Listed by STL Commercial
$2,200,000
Value-Add Shopping Center w/ Development Rights
Details
APN 01-3113-063-0420
Property Type Retail
Sub Type Shopping Center
Square Footage 4,532
Net Rentable (SqFt) 4,258
Occupancy 100%
Tenancy Multi
Lease Type Gross
Remaining Term 2
Pro-Forma Cap Rate 7.80%
Pro-Forma NOI $179,400
Buildings 1
Lot Size (SqFt) 13,474
Zoning T5-L
Investment Type Value Add
Ground Lease No
4,532 SF Retail | NW 2 Ave Corridor
Marketing description
Opportunity to purchase a shopping center in the heart of a rapidly emerging sub-section of Little Haiti. The property is currently rented below market on mostly month-month leases. If the units are all rented at $2,500/month + NNN, the property would yield a 8.18% cap rate at asking price.
The property is surrounded by highly successful retail businesses including Panther Coffee and Sur. It also has development rights for up to 5 stories and a variety of uses.
Investment highlights
- Strategic location
- Value-add shopping center
- 6 units, 4 tenants - Two tenants are occupying two units
- All units are approx. 700 SF
- Fully leased to tenants paying below market rates
- One lease has 3 years remaining, the rest of the leases are month-to-month
- If the units are all rented at $2500/month + NNN, the property would yield a 7% cap rate at asking price
Listing Contacts
Listed by STL Commercial
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