Value Add Strip Retail
690 S Azusa Ave, Azusa, CA 91702
- Price/sf: $1,560,000
- Lot Size: 37,447 sf
- Building Size: 9,650 sf
- Year Built: 1964
- Zoning: CSA – South Azusa Avenue
- Cap Rate: 8.21% (Proforma)
- NOI: $128,107 (Proforma)
This value added, four-building retail strip center is well located at the signalized intersection of Azusa Ave (California State Route 39) and Newburgh Avenue, less than one mile south of the Interstate 210 Freeway. Approximately 26% of the square feet has been leased to tenants who have occupied their space for over 10 years. Nearly two-thirds of the square feet occupied have not had a rent increase since approximately 2007.
The Property is located in the densely populated San Gabriel Valley, along State Route 39 which leads to the San Gabriel Mountains. The area is characterized my a mixture of single- and multi-family housing, retail. A power center is located less than one mile south of the Property, anchored by a Lowe’s Home Improvement, JoAnn Fabrics, Staples and Outback Steakhouse.
- Value add potential with NNN recapture
- Some long-term tenants are on month-to-month basis
- 50% of the occupied square feet have not had rent increases since at least 2007
- High traffic corridor along Azusa Ave
- Excellent proximity to dense infill residential uses
- Limited retail vacancy in a supply side constrained market
For more information contact:
KEN RHINEHART DRE#01803010
10940 Wilshire Blvd., Suite 1600,
Los Angeles, CA 90024
We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.