4 Adjacent Single Tenant Properties
12,144 SF | 100% Leased | Retail Building | San Bernardino, CA 92404 | $7,783,000 ($641/SF) | 5% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $7,783,000
- Property Type
-
Retail
- Square Feet
- 12,144 SF
- Price / Square Foot
- $641
Listing Contacts
Lance Mordachini
Verified Profile
Trinnie Lee
Verified Profile
Brad Umansky
Verified Profile
- Property Info
Property Overview
Progressive Real Estate Partners is pleased to present the opportunity to acquire 4 separately parceled single tenant net lease (STNL) assets and approximately 1.5 acres of land ready for future development. Tenants include IHOP (corporate), Wienerschnitzel (corporate), Taco Bell (franchisee), and a successful, independent 76 service station. The restaurant leases feature an average lease rate of only $68,279/Yr., well below the current market rate of $90,000 to $150,000/Yr. and offering investors major upside potential upon lease renewals. This property boasts a prominent freeway pylon sign, adjacency to the E Highland Ave exit of the I-210 freeway, and positioning on the path to key traffic generators in the area, notably the Yaamava’ Resort & Casino and the San Bernardino Soccer Complex. This investment is a unique opportunity to acquire an asset that possesses the tenant quality typically found in STNL deals while maintaining the income diversity commonly associated with multi-tenant properties.
Property Details
- Class
- C
- Year Built
- 1998
- Stories
- 1
- Lot Size (sq. ft)
- 231,739 SF
Highlights
- Hybrid Asset: Combining Single-Tenant Quality with Multi-Tenant Income Diversity
- Below Market Leases – The average restaurant lease rate for the center is is $68,279/Yr., well below the market lease rate of $90,000 to $150,000/Yr.
- Embedded Rent Increases – Each lease includes embedded rent increases, serving as a hedge against inflation.
- Development Opportunity – This property offers a unique opportunity for an investor to develop the ±1.5 acres of land.
- Freeway Pylon Sign – The property features a prominent freeway sign visible to over 100,000 CPD along the I-210 corridor.
- Separately Parceled – Each asset is individually parceled and offers flexibility for future disposition strategies.
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