Posted on April 14, 2022 / 10Listing ID: 384739APPLY FOR A REAL ESTATE LOAN
Cannabis & Hemp Insurance
Price : $11,175,000
Status : ACTIVE
Size : 34,252
Lot Size (Acres) : 2.00
APN : 0178-230-020
Power (AMPS) : 4000A / 480V
Cannabis or Hemp Use Allowed? : Cannabis, Hemp, Cannabis and/or Hemp
License Type : Recreational, Medical, Medical & Recreational
Year Built : 2020
Utilities : Water, Electricity, Gas, Sewer, Natural Gas, Trash
Sale Type : Cash, Financing, Owner Financing

Stream Realty Partners is pleased to present for sale 1000 Saint Francis Way located in Rio Vista, California.​ This is a fully entitled cannabis business park with a collection of eight tenants that specialize in cannabis cultivation, manufacturing, and distribution with a storefront dispensary.​ The Property offers investors a rare high-yielding investment opportunity to acquire a fully leased cannabis business park in Northern California.​

The project broke ground in early 2019 with tenants occupying spaces April 2020.​ The project was fully leased upon completion of construction.​ The property features 22’ clear heights, ten 18’ ground level doors, and 4000A/480V power for the property.​

The property is surrounded by Solana County, Contra Costa County and Sacramento County.​ The City of Rio Vista is very accommodating to cannabis, and continues to court operators via friendly tax rates, low cost of living, and inexpensive labor.​

Investment Highlights

  • New Construction – The project was constructed less than two years ago and delivered in Q2 of 2020. There are no other properties for lease to cannabis tenants in the area.

 

  • ​Cannabis Entitlements – The project is fully entitled for all cannabis uses including retail and Type 7 manufacturing, which is generally more difficult to achieve.

 

  • High Yield Returns – This is a unique investment opportunity that offers very high cash returns (almost 50% above market), a sharp contrast to many industrial warehouses in the market. The submarket cap rate for industrial properties is only 5.50%.

 

  • Local Cannabis Tax Rate – Local cannabis taxes in Rio Vista are some of the lowest in the state, offering the tenants a significant edge over competitors in neighboring cities. For example, the retail tax rate is 1% of gross sales for the first year, 2% of gross sales for the second year, then 3% the third year and is capped there.

 

  • Vallejo-Fairfield Market – Rio Vista is an incorporated city in the Vallejo-Fairfield market, which is adjacent to the East Bay market in Northern California. There is 46,500,000 square feet in the Vallejo-Fairfield market with strong rent growth (8.9%) and minimal vacancies (3.0%). The average cap rate in the market is 5.5%, a much lower yield than this property.

 

  • ​Strong Workforce for Cannabis – The market workforce is significantly different from other Bay Area markets. Rio Vista offers a strong blue collar labor, a sought after characteristic by many cannabis companies.

 

  • Strategically Located – The property is strategically located in Northern California, with ease of access to highways 5, 12, and 160. It is only 45 miles away from Sacramento and 60 miles from San Francisco. Furthermore, there is access to the Rio Vista airport, located 2 miles away.

 

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Cannabis & Hemp Banking
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