Bank of the Sierra (GL)

4456 California Avenue, Bakersfield, CA 93309

$2,550,000

Cap Rate 5.61%

Views: 95 DOM: 205 Updated: 10.29.24 Posted: 05.02.24 Status: Active

Summary

Price $2,550,000	Built/Renov 2017	Tenant Bank of the Sierra (GL)
Cap Rate 5.61%	Lease Type Abs NNN	Guarantor Corp Traded
Size/SF 5,491	Lease Start 03-12-2015	#Units 35
Price/SF $464.40	Expiration 03-31-2035	Tenant Type Bank/Financial
NOI $143,000	R. Term 10.4	Ownership Ground Lease
Rent/SF $26.04	Increases 10.0%/6/yrs	Pop 5Mi 327,361
Lot/AC 1.60	Options 3/5yrs/10%	AHHI 5Mi $75,595

Kevin Fryman

Hanley Investment Group

Contact

Lease Highlights

Bank of the Sierra has 10+ years remaining on the current ground lease term with 3 (5-year) options to extend
The lease features 10% rental escalations throughout the initial term and option period
Strong deposits of $55M
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Bank of the Sierra is strategically located on California Avenue, in close proximity to CSU Bakersfield, which boasts an enrollment of 11,000 students. The property is easily accessible from California Avenue, Easton Drive, and Chester Lane, with multiple signalized entrances and street-visible pylon signage. Additionally, it is part of a dominant regional center, shadow anchored by...

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Key Features

Build to suit
Near major nationals
Shopping Ctr out-parcel
Big Box center
Top 100 MSA
Strong demographics
Absolute NNN
Long 10+ yr lease
Corporate Guarantee
Publicly traded company

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Links

Bank of the Sierra Wikipedia Bakersfield, California Zip Code 93309 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Bank of the Sierra
Guarantor:Corp Traded
Company:Sierra Bancorp
# Units:35
Stock: NASDAQ: BSRR

About Tenant

Bank of the Sierra is the largest independent bank headquartered in California’s southern San Joaquin Valley, that offers a comprehensive range of banking products and services tailored to meet...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	8,183	104,658	329,771
2023 Total Population :	8,313	105,796	332,890
2023 Employed Civilian Pop :	3,993	42,990	133,736
2023 Total Businesses :	1,586	8,279	15,029
2023 Average Household Income :	$ 67,867	$ 74,590	$ 83,075
2023 Total Consumer Spending :	$ 176 M	$ 2509 M	$ 8040 M
2023 Median Age :	35	33	32
2023 Total Households :	2,975	38,477	111,383
2023 Pop Age 25+: Bachelor's Degree :	761	8,932	26,580
2023 Average Home Value :	$ 392,321	$ 339,676	$ 343,923

*ESRI data is presented for informational purposes only

Listing Broker

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