Available For Sale - Retail

5,896 SF | Show Pricing $

LISTED BY

Jared Ennis
Central CA Commercial, 559-705-1000

AVAILABILITY DETAILS

Size
5,896 SF
Price/SF
Show Pricing $
Listing ID
SA533286
Notes
Value-add investor or owner-user opportunity: Freestanding building totaling ±8,100 SF office investment on ±0.29 Acres (±12,675 SF) of General, Professional, and/or Medical space off N Van Ness Ave. Offers (8) economical separate spaces 44% leased to long-term tenants on Gross lease forms with an average size of 900 SF per unit. Value-add opportunity with actual rents of $45,600/year collected plus upside potential. Unique investment offering easy-to-rent small office spaces all with existing water/drain lines in each room within an under-built market offering a strong need for these type of spaces. After leasing the vacancies and extending leases, the realistic 6-12 month stabilized gross annual income is $96,342 (2.64x existing rent). Once stabilized, the deal offers a 8.84% CAP rate, 11.42% cash-on-cash return when leveraged with 30% down, which produces a 1.88 Debt Coverage Ratio!



The value-add opportunity consists of leasing (3) vacancies of 575 SF each, addressing the under-market rent of the (4) MTM tenants, extending lease length over the next 6-12 months, and charging the customary "pass-through" expenses of Water, Sewer, Trash, and Gardening to eliminate these items from the Landlords ledger.



(7) identical units of 575 SF each with the ability to combine spaces to create larger units via existing connecting doors. Offices need fresh paint and flooring in order to deliver move-in ready spaces. Excellent Owner/User with Passive Income, or Investment. Each unit has multiple sink locations in each room (former medical uses), access to high speed Internet, is separately metered, has private restrooms, private entrances, and consists of demising walls (can be combined). Excellent existing signage, great visibility and easy access to CA-180 and CA-99 on/off ramps.
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