FOR SALE: Fully Occupied Covina Strip Mall Seasoned Tenants – 5.65% Existing Cap Rate530-540 N Azusa AveCovina, CA 91722
PRICE: $1,995,000TOTAL BUILING SIZE: 7,540 sq. ft.
TOTAL LOT SIZE: 18,650 sq. ft.
PRICE PER SQ. FT.: $265 (bldg) $107 (land)
CURRENT CAP RATE: 5.65% ACTUAL
Although taken from sources deemed reliable, the information contained herein is neither warranted nor guaranteed by Chris Comfort or Apex Properties.
For More Information:Chris ComfortPresident424-293-8085 x [email protected]# 01407997
11040 Santa Monica Blvd. Ste. 210Los Angeles, CA 90025
- Excellent Cap Rate, Currently at 5.65%.- Low Price per sq. ft. -Low Average rent of $1.65 psf GROSS.-Major Upside Potential by Increasing Rents.
-Strong Middle Class Neighborhood.-Great Parking. -Excellent Visibility.-Corner Location.
PROJECT DESCRIPTION:
Although taken from sources deemed reliable, the information contained herein is neither warranted nor guaranteed by Chris Comfort or Apex Properties.
For More Information:Chris ComfortPresident424-293-8085 x [email protected]
The subject property consists a 5 unit retail building with100% current occupancy. The property is located on a corner and enjoys an ample rear parking lot. Neighboring retail strip centers include national name brand tenants such as Big Lots, Food 4 Less, CVS and Stater Bros Markets. The Subject Property also benefits from excellent visibility, good demographics, strong traffic counts, and high historical occupancy rates.
Currently tenant rents are at an average rent per sq. ft. of only $1.66 per sq. ft. GROSS. With the potential to increase rents to market levels, the investor will realize substantial upside in this investment.
RENT ROLL AND FINANCIAL ANALYSIS:
Unit Tenant Size Gross Rent Gross Rent per sq. ft. Lease Exp
532 Friar Tux 2,000 $3,388 $1.69 6/20/20
534 Ty Nails 1,320 $2,057 $1.55 5/31/21
536 Star Salon 1,500 $2,259 $1.51 12/31/20
538 Chaba Massage 1,320 $1,935 $1.46 1/31/22
540 Pay Day Express 1,620 $3,172 $1.96 12/31/19
Total: 7,760 $12,811 •Title records indicate the building as 7,540 sq. ft. •No Options beyond lease expiration for any tenants.
Expenses
Property Tax: $25,000 Annual Gross: $153,732 Property Tax: $25,000 Annual Gross: $153,732
Insurance: $5,000 Less Expenses: $(40,928)
Water: $2,300 NOI: $112,804
Trash: $4,728
Edison: $1,200
Gardener: $1,500 Cap Rate: 5.65%
Repairs: $1,200 Price: $1,995,000
Total: $40,928 Price psf (bldg): $265
Although taken from sources deemed reliable, the information contained herein is neither warranted nor guaranteed by Chris Comfort or Apex Properties.
AREA MAP:
Although taken from sources deemed reliable, the information contained herein is neither warranted nor guaranteed by Chris Comfort or Apex Properties.
ADDITIONAL PHOTOS:
Although taken from sources deemed reliable, the information contained herein is neither warranted nor guaranteed by Chris Comfort or Apex Properties.
For More Information:Chris ComfortPresident424-293-8085 x [email protected]# 01407997