650k purchase price

1300 sq ft in mixed use condoized building. True NNN.

Cap rate 7.2%

Class A Building (2008 construction recently built out for current Tennant in 2025)

Lease terms: 5 years with 3, 5 year renewals. Rent bumps annually 3%.

The Tennant is a mom and pop coffee shop that has only been open for 3 months.

The shop has a one successful location on the west coast but this is their first location in the area.

Two neighboring units just sold at 500k/sq foot, but both to owner operators.