NNN Properties
for Sale in California
California is the most liquid NNN market in the US — and the most common 1031 exchange source state. As a California-licensed attorney and real estate broker, Eli Satra Shans and The ESS Group have deep expertise in California NNN buying, selling, and 1031 exchange strategy.
Buying & Selling NNN in California
California's sheer population density and institutional investor concentration make it the most active NNN transaction market nationally. Properties sell quickly and attract competitive bidding.
Eli Satra Shans is both a California-licensed attorney AND a California real estate broker — a rare dual-licensed combination that gives clients legal review of NNN leases in addition to standard broker services.
California has a 13.3% state income tax. Many California NNN investors choose to sell their California property and 1031 exchange into Texas, Florida, or Arizona to eliminate the state tax burden on future income.
California NNN properties — particularly Los Angeles freestanding retail — carry institutional demand from national REITs, family offices, and international capital. Assets hold value exceptionally well in downturns.
Riverside and the Inland Empire offer California cap rates in the 5.25–6.75% range — far better than coastal pricing — with similar population and tenant quality.
Top California NNN Markets
We source NNN investment properties across all major California markets — off-market deals before they reach public portals.
Top NNN Tenants in California
The most active investment-grade NNN tenant categories we source across California markets.
California's most prolific NNN tenant. Ground leases on LA and San Diego corners command sub-4% cap rates from institutional buyers. Extremely liquid nationally and locally.
Drive-through locations in California are among the most sought-after NNN assets nationally. Corporate guarantee. Compressed cap rates in LA and SD reflect exceptional investor demand.
Freestanding CVS on California high-traffic corners. 15–25 year primary terms. Institutional quality. LA and SD assets attract national REIT and private equity buyer pools.
Extremely rare in California due to limited expansion. When available, California Chick-fil-A NNN deals attract the broadest buyer pool of any QSR category.
Ground lease and fee-simple bank NNN properties on premium California corners. Long primary terms with investment-grade corporate guarantee. Active 1031 exchange vehicle.
Freestanding pharmacy assets with long leases. LA and San Diego Walgreens properties are particularly sought-after due to the high barrier to entry for new pharmacy construction.
High-density California market. Corporate-guaranteed absolute NNN leases. Consistent deal flow from sale-leaseback and development pipelines across all California markets.
Strong in Inland Empire and Sacramento markets. Absolute NNN, 5.25–6.75% cap rates. Best value-oriented NNN option in California for income-focused buyers.
1031 Exchange into California NNN
California is the #1 source of 1031 exchange activity in the US. With a 13.3% state income tax, California investors aggressively use 1031 exchanges to defer capital gains AND relocate future rental income to zero-tax states like Texas, Florida, and Nevada. We specialize in helping California investors identify and close on replacement properties within the 45-day window.
Learn about 1031 exchangesAbsolute NNN in California
California hosts significant absolute NNN inventory in the QSR, pharmacy, and convenience categories. McDonald's ground leases, CVS, and Starbucks drive-throughs on California's highest-traffic corridors are coveted globally. Eli Satra Shans' California law license provides a unique advantage — lease review as your attorney, not just your broker.
View all NNN categoriesCalifornia NNN FAQ
What are typical cap rates for NNN properties in California?
California NNN cap rates range from 3.75% in prime Los Angeles locations to 6.75% in Inland Empire and Sacramento markets. Los Angeles and San Diego coastal assets trade at 3.75–5.5%. Riverside / Inland Empire offers 5.25–6.75%. Sacramento markets trade at 5.25–6.75%. California's compressed cap rates reflect institutional demand, liquidity, and high land barriers to entry.
Should I buy NNN in California or 1031 exchange out of state?
It depends on your goals. California NNN properties offer exceptional liquidity, strong appreciation, and institutional demand. However, the 13.3% state income tax means a significant portion of rental income goes to California. Many of our clients sell California NNN properties and 1031 exchange into Texas or Florida — eliminating state income tax permanently while maintaining passive income. We help you model both scenarios.
What is the advantage of working with a California-licensed attorney for NNN purchases?
As a California-licensed attorney, Eli Satra Shans can review your NNN lease with the full legal authority of an attorney — not just the business judgment of a broker. He identifies hidden landlord obligations, problematic assignment clauses, and lease termination risks that a standard broker review would miss. This dual capacity is available to all ESS Group clients on California transactions.
What are the best California cities for NNN investing?
Los Angeles is the premier market for trophy NNN assets — institutional quality, maximum liquidity, but compressed cap rates. San Diego offers similar quality with slightly better yields. Riverside/Inland Empire is the best value play in California — similar tenant quality to coastal markets but cap rates of 5.25–6.75%. Sacramento is the best California market for income-focused buyers who prioritize cash-on-cash returns.
Other Top NNN Markets
Access California NNN Deals
Before They Hit the Market
Tell us your criteria — tenant preference, cap rate target, price range, 1031 exchange timeline — and we'll match you with current off-market California NNN inventory.