495 Hospitality Ln San Bernardino, CA 92408-3549

This exceptional investment opportunity presents a fee-simple, 15,032 square foot La-Z-Boy retail property located in a high-traffic San Bernardino shopping center. The property boasts a strong 11-year net lease with a corporate guarantee from La-Z-Boy Inc. (NYSE: LZB), a financially stable company with over 2,300 locations nationwide. The lease commenced September 1, 2024, and expires August 31, 2035, with two five-year renewal options and built-in 6.25% rent bumps. The tenant recently completed a significant $750,000-$900,000 remodel, adding to the over $1.5 million invested in renovations over the past eight years. This location has a proven track record of success, with over 30 years of operation and FY24 gross sales exceeding $3,600,000. The property generates a strong net operating income (NOI) of $297,000, resulting in a 6.25% cap rate. Strategically situated in South Palm Centre, a major power center alongside national retailers like Home Depot, PetSmart, and LA Fitness, this property benefits from high visibility and significant vehicle and foot traffic. The location is easily accessible off the 10 freeway, Hospitality Lane, and Waterman Avenue, with high daily vehicle counts. San Bernardino's strong demographics, with nearly 85,000 residents within a 3-mile radius and over 250,000 within 5 miles, further enhance the investment potential. This is a rare opportunity to acquire a stable, high-performing retail asset with a long-term lease and significant upside potential. Asking price is $4,752,000.