100% Leased Investment Opportunity: Freestanding ±4,900 SF Retail Building Located in Bakersfield, CA. Retail services have occupied the space for various years with family-operated Queen's Furniture and Electronics recently inking a lease extension through 09/2031 for the 4,900 SF space (since 2016). Well known and established store in a highly traveled area in Bakersfield, CA. Functional floor plan that the tenant has made substantial improvements to. Full building remodel to suite their business needs and 2016 upgrades include new lighting, HVAC, all new interior design, updated bathrooms paid for by the tenant, showing their commitment to the market and location. Positioned off California Ave and Chester Ln, which carry approximately ±40,531 cars/day in the area. Unique investment offering retail space within an under-built market with a strong need for these type of spaces. Offers a 6.56% cash-on-cash return when leveraged with 30% down (1.44 DCR). This safe and secure deal houses a quality tenant operating at only $13.95/SF/YEAR rent, making them an extremely profitable and lucrative location. Further, the tenant has paid 1-years of lease payments in advance on September 1st of every year. As a full remodel in 2016, Queen's Furniture & Electronics has continued a long term occupancy with various recent tenant improvements including a newly remodeled interior, freshly updated amenities, and a pristine exterior with quality curb appeal and like-new feel. The building sits across from the Bakersfield Plaza shopping mall conveniently located in the center of town. With 5 years left in the options through September 2036, this property will experience a dramatic increase in NOI with market rent. Great opportunity for a long term investor looking for a guarantee and a Tenant who pays expenses direct.
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Retail Space
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