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Updated: 10.24.23 Posted: 11.30.22 Status: Inactive

Summary

Price $11,659,000
Built/Renov 1995
Tenant Best Buy
Cap Rate 5.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 47,718
Lease Start 06-01-1996
#Units 1,138
Price/SF $244.33
Expiration 06-01-2026
Tenant Type Big Box Retail
NOI $582,941
R. Term 1.0
Ownership Fee Simple
Rent/SF $12.22
Increases 5.0%/3/yrs
Pop 5Mi 161,739
Lot/AC 5.25
Options 1/5yrs/5%
AHHI 5Mi $115,959

Highlights

  • Best Buy exercised their second option in 2021, providing an additional 5 years of firm term
  • The lease features 5% rental increases at the beginning of each option
  • Guaranteed by the corporate entity (NYSE: BBY | S&P: BBB+)
  • The lease is Absolute NNN with zero landlord responsibilities

Location Description

Best Buy is strategically located at the signalized, hard corner intersection of Madison Avenue and Los Alamos Road, averaging a combined 43,100 vehicles passing by daily. The asset benefits from direct on/off ramp access into Interstate 15 (135,000 VPD), a major north-south highway connecting San Diego to the U.S.-Canada border in Montana. Best Buy also benefits from excellent visibility via...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Best Buy
  • Guarantor:Corp T and Rated
  • Company:Best Buy Co Inc
  • # Units:1,138
  • Tenant S&P: BBB+
  • Moody’s: A3
  • Stock: NYSE: BBY

About Tenant

Best Buy (NASDAQ: BBY) is an American multinational consumer electronics retailer. Originally founded in 1966 as an audio specialty store called Sound of Music, it was rebranded to Best Buy in...


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Demographics

  1 Miles 3 Miles 5 Miles
2027 Total Population : 7,421 89,239 162,179
2022 Total Population : 6,939 87,116 158,815
2022 Employed Civilian Pop : 3,538 41,318 75,139
2022 Total Businesses : 1,094 4,282 9,173
2022 Average Household Income : $ 107,511 $ 127,811 $ 132,260
2022 Total Consumer Spending : $ 238 M $ 3085 M $ 5760 M
2022 Median Age : 32 35 35
2022 Total Households : 2,573 28,543 51,587
2022 Pop Age 25+: Bachelor's Degree : 779 12,837 23,768
2022 Average Home Value : $ 558,437 $ 494,901 $ 524,520
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Ivy St I- 15 2008 10,400 0.09 mi
15 2018 114,000 0.18 mi
Madison Ave Ivy St 2008 17,900 0.20 mi
Ivy St Madison Ave 2008 11,300 0.22 mi
I-15 Los Alamos Rd 2012 124,000 0.23 mi
15 2018 135,000 0.33 mi
Jefferson Ave Ivy St 2008 12,000 0.35 mi
Madison Ave Webster Ave 2008 24,100 0.35 mi
Webster Ave Madison Ave 2008 42,600 0.40 mi
15 2018 135,000 0.40 mi

Listing Broker

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