|Price/Rent PSF||$ 749,000.00|
|SQ. FT. Available||6,160|
Prime location just northeast of Visalia' s main retail corridors, Mooney Boulevard and W Caldwell Avenue, which is one of the busiest intersection in Visalia. Positioned at a highly visible, easily accessible, and major recognizable corridor in the heart of Visalia. Easy access from surrounding major corridors. Within 1 mile there is approximately 2 million square feet of retail and office space, making this the regional office and retail destination for residents in Tulare County. Subject is South of CA-198 and Whiterndale, East of Highway 99 and Mooney Blvd, West of S Court St, and north of Caldwell Ave.
Value-add investor or owner-user opportunity: (2) Freestanding buildings totaling ±6,160 SF office investment on ±0.523 Acres (±22,800 SF) of General, Professional, and/or Medical space off Mooney Blvd on Fairway Street. Offers (8) economical separate spaces leased to long-term tenants on Gross lease forms with an average size of 750 SF per unit. Value-add opportunity with actual rents of $72,740.70/year collected plus upside potential. After leasing the (2) vacancies (610 SF and 750 SF) and extending leases, the realistic 6-12 month stabilized gross annual income is $84,456 (16.1% upside). Unique investment offering easy-to-rent small office spaces within an under-built market offering a strong need for these type of spaces. Once stabilized, the deal offers a 10.03% cash-on-cash return when leveraged with 30% down, which produces a 1.61 Debt Coverage Ratio!
The value-add opportunity consists of leasing (2) vacancy of 610 and 750 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. West #A vacancy has 2 large offices plus a reception area ready to move-in; East #E (former salon) vacancy is new hardwood floor, fresh paint, reception/open area, huge open bullpen area.
Multiple configurations ranging from 610 SF up to 950 SF with the ability to combine spaces to create larger units. Clean office 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). Brand new asphalt slurry coat, HVAC's and foam roof are less than 10 years old, full exterior lit private parking (24 spaces plus street), excellent existing corner signage, great visibility and easy access to CA-198 and CA-99 on/off ramps.