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United States Postal Service, Woodland, CA

United States Postal Service, Woodland, CA


Investment Summary

Price $4,766,000
Cap Rate 5.00%
NOI $238,344
Lease Term 10 years
Lease Type Net lease, with tenant responsible for all taxes and maintenance, excluding roof, structure, and utilities
Rental Increases 3% annual rental increases
Year Built 2006 (renovated 2024)
Building Size 10,000 SF
Lot Size 2.07 acres (90,169 SF)
Status Available
Lead Brokers Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW 10-YEAR NET LEASE TO THE UNITED STATES POSTAL SERVICE (RATED S&P AA+)
» Net lease to The United States Postal Service, an independent agency of the executive branch of the United States federal government responsible for providing postal service in the U.S.
» Rare 3% annual rental increases in initial term and option periods
» Below replacement cost due to double the land size, giving USPS the ability to expand up to 20,000 sf
» USPS invested more than $2,300,000 of their own capital to improve the property to their specific needs long-term
» Due to significant improvements by Tenant, tenant is responsible for repair and maintenance for all items except for roof and structure of the property

RELOCATION SITE FROM UNDERSIZED LOCATION
» Rare relocation. The new location provides a significantly larger site on 2.07 acres and 10,000 square feet of space to accommodate consumer shift to receiving both mail and packages due to E-Commerce boom
» The City of Woodland operates under only two zip codes (USPS is required to have a Post Office within each Zip Code). This crucially larger relocation site was due to vast expansion of Woodland (doubled in population since 1980) and the necessity for additional USPS parking for their mail fleet
» USPS locations nationally operate at nearly a 99% renewal rate providing an extremely safe income stream from investment grade tenant

DENSELY POPULATED AND GROWING AREA WITH EXCELLENT CALIFORNIA DEMOGRAPHICS
» 63,818 residents live within five miles of the property
» Average annual household income of $107,465 within a five-mile radius of the site, providing an affluent customer base
» Projected income increases within 1-, 3-, and 5-mile radii over the next five years poise The United States Postal Service and Woodland for steady concurrent growth
» Gateway to Downtown Sacramento, California’s capitol and sixth-largest city
» Conveniently located in Downtown Woodland, near the intersection of West Lincoln Avenue and Cottonwood Street (combined 12,572 AADT), with excellent visibility and access to an additional 29,032 vehicles per day along nearby West Main Street

Property Description

» The property is conveniently located near the intersection of West Lincoln Avenue and Cottonwood Street (combined 12,572 AADT), with excellent visibility and access to an additional 29,032 vehicles per day along nearby West Main Street
» The City of Woodland operates under only two zip codes. This significantly larger relocation site was due to vast expansion of Woodland (doubled in population
since 1980) and the necessity for additional USPS parking for their mail fleet
» Woodland serves as the County Seat for Yolo County
» The site is a rare relocation from long-standing post office. The new location provides a significantly larger site on 2.07 acres and 10,000 square feet of space to accommodate consumer shift to receiving both mail and packages due to E-Commerce boom
» USPS invested more than $2,300,000 of their own capital to improve the property to their specific needs long-term
» This United States Postal Service location is surrounded by high-density, single family housing developments and townhouses
» The site greatly benefits from its proximity less than one mile from Woodland Memorial Hospital (108 beds, 740 employees, $719 million in total patient revenue)
» An average annual household income of $107,465 within a five-mile radius of the site provides an affluent customer base
» Projected income increases within 1-, 3-, and 5-mile radii over the next five years poise The United States Postal Service and Woodland for steady concurrent growth

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