1st Street Retail/Commercial/Industrial 4 Properties Offered at $12,556,800 CAD in Santa Ana, CA

Marcus & Millichap Real Estate Investment Services is pleased to present the opportunity to acquire the 1st Street Retail/Commercial/Industrial Center in the central Orange County city of Santa Ana. The subject property consists of a 48,491 square foot commercial complex with four buildings situated on 2.20 acres. This property offers a 3.7% actual cap rate on current occupancy of 55% and a proforma cap rate of 7.3% at 95% occupancy. At $186/square foot, this pricing is significantly below replacement costs. The property lease rates are also below the current marketplace. Given the 2.20-acre parcel occupying a full block, redevelopment may also be a consideration.
The property presently has a two-story, 22,000 square foot vacancy that was once occupied by an auto parts supply store. This vacancy creates a value-added or owner/user opportunity. The four buildings consist of the vacant 22,000 SF building, a store-front multi-tenant retail building and two industrial/auto-service buildings in the rear. Uses for the vacant space could entail retail, showroom, office, and light industrial/warehousing/storage. The current zoning designation of the subject property is M1, “light Industrial” Zone. The property is rectangular and does have access from the surrounding streets, 1st Street, Standard Avenue, Cedar Avenue and Walnut Avenue. The complex fronts 1st Street offering 320 feet of visibility, signage, as well as two monument signs.
Please DO NOT disturb the tenants. For further information, please contact the listing agents.