888 Hwy 99 Corning, CA 96021
- Retail properties
- 3,250 SF
- 0.91 lot acres
Current Use by Public Records
- Retail properties
Property Details for 888 Hwy 99
- Lot size
- 0.91 lot acres
- Property size
- 3,250 SF
- Property type
- Retail properties
Description
This exceptional investment opportunity presents a 3,250 square foot, single-story Burger King located at 888 Hwy 99 W, Corning, CA 96021. The property sits on a 0.91-acre lot and boasts a 100% occupancy rate under an absolute NNN lease with Quikserve Restaurants, Inc., a major Burger King franchisee. The current lease features a primary term expiring in 2041, ensuring long-term stability and passive income for the investor. A significant advantage is the built-in 10% rental increase every five years, providing consistent growth potential. The property underwent a complete remodel in 2023, showcasing one of Burger King's latest prototype designs. The strong Net Operating Income (NOI) of $129,984 translates to an attractive 5.30% cap rate, making this a compelling investment opportunity. Corning, CA, is a thriving agricultural center, home to significant food processing operations, including the world's second-largest table olive processor. This prime location contributes to the property's consistent performance and strong tenant base. The asking price for this turnkey investment is $2,453,000.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Corning
- County
- Tehama
- State
- California
- Longitude
- -122.198
- Latitude
- 39.9272
