30252 Haun Rd Menifee, CA 92584-6809

Property Details for 30252 Haun Rd

Year built

2008

Construction

WOOD

Lot size

7.39 lot acres

Property size

89,137 SF

Property type

Retail properties

APN

360-690-022

APU

360690022

Description

This exceptional investment opportunity presents a fee-simple interest in a long-term ground lease with Kohl's, a credit-rated tenant, at Countryside Marketplace in Menifee, California. The property consists of an 88,911 square foot building on a 7.39-acre lot, built in 2008. The absolute NNN ground lease features eight five-year options with 5% rent increases per option, expiring January 31, 2029. The current annual net operating income (NOI) is $415,800, representing a 5.00% cap rate on the asking price of $8,316,000. This represents a price per acre significantly below current land value due to Kohl's responsibility for all building improvements and maintenance. The property is situated within a thriving 721,858 square foot community shopping center, boasting a strong roster of national retailers and high visibility due to its location on Haun Road and proximity to Interstate 215. The surrounding area demonstrates favorable demographics, with a 2023 estimated average household income of $104,225 and a population of 75,452 within a 3-mile radius. This is a rare opportunity to acquire a passive, management-free investment with a top-tier tenant in a dominant market position. The property's location within one of the largest open-air shopping centers in the Inland Empire trade area further enhances its investment appeal.