100% Leased Investment w/ Upside: Shields & West Center
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1208-1228 W Shields Ave, Fresno, CA, US
Location<br>Corner Shield & West Avenues location north of Clinton, south of Dakota, east of Hughes & west of Fruit. Benefits from its infill location in a strong retail node; over ±391,112 residents within a 5-mile radius. CA-99 is just 1.3 miles & centrally located near national retailers including CVS, 99 Cents Only Store, Pizza Hut, Starbucks, Family Dollar & more!<br><br>Sale<br>Multi-Tenant Investment Opportunity: Shields & West corner retail shop spaces with (5) separately metered units totaling ±6,195 SF on ±0.32 AC. Offers a freestanding building w/ easy-to-rent units leased to long-term tenants. Property sits in dense Central Fresno, and its close proximity to major highway access is easily accessible to motorists. Value-add deal w/ actual rents of $77,284.85/year collected plus upside potential. While #1228 has future potential to adjust the rate to market, after leasing experiencing built-in increases for (2) suites (1208 & 1216-1220), extending lease length & addressing the under-market rent of the (2) suites (1212 & 1224), the realistic 6-12 month stabilized gross annual income is $87,456.80 (13% upside). Unique investment offering easy-to-rent small spaces within an under-built market offering a strong need for these type of spaces. Once stabilized, the deal offers a 9.27% cash-on-cash return when leveraged w/ 30% down, producing a 1.53 DCR!
#1208 and #1216-1220 are on long term AIR commercial agreements with 3% increases per annum. #1212 and #1224 expire December of 2023 offering the opportunity to achieve market lease rates of $1.20/SF/month, which has been experienced for similar sized beauty spaces on Shields. #1228 has a lease continuing until December 2025 with no pre-negotiated options; the current market rate of $1.20/SF/month which is only an average increase of 3% per annum from their start date.
Multiple configurations ranging from 782 SF up to 1442 SF with the ability to combine spaces to create larger units. Clean spaces with fresh paint, newer flooring, and move-in ready spaces! 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). Operational HVAC's, sealed roof, full exterior lit private parking (24 spaces plus street), excellent existing corner signage, great visibility and easy access to CA-41 and CA-99 on/off ramps. Many front parking spaces available, and excellent existing signage. All restaurant equipment in #1216-1220 is Landlord owned and transfers with the sale.