121 Pierce St Gilroy, CA 95020-4204

Property Details for 121 Pierce St

Year built

1969

Construction

WOOD FRAME

Lot size

0.97 lot acres

Property size

6,090 SF

Zone code

CM

Property type

Retail space

APN

790-27-007

APU

79027007

Description

This exceptional investment opportunity presents a 9,145 square foot Caliber Collision auto shop located at 121 Pierce St, Gilroy, CA 95020. The property, built in 1969 and situated on a nearly one-acre lot, boasts 11 repair bays and a dedicated car wash bay with proper drainage. The property is currently 100% occupied under a Modified NNN lease with Caliber Collision, a market leader in collision repair with over 1,700 locations nationwide. The lease, originally commenced April 10, 2015, has recently been extended to April 30, 2030, with two additional five-year options. The lease includes annual rent bumps tied to the CPI, capped at 6.5%. The current asking price is $2,772,114, representing a 5.25% cap rate and a NOI of $145,536. The lease is backed by a corporate guarantee from Caliber Bodyworks LLC, providing significant security for investors. This strategically located property in a major automotive corridor benefits from below-market rent compared to national averages for Caliber Collision locations. The property offers significant advantages, including a long-term lease, strong tenant, and the potential for MACRS depreciation benefits. This is a rare opportunity to acquire a high-performing, stable investment property with a proven track record.