239 Old Nuevo Rd, Perris, CA 92571

Property Details for 239 Old Nuevo Rd

Year built

2024

Lot size

1.50 lot acres

Property type

Retail properties & Spaces

Description

This exceptional investment opportunity presents a brand-new, freestanding Raising Cane's restaurant located at 239 Old Nuevo Rd, Perris, CA 92571. The property boasts a 15.5-year absolute NNN ground lease (land ownership) with four 5-year options to extend, providing a secure and long-term income stream. The lease commenced January 1, 2025, and expires June 30, 2040, with a remaining term of 15.6 years. The 3,831 square foot building, constructed in 2024, sits on a 1.5-acre lot and benefits from a 10% rent increase every five years, effectively hedging against inflation. The property enjoys a prime location on the southeast quadrant of the I-215 Freeway and W Nuevo Rd, offering exceptional visibility and accessibility. This strategically positioned outparcel is part of a newly redeveloped shopping center, surrounded by strong national and credit tenants, including Walmart, Ross Dress for Less, and In-N-Out Burger. The strong demographics of the area, with over 114,500 consumers within a 5-mile radius and an average household income exceeding $87,000, further enhance the investment potential. The property is zoned for commercial community use and features a double drive-thru. The current NOI is $315,000, resulting in a 4.40% cap rate, and the asking price is $7,160,000. The tenant, Raising Cane's, is backed by a corporate guarantee, ensuring financial stability. The property is located in a Qualified Opportunity Zone, offering additional tax advantages. The APN is 311-050-002. This is a truly exceptional opportunity for investors seeking a stable, high-growth investment in a prime location.

Location Insight

City

Perris

County

Riverside

State

California

Longitude

-117.23

Latitude

33.8012