200 5th Cities Dr Pismo Beach, CA 93449-3004

Property Details for 200 5th Cities Dr

Year built

1998

Construction

WOOD

Lot size

0.29 lot acres

Property size

2,786 SF

Zone code

C1

Property type

Gas stations

APN

005-242-002

APU

5242002

Description

This exceptional investment opportunity presents a 2,786 square foot Shell-branded gas station and convenience store in Pismo Beach, CA. The property, built in 1998, sits on a 12,600 square foot lot zoned C1, boasting a prime location on a high-traffic street (15,700+ cars daily in 2017) near major retailers like the Pismo Coast Premium Outlet. The two-story building features six parking spaces, a picnic area, and eight gas pumps. Currently operating under a single-tenant, absolute NNN lease (zero landlord responsibilities) with Valley Convenience Stores, Inc., expiring in 2037, the lease provides a fixed annual rental rate of $25.84 per square foot with no rent increases through the lease term. The property offers a current NOI of $72,000 and a pro-forma NOI of $180,000, representing a 4.50% cap rate. The asking price is $1,600,000 ($574.30/sq ft), significantly below replacement cost. Seller financing may be available to qualified buyers. This turnkey operation benefits from a stable cash flow and substantial upside potential, situated in a thriving coastal community with a median household income of $71,046 within a one-mile radius. The property's proximity to popular attractions like North Bach Campground and Pismo Beach Mobile Home Park further enhances its appeal. This is a rare opportunity to acquire a well-established, high-performing retail property in a desirable location.

Location Insight

City

Pismo Beach

County

San Luis Obispo

State

California

Longitude

-120.63

Latitude

35.1372

CBSA code

42020

CBSA name

SAN LUIS OBISPO-PASO ROBLES, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments