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1031 Exchange Investor Acquires Ground Lease Of Raising Cane's In Riverside For $6.84M

Property Image
SOLD
$6,840,000
Matthew Mousavi
Patrick Luther

California

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Retail3,300 SF
Sold 02/14/2025
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Property Image
SOLD

1031 Exchange Investor Acquires Ground Lease Of Raising Cane's In Riverside For $6.84M

4100 Central Avenue

See Similar Deals
Retail3,300 SF
Sold 02/14/2025
Matthew Mousavi
Patrick Luther
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$2,072
Total Square Footage:3,300 SF
Transaction Type:Sale

A 1.29-acre retail property located at 4100 Central Avenue in Riverside was sold for $6,840,000. The asset comprises a 3,300-square-foot Raising Cane’s restaurant, which is anchored with a 15-year absolute triple-net lease. The price per square foot for this transaction was $2,073.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $6,840,000
  • Address: 4100 Central Avenue
  • Market: Riverside
  • Square Footage: 3,300
  • Cap Rate: 4.75%
  • Broker Representatives: Matthew Mousavi & Patrick Luther - SRS Real Estate Partners
  • Buyer: A 1031 exchange investor from Washington

Patrick Luther and Matthew Mousavi represented the Southern California-based seller in this transaction. The property was sold as part of a strategy to leverage a 1031 exchange investment opportunity.

Players

Patrick Luther
SRS Real Estate Partners
Patrick Luther
62 deals$949.3M volume
BROKER
Matthew Mousavi
SRS Real Estate Partners
Matthew Mousavi
75 deals$1.1B volume
BROKER

Details

SOLD
IMAGE: Matthew Mousavi & Patrick Luther DATE: 02/14/2025 ADDRESS: 4100 Central Avenue MARKET: Riverside ASSET TYPE: Retail ~ ACRES: 1.29 BROKERS: Matthew Mousavi & Patrick Luther (@Luther_Companies) - SRS Real Estate Partners (@SRSRealEstatePartners) SALE PRICE: $6,840,000 SF: 3,300 ~ PPSF: $2,073 NOTE: A 1031 exchange investor from Washington bought the ground lease of a 3,300-sf Raising Cane’s in Riverside for $6.84M at a 4.75% cap rate. SRS Capital Markets’ Patrick Luther and Matthew Mousavi represented the Southern California-based seller in the sale of the newly built property, which has a 15-year absolute triple-net lease.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$364,800.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$24,301.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$32,425.09
Annual Debt Service$389,101.08