1950 S. 4th Street
El Centro, CA 92243
Price: $3,373,000Cap Rate: 7.51%NOI: $298,520Building SF: 19,347 SFLot Size: 95,396 SFYear Built: 1990/2015Status: Available
Excellent Location Off Major Interstate
- The subject property is ideally located just 1,000 feet north of Interstate 8, the major East/West highway between Southern California and Arizona.
- The property enjoys its frontage along South 4th Street, one of the major thoroughfares in El Centro, adjacent to national retailers such as McDonald’s, Jack in the Box, Chevron and Carl’s Jr
Excess Land For Future Development
- The offering includes approximately ½ acre of land that is immediately available for development increasing potential income and overall return. A subsequent owner has the ability to develop separately or redevelop the entire shopping center.
- Pursuant to the zoning regulation, the subject property is zoned CG which allows for a 50% lot coverage or an additional 28,000 sf (assuming parking requirements are also met)
- An investor has the opportunity to immediately realize potential upside upon leasing the one remaining vacancy of the center.
- In addition to the upside from the lease-up, the development of the additional ½ acre mentioned above will generate additional income and upside to the subsequent owner.
Well Maintained Shopping Center
- The current owner is also the original developer of Mission Center and has taken great pride over the years to keep the property in excellent condition. The landlord has spent over $400,000 in the last 3 years improving the property.
- Recent improvements include repairs to the roof, he has replaced the entire parking lot with concrete, he has replaced most of the HVAC units within the last 3 years and painted the exterior of the property. There is not much, if any, capital improvements or deferred maintenance to the future owner.
Strong Traffic Counts
- Commuters traveling between Arizona and Southern California utilize Interstate 8 with 35,500 cars per day passing through El Centro. Mission Center is ideally located on South 4th Street, one of three exits off the highway, allowing residents and commuters in and out of El Centro.
- The subject property benefits from its location on the heavily trafficked thoroughfare with 25,0000 cars per day passing by.
Historically High Occupancy
- Mission Center has historically achieved and maintained 90%+ occupancy since it was originally constructed in 1990.