Property Description

Value-Add Opportunity! Neighborhood strip center for sale in high-traffic location with excellent parking.Concrete block construction. New TPO roof in 2018 (as per the owner).The list price is well below replacement cost ($140/SF).Center needs to be leased up (currently only 67% occupied with many current tenants paying below market rents). Currently 67% occupied. A city code lien is preventing the owner from leasing any of the vacant units. The building is in code compliance, but the fines will be paid at closing. Once the fines are paid, the new owner will be free to rent the vacant spaces.After renovation/clean-up, projected income is comfortably $13 per square foot net ($17/SF modified gross). or $100,200-$116,900/year NET income.