555 W 2nd St, San Bernardino, CA 92401 For Sale

Two-Tenant Grocery-Anchored Retail Center

Food 4 Less and Ross Dress For Less is a ±83,760 square feet retail center situated on over six (6) acres. The synergistic tenant mix has solidified the center as being an essential service and daily needs shopping destination for the community.

Below Market Rents

With base rents running under $10 per square foot per year, the existing rents are well below market.

High Performing Stores

Food4Less boasts reported store sales over $520/SF (2.0% rent vs sales ratio) and Ross has estimated annual sales of $9million (Source: Placer.ai).

Minimal Landlord Expenses or Capital Expenditure

Tenants are responsible for paying their full pro-rata share of common area maintenance (CAM) expenses, property taxes, and insurance. Recent parking lot and roof improvements minimize capital expenditures and ensures a stable and predictable income stream.

Desirable Credit Tenancy

The property is leased to strong national tenants including Food 4 Less and Ross Dress For Less, providing stable and predictable income.

Strong Store Sales and Healthy Rent to Sales Ratio

Food 4 Less has experienced three (3) consecutive years of sales growth. With 2024 sales exceeding $30.45 million, Food 4 Less is operating at just a two percent (2.0%) rent vs. sales ratio.

Excellent Accessibility

The center boasts eleven (11) driveway access points with ingress/egress from four (4) streets: F Street, Rialto Avenue, 2nd Street, and E Street.

Established Locations with Recent Lease Extensions

Both Food 4 Less and Ross Dress For Less have occupied their respective units over fifteen (15) years and and have recently extended their leases.

Major Retail Corridor with Regional Draw

Situated within Downtown San Bernardino’s commercial sector, the property is in close proximity to major retailers such as Marshalls, Starbucks, McDonald’s, dd’s Discounts, and major points of interest including the San Manuel Stadium (Los Angeles Angels Single-A affiliate baseball stadium) and San Bernardino County Courthouse.

Below Replacement Cost

Priced at just $141/SF GLA, the property is priced well below the cost to construct similar structures, which provides excellent intrinsic value.

Dense San Bernardino Submarket Demographics

The surrounding area boasts a dense population, with 137,616 residents within a three (3)-mile radius and an average household income exceeding $73,818. The population is projected to grow at an annual rate of 0.05% over the next five (5) years, further enhancing the center’s customer base and long-term viability.

Across from Major Planned Redevelopment

Food 4 Less and Ross Dress For Less is located across the street from the former Carousel Mall, which is owned by the City. The 43-acre site is part of an on-going downtown revitalization project aiming to create a mixed-use district with housing, retail, office, and educational uses.