71722 29 Palms Hwy Twentynine Palms, CA 92277
- Retail space
- 16,000 SF
- 5.38 lot acres
Current Use by Public Records
- Retail space
Property Details for 71722 29 Palms Hwy
- Year built
- 2022
- Lot size
- 5.38 lot acres
- Property size
- 16,000 SF
- Property type
- Retail space
- Property subtype
- Storefront properties
Description
This exceptional investment opportunity presents a 16,000 square foot Grocery Outlet, strategically located on 29 Palms Highway in Twentynine Palms, California. The property boasts a 15.1-year net lease (NN+) with a corporate guarantee from a nationally recognized tenant, ensuring consistent cash flow and minimal landlord responsibilities. The lease commenced December 15, 2022, and expires December 31, 2037, featuring built-in rent bumps every five years. The asking price is $6,400,000, representing a compelling 5.50% cap rate with a current net operating income (NOI) of $352,000. Built in 2022, this single-tenant property sits on a 5.38-acre lot, providing ample parking and convenient access for customers. Its high-visibility location benefits from significant traffic volume, drawing from a robust local population, tourism related to nearby Joshua Tree National Park, and the substantial presence of the Marine Corps Air Ground Combat Center (MCAGCC). The property's design and location are well-suited to meet the growing demand for grocery and essential goods in this area, further enhanced by ongoing residential expansion and a reported $150 million retail gap in the market. This is a strong, stable investment with built-in growth potential. The property is offered as a 1031 exchange opportunity.
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
- Twentynine Palms
- County
- San Bernardino
- State
- California
- Longitude
- -116.09819846916
- Latitude
- 34.135816900313
