Overview

Offered by

Stephen Shiu

Broker Associate

BRC Advisors

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Description

This value add retail center is ready for an owner to properly manage the property as the tenant mix can be improved and rents are under market . The property consists of 4 buildings and tenants totaling 21,368 SF on a large 1.87 acre lot which would allow for development opportunity. There are 3 restaurant/café tenants that drive traffic to the property. There is great upside potential with increased rent and CAM reimbursement as the tenants were mostly leased up during the Pandemic. Property is 100% leased with some tenant leases expired or expiring soon.

Asking $7,750,000 which translates into a 5.77% as-is cap rate and 6.91% proforma cap rate. The ownership is in the process improving the financials and aesthetic of the property.

Highlights

• Large 1.8 acre lot for additional development and higher use
• 100% tenant occupied
• Opportunity to increase rent and traffic with synergistic new tenant lease up
• Majority of leases were entered into during COVID-19 Pandemic
• Many rents are under market
• Ample parkin g 5:1+ ratio

Documents

Location

Gallery