1891 Wardrobe Avenue, Merced, CA 95341

$1,250,000 Approx. USD 0 beds, 0 baths
22,313 sqft

Agent Remarks

This 24,142 SF bldg is leased to Solar City (a NYSE company) thru December 2018. Triple net lease averages $77,920 net income annually over remaining term. Tenant has 2 consecutive 3-year lease renewal options thereafter with rent adjusted upward by 4% / year. The lease encumbers approximately 2.56 m/l acres of the 5 acre parcel and therefore there is roughly 2.44 m/l acres remaining that can be developed for other tenant(s) or for an owner user. Using a conservative $2.00/SF value for the excess acreage the value of the excess acreage is roughly $212,500 leaving $1,037,500 allocated to the leased portion of the property which equates to a 7.51% capitalization rate. Existing structure is fully insulated, has fire sprinkler system throughout, boasts 1,000 AMP 3-Phase electrical service, has 2 separate recessed truck docks and 2 grade level roll-up doors and has fenced yard area. Building is on City water but has its own septic system. Has 14,574 SF of shop area + a 630 SF shop bldg attached to it, 3,227 SF of offices (2,026 SF on 1st floor + 1,201 SF on 2nd floor), 825 SF of second floor mezzanine, an 1,836 SF insulated walk-in box and a 3,050 SF covered canopy for the dock area on the west side of the bldg.

Listing Details

Property type: IND (Commercial)
Status: Active
MLS# MC16070523
List price is $1,250,000
Beds: 0
Baths: 0
22,313 sqft
5.00 acres
Lot size: 217800.000
Topography: level
County: Merced
Zoning: I-L
Heating description: See Remarks

Last Updated: 10/14/2016

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The listing is zoned I-L.
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Lat/Long: 37.296524, -120.510422.
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Broker: Courtesy of Tinetti Realty Group
Listing Agent: Steve Tinetti

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