Value Add Investment: Commercial Office/Retail Spaces off Mooney
Listing was updated at: 09/16/2019
Property Overview
Price/Rent PSF $ 599,000.00
Asset Type Office
Trade Type Sale & Lease
SQ. FT. Available 5,100
Date Available 09/16/2019
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Floors 2
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Description

Location
Prime location just 2 doors east of Visalia' s main retail corridors, Mooney Boulevard and across from Visalia Mall, 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, East of Highway 99, and West of S Court St.

Sale
Value-add investor or owner-user opportunity: ±5,100 SF office investment on ±0.253 Acres (±11,055 SF) of General, Professional, and/or Medical Office space off Mooney Blvd on Ashland Ave. Offers (8) economical separate spaces leased to long-term tenants on Gross lease forms (1 @ 1,200 SF; 7 @ 600 SF). Value-add opportunity with actual rents of $54,360/year collected plus upside potential. After leasing the (1) 600 SF vacancy/extending leases, the realistic 6-12 month stabilized gross annual income is $64,380 (18.1% 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 10.07% cash-on-cash return when leveraged with 30% down, which produces a 1.60 Debt Coverage Ratio!

(3) tenants have leases until 2020-2021. The value-add opportunity consists of leasing (1) vacancy of 600 SF increasing rent, extending lease length on (3) MTM tenants, addressing the under-market rent of the (3) tenants when their leases expire over the next 6-12 months, and charging the customary"pass-through" expenses of Water, Sewer, Trash, and Gardening. The (1) vacancy has a reception/open area and 3 private offices - move-in ready condition.

Multiple configurations ranging from 600 SF up to 1,200 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 roof are less than 10 years old, full exterior lit private parking (17 spaces plus street), excellent existing corner signage, great visibility and easy access to CA-198 and CA-99 on/off ramps.

Lease
±600 SF office for General, Professional, and/or Medical Office space off Mooney Blvd on Ashland Ave. Clean office spaces with fresh paint, newer flooring, and move-in ready! 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, newer HVAC's, full exterior lit private parking (17 spaces plus street), excellent existing corner signage, great visibility and easy access to CA-198 and CA-99 on/off ramps. Direct Mooney Blvd visibility and access.

Location