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Listed by Dan O'Connell • eXp Realty of California Inc, DRE#00785885
$ 1,500,000
Est. payment | /mo
9,979 SqFt
$ 1,500,000
Est. payment | /mo
9,979 SqFt
Key Details
Property Type Commercial
Sub Type Commercial Property
Listing Status Active
Purchase Type For Sale
Square Footage 9,979 sqft
Price per Sqft $150
MLS Listing ID ML82062727
Year Built 1986
Lot Size 0.740 Acres
Property Sub-Type Commercial Property
Property 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.
Location
State CA
County San Luis Obispo
Zoning C2
Interior
Heating Other
Cooling Other
Exterior
Parking Features Common Parking Area
Utilities Available Garbage Collection, Individual Electric Meters
Roof Type Composition,Flat / Low Pitch
Present Use Retail
Building
Story 1
Foundation Concrete Slab
Sewer Sewer - Public
Water Public
Level or Stories 1
Others
Restrictions Parking Restrictions
Tax ID 006-161-018
Security Features Other
Special Listing Condition Not Applicable
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