N. Tustin Street Strip Center For Sale

434-492 N Tustin Street, Orange, CA

$4,495,000

Price

5.56%

Cap Rate

$250,157

NOI

Overview
Cap Rate
5.56%
NOI
$250,157
Building Size
10,109 sqft
Lot Area
0.92 acres
Occupancy
90%
Year Built
1966
Zoning
C-1
Parking Spots
55
Description

Faris Lee Investments is pleased to present a rare opportunity to acquire a value-add strip center that serves the affluent neighborhood of Orange, the home to Chapman University (9,000+ students & 1,100 faculty members). The property has been historically occupied by successful retailers with long term tenancy and over 80% of the GLA has been in the Center since 1993. The anchor tenant, JK Food Store, is a convenience store and is currently 28% of the GLA while being on a MTM lease with below market rent. The Center is currently 90% leased with one space available for lease, which the Seller will guaranty the rent for 12 months at the close of escrow. The strip center’s unique mix of daily-needs, service-oriented and food tenants has made it a coveted shopping center for local businesses.

The N. Tustin Street strip center is located at the hard corner signalized intersection of N. Tustin Street & E. Walnut Ave (48,000 VPD), which is a major retail thoroughfare in Orange. The center shares a corner with a highly-trafficked Taco Bell (NAP) that is open breakfast through late night, bringing customers to the site nearly around the clock. National credit retailers in the immediate trade area include Home Depot, Target, Walgreens, Rite Aid, Fitness 19, McDonalds and Chase bank to name a few. The subject property has strong infill demographics with over 170,000 permanent residents with average household incomes well over $110,000 and over 126,000 estimated day time employee within 3-mile radius.

Highlights
  • Prime Orange County Location
  • N. Tustin Street Retail Corridor with More Than 48,000 Vehicles Per Day
  • Affluent and Densely-Populated Immediate Trade Area
  • Exceptionally Strong Historical Occupancy
  • Internet-Resistant Tenant Lineup
  • Below Market Rents / Value-Add Opportunity
  • Optimal Lease Terms for New Investor
  • Ideal Configuration for Strip Shopping Center / Small Leasable Units
  • Ideal Liquor Store Owner/User Opportunity
  • The Laundry Room Provides a Captive Customer Audience
Documents
Title
Offering Memorandum
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Location
Gallery