245 Rossi St, Unit 101 Salinas, CA 93907

Property Details for 245 Rossi St

Lot size

3.91 lot acres

Property type

Industrial land

APN

003-161-014-000

APU

3161014000

Description

This exceptional investment opportunity presents a newly constructed, 11,469-square-foot Frito-Lay distribution facility situated on a 3.3-acre lot in Salinas, California. The property boasts a brand-new, 10-year net lease with Frito-Lay, a subsidiary of PepsiCo, Inc., featuring a robust 2% annual rent increase. The lease commenced November 14, 2024, and expires November 29, 2034, ensuring long-term, stable income. The facility includes 11 dock-high doors and ample parking (39 spaces). This Class A building is strategically located adjacent to downtown Salinas and US Highway 101, providing easy access to major transportation arteries connecting the San Francisco Bay Area and Los Angeles. The property benefits from a high barrier to entry market, surrounded by other prominent industrial tenants including Coca-Cola, United Rentals, and FedEx. The strong local demographics, with over 496,900 people and an average household income exceeding $128,975 within a 20-mile radius, further enhance the investment's appeal. The substantial 3.3-acre lot allows for potential future expansion. The property offers a 6.25% cap rate and a net operating income (NOI) of $531,418, making it an attractive addition to any portfolio. The lease includes two 5-year renewal options and a corporate guarantee from Frito-Lay, minimizing risk. The tenant is responsible for the maintenance of the parking lot, driveways, hard-surfaced areas, mechanical and utility systems, and roof membrane. This is a rare opportunity to acquire a high-quality, income-producing asset in a thriving market with a blue-chip tenant. The asking price is $8,502,688.