Value-add investor or owner-user opportunity: Prime freestanding building the length of a football field totaling ±48,688 SF on ±3.5 acres of General or Professional office spaces off N First Street. Offers (33) economical office spaces leased to long-term tenants on modified gross lease forms with an average size of 1,456 SF per suite. The value-add opportunity consists of leasing 54.23% of the project or (16) vacancies of 23,000 SF, addressing the under-market rent of the (6) MTM tenants and extending lease length over the next 6-12 months, and charging the customary"pass-through" expenses of Water, Sewer, Trash, and Gardening to eliminate these items from the Landlords ledger. Actual rents are $221,284.53/year plus upside potential. After leasing the vacancies, the realistic 6-12 month stabilized gross annual income is $474,638.13/year. Unique investment offering easy-to-rent office spaces within an under-built market offering a strong need for these type of spaces. After lease-up the deal offers a DCR of 3.11 with 30% down, 9% capitalization rate, and an 11.24% cash-on-cash return after stabilized. Clean office spaces with fresh paint, newer tile flooring, and move-in ready spaces thanks to a recent interior overhaul! Excellent Owner/User with Passive Income, or Investment. Each unit has access to high speed Internet, is separately metered, has private restrooms, private entrances, and consists of demising walls (can be combined). Well maintained with newer asphalt slurry coat, maintained HVAC's, excellent roof, full exterior lit private parking (over 150 spaces), excellent existing corner signage, great visibility and easy access to CA-41 on/off ramps and CA-180 & CA-168 interchange.
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Office Space
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