27 John St Salinas, CA 93901-3303

Property Details for 27 John St

Year built

1971

Lot size

0.38 lot acres

Property size

756 SF

Property type

Commercial land

APN

002-351-010-000

APU

2351010000

Description

This exceptional investment opportunity presents a 1,250 square foot Starbucks located on a 0.38-acre lot at a signalized corner in Salinas, CA (93901), at 27 John St. The property boasts a prime location with high visibility and accessibility, benefiting from significant commuter traffic due to its proximity to three major thoroughfares (combined 62,669 AADT). Built in 2024 to the latest Starbucks prototype, the building includes six curbside pickup spaces, catering to the increasing popularity of mobile ordering (currently 31% of transactions). The property is strategically situated near Hartnell College (17,000 students) and Cal State University Monterey Bay (7,634 students), as well as Salinas Valley Memorial Hospital (263 beds, 2,312 employees), ensuring a substantial and diverse customer base within a five-mile radius (176,659 residents, $112,694 average annual household income). The 10-year net lease (commencing May 16, 2024, and expiring May 31, 2034) includes 10% rental increases every five years, providing projected growth and a strong return on investment. The tenant, Starbucks Corporation, is a credit-rated, investment-grade tenant with a corporate guarantee, offering significant financial stability. The property's strong financials include a $3,700,000 asking price, a 5.00% cap rate, and a net operating income (NOI) of $185,000. This is a rare opportunity to acquire a high-performing, net-leased Starbucks in a thriving market with significant growth potential. The property is suitable for a 1031 exchange.

Location Insight

City

Salinas

County

Monterey

State

California

Longitude

-121.653

Latitude

36.6712

CBSA code

41500

CBSA name

SALINAS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments