The subject property consists of a 11,516 SF multi tenant retail strip center built in 1987 and is situated on approximately 36,521 SF of land. The retail center enjoys great visibility from the signalized intersection of Firestone Blvd and Maie Ave. A mix of strong local and regional tenants occupy the center. All of the tenants have expressed interest to sign long term leases but the Seller has kept the leases month-to-month to present upside for an investor. The center consists of 8 units (7 tenants total) of relatively small sizes that makes it simple to lease. The opportunity also consist of raw land in the rear facing 87th Street. The land is adjacent to single and multi residential properties and has the potential for multifamily development. The lots dimension is approximately 100x72 and zoned C-3. The zoning permits multifamily development through a Ministerial Site Plan Review and Conditional Use Permit. This densely populate area (over 1,000,000 population within 5 mile radius) is ideal for housing development. A small portion of the subject parcel (approximately 4,600 SF) is situated on a ground lease with 19 year remaining. The ground lessor is interested to sell their interest and open to take offers. This investment offers a 5.5% cap rate on actuals, is below replacement cost and has the potential for upside through lease restructuring and multifamily development.
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Retail Space
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