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29697 New Hub Dr 16,474 SF 100% Leased Industrial Building Menifee, CA 92586 $6,951,542 CAD ($421.97 CAD/SF) 5.08% Cap Rate
Investment Highlights
- 1 block north of Newport Road/I-215 On/off-ramp with easy freeway access
- Walking distance to US Post Office, Menifee Police Station, City Hall, Menifee Union School District offices, Chick Fil-A & many other restaurants
- In the heart of the City of Menifee, just north of Newport Road, Menifee's busiest corridor
- Beautifully upgraded and maintained. Impact Church occupies approximately 93% of the building.
Executive Summary
Stated NOI begins October 1, 2026 and assumes Impact Church Base Rent of $1.36/sf/month (Modified Gross).
Rent for Impact Church remains flat between 04-01-2026 and 03-31-2028. 2.0% annual increases follow thereafter.
Impact Church signed a new 5-year lease that will not expire until 03-31-2031.
Impact Church has NO options to extend lease beyond 03-31-2031.
NOI assumes 93% Impact Church real estate tax exemption (pending).
NOI based on Base Rent from Impact Church of $1.36/sf/month (Modified Gross) beginning 10-01-2026.
Rent from 04-01-2026 through 09-30-2026 for Impact Church is temporarily reduced to $1.17/sf/month (Modified Gross).
Impact Church Base Rent increases to $1.59/sf/month (Modified Gross) if church tax exemption is disallowed by County of Riverside.
Impact Church tenant reportedly spent $1.1 million (excluding approximately $200,000 of donated electrical work) on Tenant Improvements.
Two tenants in building (Impact Church, 15,385sf: 5-year lease extension began 04-01-2026) & (Menifee Teacher's Association, 1,089sf: lease is Month-to-Month).
Rent for Impact Church remains flat between 04-01-2026 and 03-31-2028. 2.0% annual increases follow thereafter.
Impact Church signed a new 5-year lease that will not expire until 03-31-2031.
Impact Church has NO options to extend lease beyond 03-31-2031.
NOI assumes 93% Impact Church real estate tax exemption (pending).
NOI based on Base Rent from Impact Church of $1.36/sf/month (Modified Gross) beginning 10-01-2026.
Rent from 04-01-2026 through 09-30-2026 for Impact Church is temporarily reduced to $1.17/sf/month (Modified Gross).
Impact Church Base Rent increases to $1.59/sf/month (Modified Gross) if church tax exemption is disallowed by County of Riverside.
Impact Church tenant reportedly spent $1.1 million (excluding approximately $200,000 of donated electrical work) on Tenant Improvements.
Two tenants in building (Impact Church, 15,385sf: 5-year lease extension began 04-01-2026) & (Menifee Teacher's Association, 1,089sf: lease is Month-to-Month).
Property Facts
Amenities
- Conferencing Facility
- Courtyard
- Mezzanine
- Signage
- Skylights
- Storage Space
- Monument Signage
- Air Conditioning
- Breakroom
Utilities
- Gas - Natural
- Water - City
- Sewer - City
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Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
20/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 336-380-016 | Improvements Assessment | $4,687,501 CAD |
| Land Assessment | $882,523 CAD | Total Assessment | $5,570,024 CAD |
Property Taxes
Parcel Number
336-380-016
Land Assessment
$882,523 CAD
Improvements Assessment
$4,687,501 CAD
Total Assessment
$5,570,024 CAD
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29697 New Hub Dr
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