AVAILABILITY DETAILS
- Size
- 13,000 SF
- Price/SF
-
Show Pricing $
- Listing ID
- SA534556
- Notes
- Value-add investor or owner-user opportunity: Freestanding building totaling ±13,000 SF office investment on 3 parcels totaling ±0.692 AC (±30,144 SF). Ideal for general, professional, and/or medical space off Olive Ave & Main Streets. Offers (7) economical separate spaces leased to long-term tenants on Gross lease forms. Value-add opportunity with actual rents of $113,608/year collected plus upside potential. Unique investment offering easy-to-rent office spaces 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 $197,428 (1.7x existing rent). Once stabilized, the deal offers a 11.12% proforma CAP rate, 17.35% cash-on-cash return when leveraged with 30% down, which produces a 2.22 Debt Coverage Ratio!
The value-add opportunity consists of leasing (3) vacancies (822, 1462, & 2401 SF), addressing the under-market rent of the (2) 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.
Unique flexibility offering configurations ranging from ±822 - 6,879 SF with the ability to combine spaces to create larger units via existing connecting doors between the units. Clean office spaces with new paint, new hard-surface VCT flooring, LED lighting, newer HVAC units, quality roof (zero leaks), new 6" tall baseboards, & new doors/hinges/hardware! Access to high speed Internet, separate meters, private ADA restrooms, private entrances (w/ secured entry), outdoor LED lights during the night hours, and consists of demising walls (can be combined). Building offers a full exterior lit private parking (47 spaces + street), excellent existing signage, great visibility & quick access to CA-65 ramps.
- Uses
- Office
Other Availability in this Property
Space/Suite |
Square Feet |
Type |
Uses |
Asking Rent/Price |
|
13,000 SF |
Lease |
Office |
$TBD
|
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- Space/Suite
-
- Square Feet
- 13,000 for lease
- Uses
- Office
- Asking Rent/Price
-
$TBD
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