High Quality, Retail/Office Strip Center

22420 Cactus Avenue, Moreno Valley, CA
LEASED - CALL FOR DETAILS
Sold

Highlights

  • Tenancy: Built in 2007, Cactus Plaza is an approximately 15,986 SF retail and office center, 12 units, 100% occupied by 9 retail, restaurant, and service tenants.
  • High Traffic Location: Cactus Plaza is located on high traffic Cactus Avenue (over 50,245 CPD) immediately off the I-215 Freeway (over 184,000 CPD adjacent to the March Air Reserve Base and numerous large-scale industrial/distribution buildings, providing a significant customer base for the property.
  • Strong Historical Tenancy with Limited Near Term Rollover:
    • 4 tenants totaling 59% of the occupied GLA have operated at the property for 5 years or more.
    • 5 tenants totaling 48% of the occupied GLA have 3 years or more remaining on current leases.
    • Flaming Grill has occupied the property since 2013 and recently extended its lease for 5 years.
  • Recent Leasing Activity: One tenant, Elektrik Hair, recently signed leases for 1st Floor space, providing 100% occupancy to the Plaza.
  • Low Rents Create Long Term Embedded Value: Current in-place rents average only $1.52 PSF/NNN, slightly below estimated market rate enhancing the property‚Äôs security and long-term embedded value.
  • Excellent Income Growth: Due to embedded increases averaging 3%+ annually, below-market rents, the Net Operating Income is projected to increase over the near term providing a strong hedge against inflation and further upside, ideal 1031 Exchange Opportunity.
  • Occupancy: With a current occupancy of 100% and substantial rental income on day 1, Cactus Plaza provides immediate and substantial rental income to investors with little to no management responsibility.