7-eleven store (s&p: aa-) - images2.loopnet.com · 7-eleven store (s&p: aa-) offered at...

7-ELEVEN STORE(S&P: AA-)

OFFERED AT $2,027,000 | 6% CAP

MONTEREY COUNTY (SALINAS)

OFFERED AT: $2,295,000 | 4.00% CAP

INVESTMENT OPPORTUNITY

NEW 10 YEAR LEASE EXTENSION

Actual Property

EXECUTIVE SUMMARY PROPERTY INFORMATION AREA OVERVIEWTENANT OVERVIEW

7-ELEVEN | Salinas, CA (Monterey) | 2

TABLE OF CONTENTS

4 Executive Summary5 Investment Highlights6 Lease Summary & Rent Overview7 Lease Abstract

EXECUTIVE SUMMARY

9 Location Maps10 Site Plan11 Property Photos12 Aerials

PROPERTY INFORMATION

22 Salinas Overview23 Monterey Overview24 Demographics

Confidentiality Agreement & Disclosures

AREA OVERVIEW

Color Scheme

Fonts

GOTHAM/ BLACKGOTHAM/ MEDIUMGOTHAM/ LIGHT

CMYK C:0 / M:100 / Y:65 / K:47

RGB R:145 / G:0 / B:40

CMYK C:0 / M:0 / Y:0 / K65

RGB R:119 / G:120 / B:123

20 About 7-Eleven, Inc.

TENANT OVERVIEW

RYAN BARRPrincipal

[email protected]

CA BRE LIC#01338994

RYAN BENNETTPrincipal

[email protected]

CA BRE LIC#01826517

EXCLUSIVELY LISTED BY

Actual Property

TODD WALLERPrincipal

[email protected]

EXECUTIVE SUMMARY

7-ELEVEN CONVENIENCE STORESalinas, CA (Monterey)

Actual Property




PROPERTY OVERVIEWAddress: 2068 N Main Street

Salinas, CA 93906Property Size: Approx 2,251 Sq. Ft.

Land Size: Approx 0.28 Acres

Ownership: Fee Simple (Land, Building)

Year Built: 1987

INVESTMENT HIGHLIGHTS

Offering Price: $2,295,000

Net Operating Income: $91,800

Cap Rate: 4.00%

Price/SF: $1,019

Lease Type: Absolute Triple-Net (NNN)

Lee & Associates is pleased to exclusively offer for sale the fee simple interest (land & building) in a 7-Eleven property located in the city of Salinas, CA within Monterey County (the “Property”). The Property consists of a 2,251-square-foot retail building with that sits on an approximately 0.28 acre parcel. Built in 1987, the building is leased to 7-Eleven Inc. (corporate) who holds an AA- investment credit rating from Standard & Poor’s.

7-Eleven, Inc. is the premier name and largest chain in the convenience-retailing industry. Based in Irving, Texas, 7-Eleven operates, franchises or licenses more than 66,000 stores in 17 countries, including 11,800 in North America. 7-Eleven ranked #2 on Entrepreneur magazine’s 2018 Top Global Franchises List and #32 on the Stores magazine’s Top 2018 Retailers and reported revenues of $14.33 Billion in 2017.

7-Eleven has successfully operated at this signalized hard corner location for over 21 years and just extended their lease (Sept 2018) for an additional 10 years (early), demonstrating long term profitability and a commitment to the site. The Absolute Triple-Net (NNN) feature of the lease offers an investor with a safe and creditworthy passive investment with rent growth.

The 7-Eleven is ideally located on the hard corner intersection of N. Main Street & Lamar Street, offering visibility to 11,000+ cars per day and multiple entrances from both Lamar St & N. Main Str providing for easy in/out access. Additionally, the property is located just a half mile from Highway 101 (traffic counts of 58,000+ CPD), offering quick access to nearby Monterey, Carmel and the Pacific Ocean.

The subject property is located within a dense residential area with over 45,000 households within a 5-mile radius. The property is located less than a mile from Northridge Mall, with anchor tenants Macy’s, JCPenney, and Century Theaters, as well as national tenants H&M, Best Buy, DSM, and Ulta; Harden Ranch Plaza anchored by Walmart Supercenter and Target, with co-tenants including Safeway, Pier 1 Imports, Michael’s, Ashley HomeStore, Marshalls, and Party City; and Boronda Crossing, just across Highway 101 @ Boronda Rd, anchored by Home Depot and Kohl’s.

The subject property is within the City of Salinas, just 10 miles east of the Pacific Ocean is located approximately 19 miles northeast of downtown Monterey, which is one of the premier tourist destinations in the United States. Each year the area attracts an estimated 4 million visitors who flock to the region for its diverse attractions, championship golf, dramatic coastline, historic architecture, and access to marine wildlife.

Salinas’ marine climate is ideal for the floral industry, grape vineyards, and vegetable growers that inhabit the area and fuels a $2 billion agriculture industry, supplying 80% of the country’s lettuce and artichokes, along with many other crops. However, the Salinas economy is diverse with other major employment sectors in government, trade, manufacturing, healthcare, social assistance and construction. Salinas is home to over 100 manufacturing companies, such as Grainger Industrial Supply, TechPro, Thor Electronics, Markon, Fastenal, and ProBuild, to name a few.

The subject property is located just 19 miles northeast of the coastal city of Monterey, and 10 miles east of the Pacific Ocean. Monterey is approximately 115 miles south of San Francisco and 350 miles north of Los Angeles. Monterey is known for its abundance and diversity of marine life, and an approximate 4 million visitors come to Monterey to see the sea lions, sea otters, harbor seals, pelicans and dolphins that inhabit the area. The area’s diverse attractions, dramatic coastline, historic architecture, and access to marine wildlife all combine to drive this economic component.

-- OFFERING SUMMARY --

• Offering Summary • Investment Highlights Lease Summary & Rent Schedule Lease Abstract

Actual Property



-- INVESTMENT HIGHLIGHTS --

• Investment Highlights •Offering Summary Lease Summary & Rent Schedule Lease Abstract

STRONG CORPORATE LEASE GUARANTY: 7-ELEVEN STORES, INC. • INVESTMENT GRADE CREDIT (S&P:AA-) • $14.33B IN REVENUES (2017)The property is leased to 7-Eleven Inc. 7-Eleven, Inc. is the premier name and largest chain in the convenience-retailing industry. Based in Irving, Texas, 7-Eleven operates, franchises or licenses more than 66,000 stores in 17 countries, including 11,800 in North America. 7-Eleven ranked #2 on Entrepreneur magazine’s 2018 Top Global Franchises List and #32 on the Stores magazine’s Top 2018 Retailers, and reported revenues of $14.33 Billion in 2017.

21+ YEAR SUCCESSFUL OPERATING HISTORY • NEW 10-YEAR (EARLY) LEASE EXTENSION • REFLECTS COMMITMENT TO THIS LOCATION • ABSOLUTE TRIPLE-NET (NNN) LEASE (ZERO LL RESPONSIBILITIES)

7-Eleven has successfully operated at this signalized hard corner location for over 21 years and just extended their lease (Sept 2018) for an additional 10 years (early), demonstrating long term profitability and a commitment to the site. The Absolute Triple-Net (NNN) feature of the lease offers an investor with a safe and creditworthy passive investment with rent growth.

LOCATED ON HARD CORNER INTERSECTION • EXCELLENT VISIBILITY & ACCESS • HALF MILE TO HIGHWAY 101 (59,000 CPD)The 7-Eleven is ideally located on the hard corner intersection of N. Main Street & Lamar Street, offering visibility to 11,000+ cars per day and multiple entrances from both Lamar St & N. Main St providing for easy in/out access. Additionally, the property is located just a half mile from Highway 101 (traffic counts of 59,000+ CPD), offering quick access to nearby Monterey and the Pacific Ocean.

DENSE RESIDENTIAL AREA (45,000+ HOUSEHOLDS WITHIN 5 MILES) • PROXIMITY TO NEARBY NORTHRIDGE MALL, HARDEN PLAZA, BORONDA CROSSING SHOPPING CENTER • OUTSTANDING RETAIL SYNERGYThe subject property is located in a dense residential area with over 45,000 households within a 5-mile radius. The property is located less than a mile from Northridge Mall, with anchor tenants Macy’s, JCPenney, and Century Theaters, as well as national tenants H&M, Best Buy, DSM, and Ulta; Harden Ranch Plaza anchored by Walmart Supercenter and Target, with co-tenants including Safeway, Pier 1 Imports, Michael’s, Ashley HomeStore, Marshalls, and Party City; and Boronda Crossing, just across Highway 101 @ Boronda Rd, anchored by Home Depot and Kohl’s.

PROXIMITY TO COASTAL CITY OF MONTEREY, THE PACIFIC OCEAN & CARMEL • BUSY TOURIST DESTINATIONSThe subject property is located just 20 miles northeast of the coastal city of Monterey, and 10 miles east of the Pacific Ocean. Monterey is approximately 115 miles south of San Francisco and 350 miles north of Los Angeles. Monterey is known for its abundance and diversity of marine life, and an approximate 4 million visitors come to Monterey to see the sea lions, sea otters, harbor seals, pelicans and dolphins that inhabit the area. The area’s diverse attractions, dramatic coastline, historic architecture, and access to marine wildlife all combine to drive this economic component. LOCATED IN AGRICULTURE-DOMINANT SALINAS • DIVERSE ECONOMY • HOME TO MAJOR MANUFACTURING COMPANIESThe subject property is located in Salinas, the county seat of Monterey County, and the agricultural jewel of the Salinas Valley. Located just 10 miles east of the Pacific Ocean, the area’s marine climate fuels a $2 billion agriculture industry, supplying 80% of the country’s lettuce and artichokes, along with many other crops. While agriculture/farming are the largest employers in the area, the Salinas Valley has proven its diversity with an outstanding healthcare industry, strong ‘foodie’ draw, and 100 manufacturing companies such as Fastenal, ProBuild, Dole, Grainger, TechPro, and Markon.



-- LEASE SUMMARY --

LEASE INFORMATION

TENANT: 7-Eleven, Inc. (Corporate)

CREDIT RATING: S&P: AA-

STORE#: 27906

BUILDING SIZE: 2,251 Sq. Ft.

LOT SIZE: 0.28 Acres

RENT COMMENCEMENT: October 1, 1987

LEASE EXPIRATION: March 31, 2029

BASE TERM: 10 Years

REMAINING LEASE TERM: 10 Years (Recent Early Extension)

OPTIONS TO RENEW: (2) 5-Year Options

RENT INCREASES: 10% Increases Every 5 Years - Primary & Options

LEASE TYPE: Absolute NNN Lease

LANDLORD RESPONSIBILITIES: None

ANNUAL RENT: $91,800

-- RENT SCHEDULE --

LEASE TERM

TERM START DATE END DATE NOI/YR NOI/MO NOI/SF/YR

Years 1 - 5 4/1/2019 3/31/2024 $91,800.00 $7,650.00 $40.78

Years 6 - 10 4/1/2024 3/31/2029 $100,980.00 $8,415.00 $44.86

OPTION PERIODS - (2) 5-YEAR OPTIONS

Option 1 4/1/2029 3/31/2034 $$111,084.00 $9,257.00 $49.35

Option 2 4/1/2034 3/31/2039 $122,192.40 $10,182.70 $54.28

Investment HighlightsOffering Summary • Lease Summary & Rent Schedule • Lease Abstract



-- LEASE ABSTRACT --

Utilities: 7 Lessee agrees to pay, before delinquency, all charges for gas, electricity and water used by it, and also telephone, sewer services, garbage service, and all other utiltiy services.

Taxes:8 Lessee agrees to pay all taxes levied upon personal property, including trade fixtures and inventory kept on the leased premises, as well as all taxes and assessments levied against the land and the building and improvements situated theron with hrespect to any period during the term of this lease. Lessor shall direct the taxing authority(ies) to send the statement(s) directly to Lessee.

Repairs and Maintenance: 9. (Addendum) Lessee agrees to keep both the interior and the exterior of the Building in good repair, including the roof, plumbing , electrical wiring, air conditioning and heating equipment, and to paint the exterior walls of the building and be responsible for all glass, casualty damage and reasonable wear and tear excepted.

Insurance: 13. Libaility Insurance. Lessee agrees at Lessee’e expense to maintain in force continuously throughout the term of this lease and any extension hereof public liability insurance ccovering the leased premises, with limits of $500,000 combined single limit coverage, and shall upon written request of Lessor furnish Lessor a certficiate by the insurer that such insurance is in force.

Right of First Refusal: 20. Lessor agrees after receipt of such offer to give Lessee notice in writing of the trms and provisions thereof, and that Lessee may exercise its option to purchase said property at any time within twenty (20) days after such notice is received by Lessee.

Investment HighlightsOffering Summary Lease Summary & Rent Schedule • Lease Abstract •

PROPERTY INFORMATION



Actual Property



-- LOCATION MAPS --

• Location Maps • Property Photos AerialsSite Plan

Pacific Ocean

MONTEREY

SALINAS

WATSONVILLE

GILROY

SANTA CRUZ

Salinas City Boundary

MARINA

CARMEL

Nativid

ad Rd

E Boronda Rd

N M

ain St

S M

ain

St

SALINAS

13 Miles

20 Miles

26 Miles

36 Miles



-- SITE PLAN --

EAST LAMAR STREET

N. M

AIN

STR

EET

Location Maps Property Photos Aerials• Site Plan •



-- PROPERTY PHOTOS --

Front View of Property

Parking Along Front of Store Monument Signage Along N Main St Front Entrance into Store

• Property Photos •Location Maps AerialsSite Plan



-- OVERHEAD VIEW --

W. MAIN ST (11,000 CPD)

LAM

AR

ST

ACCESS

ACCESS

Location Maps Site Plan Property Photos • Aerials •



CASTROVILLE

SANTA RITAELEMENTARY SCHOOL

-- LOOKING NORTHWEST --

BORONDA MANOR

ROCKET FARMS

POINTE ATHARDEN RANCH



E. BORONDA RD (37,000 CPD)

OAK HILLS

ELKHORNMOSS LANDINGPacific Ocean

SAN JUAN GRADE RD (9,000 CPD)


W. MAIN ST (1

6,000 CPD)

GAVILAN VIEWMIDDLE SCHOOL

COLOR SPOTNURSERIES

CENTRAL COAST GROWERS

LAKESIDE NURSERY

93 NORTHAPARTMENTS

NORTHRIDGE MALL

STATE COMPENSATIONINSURANCE FUND

LABOR STANDARDSENFORCEMENT

NORTHRIDGEANIMAL HOSPITAL


TIERRA VISTAAPARTMENTS

VILLAGE NORTH LAGOONAPARTMENTS

ALTMAN PLANTS

ESPINOSA RD

RUSSELL RD

SALINAS SELF STORAGE

PREMIUM HARVESTING & PACKING

DJ TRUCKING

CALIFORNIA AUTOMOTIVE & TIRE

SALINAS CAMPER SHELLS

PRUNEDALE

COASTAL SIERRAPACKAGING

ON RAMP

OFF RAMP

ON RAMP

OFF RAMP

ON RAMP

ON RAMP

59,000 CPDGABLESAPARTMENTS



-- LOOKING NORTHEAST --






RUSSELL RD

59,000 CPDE. BORONDA RD (37,000 CPD)


BORONDA MANOR

NORTHRIDGE MALL

OFF RA

MP

ON RAMP

OFF RAM

P

ON RAMP

ON RAMP

ON RAMP


93 NORTHAPARTMENTS

GABLESAPARTMENTS


MCKINNONSCHOOL

GAVILAN VIEWMIDDLE SCHOOL

BOLSA KNOLLSMIDDLE SCHOOLLA JOYA

ELEMENTARY SCHOOL

SALINAS GOLF& COUNTRY CLUB

NATIVIDADNURSERY AMERICAN

TAKII, INC.

RANCHO SAN JUANHIGH SCHOOL

A. OSEGUERATRUCKING

STATE COMPENSATIONINSURANCE FUND

LABOR STANDARDSENFORCEMENT


NORTHRIDGEANIMAL HOSPITAL HARDEN

URGENT CARE

SALINASFIRE DEPT



MONTAGEWELLNESS CENTER

-- LOOKING SOUTHEAST --


W. M

AIN S

T (1

1,00

0 CPD

)



W. M

AIN

ST

(16,

000

CP

D)


NORTHRIDGE MALL


N. DAVIS RD

59,000 C

PD



93 NORTHAPARTMENTS

GABLESAPARTMENTS

59,000 C

PD

OFF RAMP

ON RAMP

OFF RAMP

ON RAMP

ON

RA

MP

ON

RA

MP

N. DAVIS RD

BORONDA MANOR

SALINASFIRE DEPT

NORTHRIDGE PARKAPARTMENTS

STONEGATEAPARTMENTS

HARDENMIDDLE SCHOOL

REGENCY COURTSENIOR APARTMENTS

BROOKDALE SALINASASSISTED LIVING

HARDEN RANCHAPARTMENTS

PLAZA CLUBAPARTMENTS

MCKINNONSCHOOL

CALIFORNIA STATE UNIVERSITY MONTEREY BAY HARDEN RANCH PLAZA



-- LOOKING SOUTHWEST --

WASTE MANAGEMENTSALINAS TRANSFER STATION


Pacific Ocean

NEPONSET

MONTEREYCARMEL-BY-THE-SEA

MARINA

E. BORONDA RD (3

7,000 CPD)

N. DAVIS RD59,000 CPD


SAN

JUA

N G

RA

DE RD



59,000 CPD

N. DAVIS RD

NORTHRIDGE MALL

MONTAGEWELLNESS CENTER

REGENCY COURTSENIOR APARTMENTSBROOKDALE SALINAS

ASSISTED LIVING

HARDEN RANCHAPARTMENTS

PLAZA CLUBAPARTMENTS

HARDENMIDDLE SCHOOL

NORTHRIDGE PARKAPARTMENTS

FOX CREEKVILLAGE

WILLOWOODTOWNHOMES

KAMMANNELEMENTARY

SCHOOL


BORONDA MANOR

93 NORTHAPARTMENTS

GABLESAPARTMENTS

CALIFORNIA STATE UNIVERSITY

MONTEREY BAY

SAKATA SEED AMERICA

ROSSI SELF STORAGE

UPS CUSTOMER SERVICE CENTER

LAUREL WEST SHOPPING CTR

MONTEREY REGIONAL WASTE MANAGEMENT DISTRICT

MARINA MUNICIPAL AIRPORT

CALIFORNIA STATE UNIVERSITY

MONTEREY BAY

TENANT OVERVIEW



Actual Property



• About 7-Eleven •

-- ABOUT 7-ELEVEN --

7-Eleven, Inc. is the premier name and largest chain in the convenience-retailing industry. Based in Irving, Texas, 7-Eleven operates, franchises or licenses more than 66,000 stores in 17 countries, including 11,800 in North America. 7-Eleven is privately owned and is a wholly-owned subsidiary of Seven-Eleven Japan Co., Ltd in Tokyo, Japan.

Known for its iconic brands such as Slurpee®, Big Bite® and Big Gulp®, 7-Eleven has expanded into high-quality salads, side dishes, cut fruit and protein boxes, as well as pizza, chicken wings, cheeseburgers and hot chicken sandwiches. 7-Eleven offers customers industry-leading private-brand products

under the 7-Select® brand including healthy options, decadent treats and everyday favorites, at an outstanding value. Customers also count on 7-Eleven for payment services, self-service lockers and other convenient services.

7-Eleven focuses on meeting the needs of convenience-oriented customers by providing a broad selection of fresh, high-quality products and services at everyday fair prices, speedy transactions and a clean and friendly shopping environment. Each store’s selection of about 2,500 different products and services is tailored to meet the needs and preferences of local customers. Stores typically vary in size from 2,400 to 3,000 square feet and are most often located on corners for great visibility and easy access. 7-Eleven ranked #2 on Entrepreneur magazine’s 2018 Top Global Franchises List, #32 on the Stores magazine’s Top 2018 Retailers, was No. 1 on Entrepreneur magazines Franchise 500’s Top 10 Most Popular Retail Companies, and No. 3 on Forbes magazine’s “Top 20 Franchises to start” in 2016.

COMPANY SNAPSHOT

Founded 1927

Headquarters Dallas, TX

Retail Sales (2017) $14.33 Billion

Credit Rating S&P: AA-

Locations 66,000+ Worldwide

Website www.7eleven.com

Parent Company Seven & I Holdings Co.

AREA OVERVIEW



Actual Property



• Salinas Overview • DemographicsMonterey Overview

-- SALINAS OVERVIEW --

Just inland from Monterey, you’ll find the agricultural jewel known as the Salinas Valley. Salinas is the county seat and largest municipality of Monterey County. Salinas is located just outside the southern portion of the greater Bay Area and is located at the mouth of the Salinas Valley, roughly eight miles from the Pacific Ocean. The marine climate is ideal for the floral industry, grape vineyards, and vegetable growers that inhabit the area. Known as “The Salad Bowl of the World” for its fresh produce, flowers and vineyards, more recently, the region is emerging as a world hub of agricultural technology, or agtech. Salinas is also the birthplace of writer and Nobel Prize laureate John Steinbeck.

Salinas’ earliest inhabitants were small tribes of Native Americans who were largely undisturbed during the Spanish era. It wasn’t until Mexico gained independence from Spain in 1822 that outside settlers began to arrive in Salinas. Named for a nearby salt marsh, Salinas became the seat of Monterey County in 1872 and incorporated in 1874.

In the mid-1800s, Salinas’ agricultural industry began to grow. In 1867, several local businessmen laid-out a town plan and enticed the Southern Pacific Railroad to build its tracks through Salinas City. Agriculture continued as the area’s major industry and by the end of World War I, the “green gold” growing in the fields helped make Salinas one of the wealthiest cities (per capita) in the United States. Today, “The Salad Bowl of the World” fuels a $2 billion agriculture industry which supplies 80% of the country’s lettuce and artichokes, along with many other crops.

Although agriculture is the foundation of the local economy, more than 100 manufacturing firms call Salinas home. Some of the largest employers in the area include: Dole Fresh Vegetable, the County of Monterey, Household Credit Services, and Salinas Valley Memorial Hospital.

HEALTH CARE

Salinas has extensive health and medical services with two of the County’s four hospitals located within the City – Salinas Valley Memorial Hospital and Natividad Medical Center.

Natividad Medical Center is a Level II Trauma Center providing the immediate availability of specialized personnel, equipment, and services to treat the most severe and critical injuries. Natividad is the only teaching hospital on the Central Coast, through its affiliation with the University of California, San Francisco (UCSF). Recognized nationally and internationally as a model program, Natividad’s Family Medicine Residency Program is postgraduate training for physicians specializing in family medicine. About 1/3 of the graduates remain on the central coast to establish a practice. Salinas also offers skilled nursing and convalescent homes, as well as residential retirement facilities for seniors, and over 200 practicing physicians.

Source: http://www.cityofsalinas.org

Future Roundabout at E Boronda Rd & Natividad Rd

Historic Steinbeck House in Downtown Salinas Crops in the Salinas Valley

EAST BORONDA ROAD WIDENING PROJECT

The Salinas City Council approved extensive improvements to East Boronda Rd between Hemingway Dr to San Juan Grade Rd. The project will widen East Boronda Road into a four-lane roadway with landscaped median, and bike lanes. The existing bridge over Gabilan Creek (near Independence Boulevard) will also be widened to accommodate the four-lane roadway with bike lanes and sidewalks. As part of the widening/improvements, roundabouts will be constructed along East Boronda Road at the following intersections: McKinnon Street, El Dorado Drive, Natividad Road, Independence Boulevard, and Hemingway Drive.

Downtown Salinas



Salinas Overview Demographics• Monterey Overview •

-- MONTEREY OVERVIEW --

Salinas is located just 19 miles northeast of the beautiful city of Monterey. Monterey is a scenic California coastal city that rises from the pristine Monterey Bay to pine forested hillsides with sweeping bay views. The city’s natural beauty and historic sites make it a quality residential community and premier tourist destination. A small, livable city that prides itself on being a clean and safe place to live, Monterey is known for its sense of community and hospitality and its culturally diverse residents.

Monterey is located at the center of a Monterey Bay regional economy which is poised for growth. The former Fort Ord has provided the infrastructure and land resources to accommodate sustained economic growth. Monterey’s tourist-based economy remains strong and healthy. The Monterey Bay economy of the future will be based on educational and research activities with special emphasis on marine biology and the environmental sciences.

THE LANGUAGE CAPITAL OF THE WORLD

Monterey is recognized as the “Language Capital of the World”, a designation used to denote the impact of the area’s language institutions in helping its population succeed in global careers throughout the world. Key contributors to the City’s language-skilled labor force include The Monterey Institute of International Studies and the Defense Language Institute Foreign Language Center. AT&T’s Language Translation Services also are based in Monterey at Ryan Ranch. Monterey is the ideal location for companies seeking to enter or expand into the global marketplace. Other institutions involved in promoting Monterey as the Language Capital of the World include California State University at Monterey Bay, Monterey Peninsula College, CTB McGraw Hill, and the Naval Postgraduate School.

Stilts in Monterey, California

TOURISM: DRIVING FORCE IN MONTEREY’S ECONOMY

Monterey is one of the premier tourist destinations in the United States. Each year, the area attracts an estimated 4 million visitors. The area’s diverse attractions, dramatic coastline, historic architecture, and access to marine wildlife all combine to drive this economic component.

From the Monterey Bay Aquarium along Cannery Row, to the “Path of History” walking tour, to the world-renowned Pebble Beach Golf Course nearby, Monterey continues to be a destination for visitors, which helps sustain the area’s economy for its residents.

MONTEREY

Boats in Monterey Bay

Aerial View of the Monterey Coastline

Monterey Canning Co - Cannery RowMonterey Bay Aquarium



Demographic Source: Applied Geographic Solutions 10/2018, TIGER Geography page 1 of 1©2018, Sites USA, Chandler, Arizona, 480-491-1112

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SUMMARY PROFILE2000-2010 Census, 2018 Estimates with 2023 ProjectionsCalculated using Weighted Block Centroid from Block Groups

Lat/Lon: 36.7234/-121.6559RS1

2068 N Main St1 mi radius 3 mi radius 5 mi radius

Salinas, CA 93906

PO

PU

LATI

ON

2018 Estimated Population 18,127 74,549 170,423

2023 Projected Population 18,445 75,463 172,827

2010 Census Population 17,051 70,424 161,467


Projected Annual Growth 2018 to 2023 0.4% 0.2% 0.3%

Historical Annual Growth 2000 to 2018 0.7% 0.9% 0.3%

2018 Median Age 30 31.5 30.9

HO

US

EH

OLD

S

2018 Estimated Households 5,544 21,060 45,931

2023 Projected Households 5,673 21,435 46,824

2010 Census Households 5,241 19,983 43,680




RA

CE

AN

DE

THN

ICIT

Y

2018 Estimated White 43.4% 43.4% 45.3%

2018 Estimated Black or African American 3.3% 3.2% 2.5%

2018 Estimated Asian or Pacific Islander 9.1% 10.8% 7.2%

2018 Estimated American Indian or Native Alaskan 1.3% 1.3% 1.2%

2018 Estimated Other Races 42.8% 41.2% 43.8%

2018 Estimated Hispanic 71.4% 68.7% 74.1%

INC

OM

E 2018 Estimated Average Household Income $70,606 $82,469 $78,706

2018 Estimated Median Household Income $56,260 $65,867 $61,892

2018 Estimated Per Capita Income $21,609 $23,626 $21,408

ED

UC

ATI

ON

(AG

E 2

5+)

2018 Estimated Elementary (Grade Level 0 to 8) 24.1% 21.6% 28.0%

2018 Estimated Some High School (Grade Level 9 to 11) 9.4% 8.9% 9.1%

2018 Estimated High School Graduate 22.9% 24.4% 22.7%

2018 Estimated Some College 19.9% 20.2% 17.5%

2018 Estimated Associates Degree Only 10.7% 9.4% 8.2%

2018 Estimated Bachelors Degree Only 9.4% 10.5% 9.8%

2018 Estimated Graduate Degree 3.6% 5.0% 4.6%

BU

SIN

ES

S 2018 Estimated Total Businesses 419 1,874 5,317

2018 Estimated Total Employees 6,341 21,338 54,446

2018 Estimated Employee Population per Business 15.1 11.4 10.2

2018 Estimated Residential Population per Business 43.3 39.8 32.1BU

SIN

ES

S

Demographic Source: Applied Geographic Solutions 10/2018, TIGER Geography page 1 of 1©2018, Sites USA, Chandler, Arizona, 480-491-1112

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SUMMARY PROFILE2000-2010 Census, 2018 Estimates with 2023 ProjectionsCalculated using Weighted Block Centroid from Block Groups

Lat/Lon: 36.7234/-121.6559RS1

2068 N Main St1 mi radius 3 mi radius 5 mi radius

Salinas, CA 93906

PO

PU

LATI

ON

2018 Estimated Population 18,127 74,549 170,423

2023 Projected Population 18,445 75,463 172,827





2018 Median Age 30 31.5 30.9

HO

US

EH

OLD

S

2018 Estimated Households 5,544 21,060 45,931

2023 Projected Households 5,673 21,435 46,824





RA

CE

AN

DE

THN

ICIT

Y

2018 Estimated White 43.4% 43.4% 45.3%

2018 Estimated Black or African American 3.3% 3.2% 2.5%

2018 Estimated Asian or Pacific Islander 9.1% 10.8% 7.2%

2018 Estimated American Indian or Native Alaskan 1.3% 1.3% 1.2%

2018 Estimated Other Races 42.8% 41.2% 43.8%

2018 Estimated Hispanic 71.4% 68.7% 74.1%

INC

OM

E 2018 Estimated Average Household Income $70,606 $82,469 $78,706

2018 Estimated Median Household Income $56,260 $65,867 $61,892

2018 Estimated Per Capita Income $21,609 $23,626 $21,408

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2018 Estimated Elementary (Grade Level 0 to 8) 24.1% 21.6% 28.0%

2018 Estimated Some High School (Grade Level 9 to 11) 9.4% 8.9% 9.1%

2018 Estimated High School Graduate 22.9% 24.4% 22.7%

2018 Estimated Some College 19.9% 20.2% 17.5%

2018 Estimated Associates Degree Only 10.7% 9.4% 8.2%

2018 Estimated Bachelors Degree Only 9.4% 10.5% 9.8%

2018 Estimated Graduate Degree 3.6% 5.0% 4.6%

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SIN

ES

S 2018 Estimated Total Businesses 419 1,874 5,317

2018 Estimated Total Employees 6,341 21,338 54,446

2018 Estimated Employee Population per Business 15.1 11.4 10.2

2018 Estimated Residential Population per Business 43.3 39.8 32.1

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-- DEMOGRAPHICS --

Salinas Overview • Demographics •Monterey Overview

There are 126,904 households in Monterey County.

The Median HH Income in Monterey County is $64,772 which surpasses the National Average of $53,482.

The median age for Monterey County residents is 34 years.

In Monterey County, the top five industries are:

Farming, Fishing & Forestry Administrative Sales Management Food Services

Source: https://datausa.io/profile/geo/monterey-county-ca/#economy

The median property value in Monterey County is $554,400 which reflects a growth of 6.3% from the previous year.

The largest share of households have an income in the $75-$100k range.

The average commuter time in Monterey County is 21.5 minutes.

Lee & Associates hereby advises all prospective purchasers of Net-Leased Invesment property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Lee & Associates has not and will not verify any of this information, nor has Lee & Associates conducted any investigation regarding these matters. Lee & Associates makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of an investment property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase.This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Lee & Associates expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of an investment property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any investment property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Lee & Associates and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this investment property.

EXCLUSIVELY LISTED BY

No warranty or representation is made as to the accuracy of the foregoing information. Terms of sale, lease, and availability are subject to change or withdrawal without notice.

BARR&BENNETTNETLEASEDINVESTMENTS

A Lee & Associates Team

RYAN BARRPrincipal

[email protected]

CA BRE LIC#01338994

RYAN BENNETTPrincipal

[email protected]

CA BRE LIC#01826517


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