Available For Sale - Retail

36,017 SF | Show Pricing $

AVAILABILITY DETAILS

Size
36,017 SF
Price/SF
Show Pricing $
Listing ID
SA381067
Notes
Bank-owned opportunity: ±36,017 SF 4-level multi-tenant office/retail building on ±0.393 Acres. Offers (24) economical separate office spaces leased to long-term tenants on full-service leases, (23) 8’ x 8’ storage units, and (16) rentable parking stalls. Value-add opportunity with actual rents of $211,416/yr and parking of $9,000/yr (total of $220,416/yr collected) plus upside potential. Unique investment offering easy-to-rent spaces within an under-built market offering a strong need for hard-to-find small spaces. Once stabilized, the deal offers TEEN cash-on-cash returns when leveraged. Great visibility, convenient parking & easy access. Building was extensively remodeled in 1977 and again in 1984 when it was earthquake retrofitted. Configurations range from 180 SF up to 2,990 SF. Existing tenants include Bella Bean Coffeehouse & Eatery, computer business’, commercial network services, hair salon, legal offices, catering, mortgage lending, and a driving school, among others. Long-term tenancy in place; as an example, Craig, Dean, and Steve have occupied spaces for 32, 27, and 15 years, respectively.



Breakdown is (6) basement, (8) ground floor, (6) 2nd floor, (4) 3rd floor units. Rental values for the spaces are $0.85/SF for basement, $1.75/SF for 1st floor, $1.25/SF for large unit (#303), $1.65/SF for window units (#227-232), and $1.50/SF for all remaining 2nd/3rd floor. (10) Parking stall are rented for $75/month (#007, 100, 101, 201, 216, 220, 224, 301, 310, 723). Storage units are rented for $40/unit, except for #B, D, I, J, W which occupy for free.



Value-add opportunity consists leasing the vacancies of (10) offices ($186,228/yr), (6) parking stalls ($5,400/yr) and (11) storages ($5,280) producing a realistic 6-12 month stabilized gross annual income of $417,324/yr (189% increase). Further rent growth of experiencing the existing built-in rent increases (#007, 012, 102, 213, 215, 218, 222, 223, 226, 230, 721, 723, 729), increasing under-market offices(#009, 201, 220, 221, 228, 229, 232, 310) & storage units to the same price/SF already achieved, and addressing unpaid storage units provide rents of $429,540.60/yr and parking of $14,400/yr the following year = $458,340.60 potential gross income (another 9.88% increase).
Uses
Retail

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Jared Ennis, Central CA Commercial
BRE# 01945284