239 Old Nuevo Rd Perris, CA 92571

Property Details for 239 Old Nuevo Rd

Year built

2024

Lot size

1.50 lot acres

Property size

3,831 SF

Property type

Retail properties

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