Commercial For Sale
495 Morro Bay Blvd, Morro Bay, CA
This centrally located retail property in downtown Morro Bay has just undergone a $1.4 million renovation. The tenant, Natural Healing Center, is a cannabis retailer with multiple locations throughout the state. The tenant will execute a brand new 10-year sale leaseback at the close of escrow with 4 (5-year) option periods to extend. The lease will feature 10% rental increases in Year 6 and at the beginning of each option period. Initial cap rate of 6.0% and NOI of $192,000.