For Sale 7227 Broadway Lemon Grove, CA Owner User/Investor Value Add Opportunity
Investment Highlights Price: $2,704,450 7227 Broadway Lemon Grove, CA. 91945 Property Use: Square Feet: 15,454 Land Size: 1/2 Acre Parking: 42 Striped Spots Zoning: General Commercial, LG APN: 479-081-02 2015 Gross Income: $238,486.88 2015 Net Operating Income: $121,038.07 2016 Gross Income: $249,486.88 2016 Net Operating Income: $143,835.31 Projected 2017 Net Operating Income: (Lower NOI due to 2017 Capital Improvements) Cell Phone Tower Leases: Term: Lease Rates: $132,909.59 1. Pays $37,951.92 per year 2. Pays $39,921.84 per year 1. Thru 2/28/21-5, 5 year options 2. Thru 6/30/20 $0.90-$0.95 Plus U Vacancies: 4 Units - 2,796 SF Occupancy: 80.42% 2 Suite 206 Suite 306 Suite 302 Suite 401 912 SF 778 SF 422 SF 664 SF
Property Description The subject property is situated in the city of Lemon Grove adjacent to the corner of Broadway Avenue and Massachusetts Avenue right off the 94 Freeway. It is a four story 15,454 Square Foot Multi-Tenant office building that sits on 1/2 acre of land. The property was built in 1975, is elevator served, fire sprinklered, is zoned general commercial and has 42 total parking spaces. The front of the property has recently been upgraded to meet ADA compliance, the fire monitor/suppression system is to code, has a secured entrance with key pad entry and each floor has new carper/paint and ADA common area restroom upgrades. The rear of the property has two large, secured rooms that are housing cell phone equipment for towers that sit on the roof. Each floor of the building is identical in size with every unit having a window view. The building has broadband internet service, individual packaged HVAC units servicing each suite and sits on one single electric meter. The first floor has two retail/office suites with access from the exterior or the project and exposure to Broadway. Owner User/Value Add Opportunity 7227 Broadway is a great opportunity for an office, retail or medical owner user to purchase the only four story office property in the city of Lemon Grove. The property is currently 80% occupied with short term tenants that would allow for larger assemblage of suites for an owner user to occupy, while retaining rental income from other tenants, as well as significant cell phone tower income. The recent upgrades to the exterior entrances, restrooms, common area and parking lot are a significant value and savings to a new owner. The property offers flexibility in floor/suite sizes and allows for expansion for an owner user in an office submarket that is very tight in terms of historical purchasing options. The building has recently had significant capital improvements made to the parking lot, common area s and exterior and interior ADA upgrades which will eliminate an owner user paying for deferred maintenance items upon close of escrow. The current leases in place are under market for the area which has very low vacancy for office product, allowing for an owner user the ability to increase net operating income.
Property Description For Sale Price: $2,704,450 Price Per/SF: $175 Owner User Opportunity Tenant and Cell Phone Tower Income 2,796 sf of Vacant Space Flexible Short Term Tenants Capital Improvements 42 Parking Spots with New Asphalt and Slurry Common Area Upgrades New Carpet and Paint ADA Common Area Restrooms Exterior ADA Upgrades Property Details 15,454 SF 4 Story Building 80.42% Occupied Interior 4 floors are +/-3,320 SF each Fire Sprinklered Secured Entrance Elevator Serviced Location Great Visibility 4 Story Building Easy access to Public Transportation Off the 94 Freeway s
Sale Comparables 7364 El Cajon Blvd East County Building SF: 17,376.71 Acres Sale Date: October 5th, 2017 Sale Price: $3,200,000 Price/SF $184.16 4451-4453 30th Street Uptown East Building SF: 10,674.16 Acres Sale Date: August 28th, 2017 Sale Price: $1,700,000 Price/SF $159.27 4190 Bonita Road Bonita Building SF: 15,367.95 Acres / Renovated in 1991 Sale Date: March 23rd, 2017 Sale Price: $3,675,000 Price/SF $239.15 For Sale Comparables 6070 Mount Alifan (short term leases) Clairemont Building SF: 6,000.13 Acres Year Built: 1972 Sale Price: $1,800,000 Price/SF $300.00 641 E Pennsylvania Escondido Building SF: 10,204.52 Acres Year Built: 1969 Sale Price: $1,750,000 Price/SF $171.50 833 Broadway East County (El Cajon) Building SF: 10,400.55 Acres Sale Price: $1,695,000 Price/SF $162.98
For more information contact: Jason Smithson Vice President jsmithson@naisandiego.com license #: 01477835 NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR WITHDRAWAL WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR PRINCIPALS NO WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE CONDITION OF THE PROPERTY OR ANY HAZARDS CONTAINED THEREIN ARE ANY TO BE IMPLIED.