495 Hospitality LnSan Bernardino, CA 92408

Property Details for 495 Hospitality Ln

Year built

1995

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.57 AC

Property size (Sq ft)

15,032 SF

Property type

Retail properties

Property subtype

Retail space

APN

0281-371-68-0000

APU

281371680000

Description

This exceptional investment opportunity presents a fee-simple, 15,032 square foot La-Z-Boy retail property located in a high-traffic San Bernardino shopping center. The property boasts a strong 11-year net lease with a corporate guarantee from La-Z-Boy Inc. (NYSE: LZB), a financially stable company with over 2,300 locations nationwide. The lease commenced September 1, 2024, and expires August 31, 2035, with two five-year renewal options and built-in 6.25% rent bumps. The tenant recently completed a significant $750,000-$900,000 remodel, adding to the over $1.5 million invested in renovations over the past eight years. This location has a proven track record of success, with over 30 years of operation and FY24 gross sales exceeding $3,600,000. The property generates a strong net operating income (NOI) of $297,000, resulting in a 6.25% cap rate. Strategically situated in South Palm Centre, a major power center alongside national retailers like Home Depot, PetSmart, and LA Fitness, this property benefits from high visibility and significant vehicle and foot traffic. The location is easily accessible off the 10 freeway, Hospitality Lane, and Waterman Avenue, with high daily vehicle counts. San Bernardino's strong demographics, with nearly 85,000 residents within a 3-mile radius and over 250,000 within 5 miles, further enhance the investment potential. This is a rare opportunity to acquire a stable, high-performing retail asset with a long-term lease and significant upside potential. Asking price is $4,752,000.

• CAP approach

  CAP return

  Valuation

  6%

  $5,154,286

  6.5%

  $4,757,802

  7%

  $4,417,959

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,917,583

  Geo Method

  $13,332,849

• Alternative Use

  Use

  Valuation

  Residential

  $4,013,384

  Hospitality

  $3,676,238

  Educational

  $3,058,587

  Medical

  $3,163,776

  Retail

  $4,757,802

Location Insight

City

San Bernardino

County

San Bernardino

State

California

Latitude

34.0653

Longitude

-117.275

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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