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 and rents are under market. 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 with some tenants on month to month leases. Currently, there is 1 vacancy and income will improve when that unit is leased.Cap Rate: 5.77% (as-is) 6.91% (proforma)Gross Scheduled Income: $628,793 ($745,1036 proforma) per yearPrice/SF: $368.16sOwner 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.
CV23176589
Retail, Business Opportunities, 2 Story
Orange
1966
1.8723
Acres
Public
2
21,368
Sq. Ft.
Electricity Connected,Natural Gas Connected,Sewer Connected,Water Connected
4 Total
Detailed Room Information
- Laundry
- None
Interior Features
- Cooling
- Central Air
- Heating
- Other. Central.
Exterior / Lot Features
- Parking
- 100 Parking Spaces. 0 Covered Parking Spaces.
- Roof
- Other
- Zoning
- GGMU-2
- Additional Exterior/Lot Features
- 6-10 Units/Acre,Corner Lot,Lot Over 40000 Sqft,Sprinkler System.
Financial Considerations
09857105
Conventional, Trust Conveyance
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