SALE PRICE: $450,000 CAP RATE: 8.62% NOI: $38,794 LOT SIZE: 0.5 Acres BUILDING SIZE: 8,208 SF ZONING: CSO MARKET: East Visalia Market SUB MARKET: North Ben Maddox Way PROPERTY FEATURES Investment Opportunity: Leased Retail & Warehouse Income Spread Over 7 Long-Term Tenants ±8,208 Total on ±0.50 Acres Zoned CSO Cash Cow Producing $51,600/Year Clean Units - Well Maintained Buildings Long Term Tenants w/ Great Upside Potential Easy Access from Surrounding Major Corridors Functional Spaces Which Tenants Have Improved Requires Little Management Easy Access to Highway 198 On/Off Ramps Excellent Existing Signage CROSS STREETS: Houston & Ben Maddox
PROPERTY OVERVIEW Leased Freestanding buildings totaling ±8,208 SF of retail in the front and commercial service in the rear. Cash Cow offering stabilized current rents with long term tenants. 8.62% existing rate of return after actual expenses with upside in increasing rents throughout the term and leasing existing vacancy (see income/expense breakdown). Property to be delivered free and clear; new owner can take advantage today's low rates to leverage capital (30% down results in a 12.37% cash-on-cash). 4,752 SF ground floor, 1,536 upstairs, 3 warehouse @ 528 SF; 1 warehouse @ 336 SF. Great visibility, convenient parking & easy access to Highway 198 on/off ramps. Many front parking spaces available and excellent existing signage. LOCATION OVERVIEW Property is located in East Visalia a few blocks off of HWY 198. Property is north of Houston, east of Burke Street, south of Sweet Avenue, and west of North Ben Maddox Way.
TENANT NAME UNIT NUMBER UNIT SIZE (SF) LEASE START LEASE END ANNUAL RENT % OF GLA CA Communications 1210 2,376 2/1/2013 3/1/2018 $15,600 28.95 NorthEast Pawn 1212 2,376 11/1/2014 3/1/2018 $16,200 28.95 Everett Dorado 1214-A 528 3/1/2008 3/1/2018 $3,000 6.43 Silver Auto Glass Mobile 1214-B 528 4/1/2012 3/1/2018 $3,600 6.43 Ray Longoria 1214-C 528 11/1/014 3/1/2018 $3,000 6.43 Larry Snay 1214-D 336 11/1/2008 3/1/2018 $2,400 4.09 Upstairs -- Available 1216 1,536 $7,800 18.71 TOTALS/AVERAGES 8,208 $51,600
INCOME SUMMARY PER SF #1210: CA Communications $15,600 $1.90 #1212: NorthEast Pawn $16,200 $1.97 #1214-A: Everett Dorado $3,000 $0.37 #1214-B: Silver Auto Glass Mobile $3,600 $0.44 #1214-C: Ray Longoria $3,000 $0.37 #1214-D: Larry Snay $2,400 $0.29 #1216: Upstairs Available $7,800 $0.95 GROSS INCOME $51,600 $6.29 EXPENSE SUMMARY PER SF Property Taxes $5,400 $0.66 Property Insurance $2,369 $0.29 Utilties $5,037 $0.61 GROSS EXPENSES $12,806 $1.56 NET OPERATING INCOME $38,794 $4.73
INVESTMENT OVERVIEW Price $450,000 Price per SF $54.82 CAP Rate 8.6% Proposed Loan Cash-on-Cash Return (yr 1) 12.37 % Proposed Loan Total Return (yr 1) $23,191 Proposed Debt Coverage Ratio 1.76 OPERATING DATA Total Scheduled Income $51,600 Operating Expenses $12,806 Net Operating Income $38,794 Proposed Loan Pre-Tax Cash Flow $16,696 PROPOSED LOAN FINANCING DATA Proposed Down Payment $135,000 Proposed Loan Amount $315,000 Proposed Debt Service $22,098 Proposed Debt Service Monthly $1,841 Proposed Principal Reduction (yr 1) $6,495
POPULATION 1 MILE 5 MILES 10 MILES TOTAL POPULATION 6,978 123,320 215,276 MEDIAN AGE 26.3 31.6 31.7 MEDIAN AGE (MALE) 25.9 30.8 30.9 MEDIAN AGE (FEMALE) 27.7 33.4 33.0 HOUSEHOLDS & INCOME 1 MILE 5 MILES 10 MILES TOTAL HOUSEHOLDS 1,893 40,517 69,005 # OF PERSONS PER HH 3.7 3.0 3.1 AVERAGE HH INCOME $55,617 $66,477 $67,491 AVERAGE HOUSE VALUE $178,337 $278,697 $280,021 RACE 1 MILE 5 MILES 10 MILES % WHITE 78.1% 80.9% 81.8% % BLACK 1.2% 1.8% 1.7% % ASIAN 6.6% 4.9% 4.3% % HAWAIIAN 0.0% 0.1% 0.1% % INDIAN 1.1% 1.0% 1.0% % OTHER 10.2% 8.2% 8.2% ETHNICITY 1 MILE 5 MILES 10 MILES % HISPANIC 62.4% 45.7% 46.2% * Demographic data derived from 2010 US Census