6435 Morro Rd Atascadero, CA 93422-4167
- Parking lots & garages
- 0.24 lot acres
Current Use by Public Records
- Chipotle Mexican Grill / Mexican Restaurant / Caterer
Property Details for 6435 Morro Rd
- Lot size
- 0.24 lot acres
- Property type
- Parking lots & garages
- APN
- 030-212-029
- APU
- 30212029
Description
This exceptional investment opportunity presents a 1,940 square foot Chipotle restaurant located at 6435 Morro Rd, Atascadero, CA 93422. The property sits on a 0.55-acre lot and boasts a new 15-year net lease (NN+) with a corporate guarantee, commencing December 28, 2023, and expiring December 31, 2038. The lease includes 10% rent bumps every five years, ensuring a passive income stream for the long term. The property's strong financial performance is reflected in its $3,928,000 asking price and a 4.15% cap rate, generating a current NOI of $163,000. Built in 2023, this location benefits from high visibility and accessibility along E.G. Lewis Highway (59,000 AADT) and U.S. Highway 101 (66,700 AADT), capturing significant commuter traffic. The surrounding area features a robust retail corridor with major national tenants including Vons, McDonald's, In-N-Out Burger, and more, creating significant crossover shopping opportunities. The property's proximity to Atascadero High School, Atascadero Middle School, and Santa Rosa Academic Academy (a combined 2,740 students) provides a large and reliable customer base. The 34,193 residents within a five-mile radius boast an excellent average annual household income of $135,841. Limited drive-thrus in Atascadero further enhance the property's value. This is a rare opportunity to acquire a high-performing, strategically located Chipotle in a thriving coastal California market. The sale is structured for a 1031 exchange.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,345,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,595,000
- 6.5%
- $1,845,000
- 7%
- $1,940,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,550,000
- Geo Method
- $1,740,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,675,000
- Retail
- $1,385,000
- Mixed-Use
- $1,640,000
- Hospitality
- $1,445,000
- Educational
- $1,410,000
- Residential Income
- $1,940,000
- Energy
- $1,715,000
- Income-Based Land
- $1,500,000
- Food Service
- $1,660,000
Location Insight
- Map
- Local Demand
- City
- Atascadero
- County
- San Luis Obispo
- State
- California
- Longitude
- -120.665
- Latitude
- 35.4838
- CBSA code
- 42020
- CBSA name
- SAN LUIS OBISPO-PASO ROBLES, CA METROPOLITAN STATISTICAL AREA
