OM — 5941 Lone Tree Way, Brentwood CA (Bay Area)

California comparable OM provided in Mike's June 20 cap-rate reply. A multi-tenant pad at the Hwy 4 on/off ramp in Brentwood (Bay Area suburb), 2019 construction, priced at $5,460,000 / 5.25% cap on $286,511 NOI with a 10-year NNN structure. Anchored by a Taco Bell drive-thru end cap (most creditworthy guarantor), with Design Nails, West Coast Sourdough, and Poke House. Illustrates the California pricing premium: at 5.25%, it is 100–125 bps below comparable out-of-state multi-tenant assets.

Key Facts¶

53,200 VPD location; $154,777 avg HHI within 1 mile; 195,000 residents within 5 miles.
5.25% cap is ~100 bps below Ankeny/Carrollton (6.25%) despite similar multi-tenant structure.
One of four CA comparables supporting Mike's 50–75 bps CA-premium thesis.