Crescent City Portfolio
425 K St Crescent City, CA 95531
Crescent City, CA
Property Details
Available
Lease Term
Contact Agent
Lot Size
2.06 Acres
Building Size
24,853 SQ FT
Lease Structure
Contact Agent
Investment Details
Disclaimer
- Location
Located on Highway 101 in the center of Crescent City (20,977 VPD) - Occupation
100% Occupied Shopping Center w/ the County of Del Norte occupying 82% of the building - Tenants
Occupied by County of Del Norte, Edward Jones, State Farm Insurance, & Finigan Real Estate - Rents
County of Del Norte, Edward Jones, Finigan Real Estate, & State Farm are all paying 33% below market rents - Tenant Expansion
County of Del Norte wants to expand and occupy the entire shopping center - Nearby National Tenants
Tractor Supply, Grocery Outlet, Safeway, Papa Murphy’s, Taco Bell, Verizon,NAPA Auto Parts, McDonalds, Little Caesars Pizza, & Rite Aid
- Shopping Center Size
The shopping center is on a 1.24-acre lot (2 parcels consisting of 54,158 square feet) with 24,853 square feet of leasable space - Development Opportunity
Property comes with 35,683 square feet (.81 acres) parking lot leased to the County of Del Norte that you can further develop for the County, QSR, Car Wash, or fuel station - Value Add Opportunity
Value Add Opportunity to bump the rents to at least $1.40 psf and develop the parking lot for the county, QSR, Car Wash, or fuel station. hange gross leases to net leases to recapture the NNN’s to increase NOI - Investment Return
As-Is stabilized 6% cap, but with no vacancies a stabilized 6.25% cap As-
Is. Proforma 9% cap without developing the parking lot, Proforma 9.76% developing parking lot w/ a national tenant. Ability to achieve a 11.22% return on cash and 12.81% total yield
asking price
$4,801,000
cap rate
6.00%
