1426 W 6th Street, Corona, CA 92882

$1,730,000
12,230
SqFt
List Price
$1,730,000
Status
ACTIVE
MLS#
SR19221699
Year Built
1969
Living Sq. Ft
12,230
Days on Market
34
Property Type
Commercial
Property Sub Type
Office

Property Description

93.8% Occupied 12,230 SF 2-story multi-tenant 18-unit office building built in 1969 with eye-catching monument signage adjacent to a large & very busy retail center with ample parking. Awesome potential for Investor at only $140/SF! Current owner recently purchased to stabilize & sell as turnkey investment. Seller is willing to carry 1st TD mortgage note with 35%-50% down payment at 5%-6% interest-only for a 3 to 5 year term. This property was once appraised for $1,600,000 in 2006! Please see Cap Rate Analysis supplement for current vs. pro forma rent & expense expectations with a target Cap Rate of 7.17% at list price upon completion of stabilization. Only 1 vacancy of approximately 761 square feet offered at $1.10/SF Modified Gross with utilities expense passthroughs & CAM charge of approx. $0.10/SF & $0.18/SF = $1.38/SF Full-Service Gross equivalent. Prior owner was absentee & new owner is putting in proper management & maintenance to achieve maximum resale value. See attached example of an Offer currently being discussed (as of 9/15/19) after a recent buyer showing & resulting 7.9% Cap Rate / 12.4% Cash-on-Cash Return that it could provide! *Listing Agent is offering a concession of prepaying 6 months of professional property management services with Martin & Associates in addition to providing free leasing services & 30-45 day guaranteed turnaround on any vacancies to achieve full occupancy immediately upon close of escrow!

Additional Information

Taxes
$21,625
Water
Public

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Ryan McElveen from Ryan McElveen

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.