Property Detail

Description

This 9,979 SF retail property is located on a ground lease that expires May 14, 2051, with no options to extend the lease or purchase the ground. An investor evaluating this asset must understand that the leased-fee position, not fee-simple ownership, is what is being acquired. There are currently 6 tenants and 1 vacant space of 2000 sq. feet. 7-11, Subway Sandwiches and DK Donuts have occupied the property since the late 1980s. A complete rent roll and 10-year financial analysis is available upon request. The Buyer must co-operate with a 1031 Exchange. The vacancy happened about 1 month ago but once leased at a market rent will push the Cap Rate and the Cash on Cash over 9%. The building was constructed in 1985 on a concrete slab. The flat roof was redone about 8 years ago. There is 1 bathroom in each unit and each unit is individually metered. Utilities are serviced by PG&E. Each unit has its own HVAC unit located on the roof. The building is not sprinkler-ed and each tenant is responsible for its own security. None of the approximately 48 on-site parking spaces are assigned, and the property is on public water and sewer. Do not contact or disturb any tenants. All income and expenses remain to be confirmed by the Buyer. Owner provided financials are available.