|
|
2/07/23
|
A retail property consisting of a Chevron station, convenience store and car wash in the Inland Empire city of Norco traded hands in a recent, $11.9 mil all-cash transaction. The property sold at full asking price and the purchase included both the business and the real estate.
The property is located at 996 Mountain Ave, within 1/8 mile of the heavily-traveled I-15 freeway, near the signalized intersection of Hamner and Mountain Avenues. The location provides visibility to over 38,000 cars per day.
Built in 2000 and fully remodeled in 2020, the impeccably maintained property features a high-volume Chevron station with 18 fueling positions and a self-service express car wash with 150’ tunnel. In addition, there is a 22k sf building that is home to an ExtraMile convenience store with type 20 beer/wine license and two rental units that are leased to a national Valvoline franchisee and a window tinting company providing monthly rental income for the buyer. At 2.8 acres the large parcel provides room for growth to add additional services such as an EV charging station or fast food restaurant.
The property is located in an affluent Norco neighborhood and enjoys strong demographics including a daytime population of 74,000+ as well as an overall population of 166,679 with an average household income of $107,768 within a 10-minute drive. Neighboring retailers include Winco Foods, Target, Staples, O’Reilly Auto Parts, Starbucks, Baskin Robbins and others.
Victor Buendia with Progressive Real Estate Partners represented the seller, a Los Angeles private investor. Grace Su from Meiguo Realty repped the buyer, a Los Angeles based private investor that also operates other gas station properties.
According to Buendia, “Within weeks of going to market we generated significant interest and identified an experienced, well-qualified cash buyer and we were able to close the transaction at full asking price within 120 days, which is a comparably short time-frame for these types of transactions.” He added, “There continues to be strong demand for well-located high volume gas stations with full-service convenience stores in SoCal’s Inland Empire. In this case the property also offered the buyer the added value of receiving income from the rental units as well as the opportunity to expand given the size of the parcel.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
