Description
This value add property in the heart of Garden Grove is ready for an owner to properly manage as the tenant mix can be improved, rents are under market and the owner is not collecting CAM. The property consists of 4 buildings and tenants totaling 21,368 SF on a large 1.87 acre lot which, potentially, allows for development opportunity. There are 3 restaurant/caf tenants that drive traffic to the property. There is great upside potential with increased rent and CAM reimbursement as the tenants were mostly leased up during the Pandemic. Property is 100% leased with some tenant leases expired or expiring soon. Cap Rate: 5.25% (as-is) 6.52% (proforma not including CAM reimbursement)Gross Scheduled Income: $612,548 ($740,406 proforma ) per yearPrice/SF: $372.05Owner is in process of improving the property including aesthetic upgrades, increasing income, and expense reimbursement so that the financials will noticeably improve over time. See offering memorandum for more information. Contact listing agent for the most up to date information.
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0BEDS
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1.87ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
This value add property in the heart of Garden Grove is ready for an owner to properly manage as the tenant mix can be improved, rents are under market and the owner is not collecting CAM. The property consists of 4 buildings and tenants totaling 21,368 SF on a large 1.87 acre lot which, potentially, allows for development opportunity. There are 3 restaurant/caf tenants that drive traffic to the property. There is great upside potential with increased rent and CAM reimbursement as the tenants were mostly leased up during the Pandemic. Property is 100% leased with some tenant leases expired or expiring soon. Cap Rate: 5.25% (as-is) 6.52% (proforma not including CAM reimbursement)Gross Scheduled Income: $612,548 ($740,406 proforma ) per yearPrice/SF: $372.05Owner is in process of improving the property including aesthetic upgrades, increasing income, and expense reimbursement so that the financials will noticeably improve over time. See offering memorandum for more information. Contact listing agent for the most up to date information.
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-11-28T20:31:01.103. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or EQTY | Forbes Global Properties. Licensed in the State of California, USA.