 10% increase on January 1, 2027, resulting in an annual rent of $291,500, and another 10% increase on January 1, 2033. The property enjoys exceptional visibility at the signalized intersection of San Pablo Avenue and Richmond Parkway, experiencing combined daily traffic exceeding 46,000 vehicles. Its prime location within a densely populated area (over 100,000 residents within a 3-mile radius, average household income exceeding $104,000) and proximity to a planned major redevelopment project further enhances its value. The asking price is $3,925,925, translating to a price per square foot of $283.36. Walgreens' current annual rent per square foot is $19.13, significantly below market rates for this area, indicating substantial future income potential. The property's strong tenant, long lease term, built-in rent increases, and prime location make it an attractive investment opportunity.