502 Tefft St Nipomo, CA 93444
- Drive through restaurants
- 2,127 SF
- 0.74 lot acres
Dec 11, 2024
Current Use by Public Records
- Drive through restaurants
Property Details for 502 Tefft St
- Year built
- 2004
- Construction
- WOOD
- Lot size
- 0.74 lot acres
- Property size
- 2,127 SF
- Zone code
- CR
- Property type
- Drive through restaurants
- APN
- 092-572-022
- APU
- 92572022
Description
This exceptional investment opportunity presents a 2,127 square foot Hardee's/Carl's Jr. restaurant located at 502 W Tefft St, Nipomo, CA 93444. The property sits on a 0.74-acre lot and boasts a strong location within a grocery-anchored shopping center (Vons), adjacent to Highway 101 (60,000 cars daily) and on heavily trafficked West Tefft Street (21,500 cars daily). Built in 2003, this single-story building is under an absolute triple-net (NNN) lease with a corporate guarantee, minimizing landlord responsibilities. The current lease, initiated November 1, 2003, has a remaining term of approximately four years, extending to October 31, 2028. The lease includes two five-year renewal options, with the tenant already exercising one, demonstrating long-term commitment. Rent increases by 10% every five years. The asking price is $2,350,000, representing a price per square foot of $1,105 and a 5.00% cap rate, with a current NOI of $117,132. The land value alone is $72.90 per square foot. This is a rare opportunity to acquire a stable, high-performing restaurant investment with significant upside potential. The property's strategic location and strong tenant history make it an attractive addition to any portfolio.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Nipomo
- County
- San Luis Obispo
- State
- California
- Longitude
- -120.486
- Latitude
- 35.0366
- CBSA code
- 42020
- CBSA name
- SAN LUIS OBISPO-PASO ROBLES, CA METROPOLITAN STATISTICAL AREA
