Listing provided courtesy of Stephen Shiu of STEPHEN SHIU, BROKER. Last updated 2024-04-28 08:43:31.000000. Listing information © 2023 CRMLS.
Asking Price: $7,850,000
9252 Garden Grove, Garden Grove CA 92844
Community: 63 - Garden Grove S of Chapman, W of Euclid
Status: Active
This Retail property was built in 1966 and is priced at $7,850,000. Please see the additional details below.
This value add property in the heart of Garden Grove is ready for an owner to properly manage as the tenant mix can be improved and rents are under market. The property consists of 4 buildings and tenants totaling 21,368 SF on a large 1.87 acre lot which, potentially, allows for development opportunity. There are 3 restaurant/café tenants that drive traffic to the property. There is great upside potential with increased rent and CAM reimbursement as the tenants were mostly leased up during the Pandemic. Property is with some tenants on month to month leases. Currently, there is 1 vacancy and income will improve when that unit is leased.
Cap Rate: 5.77% (as-is) 6.91% (proforma)
Gross Scheduled Income: $628,793 ($745,1036 proforma) per year
Price/SF: $368.16s
Owner is in process of improving the property including aesthetic upgrades, increasing income, and expense reimbursement so that the financials will noticeably improve over time. See offering memorandum for more information. Contact listing agent for the most up to date information.