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Listing Agent: Stephen Shiu CalDRE: 01921212 - STEPHEN SHIU, BROKER, 213-359-8389
9252 Garden Grove Boulevard #1, Garden Grove CA, 92844(Active)
$7,850,000
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21,368 sqft
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MLS# CV23176589
Last Updated: 4/29/2024 8:48 AM
Description for
9252 Garden Grove Boulevard #1
Garden Grove, CA 92844
This value add property in the heart of Garden Grove is ready for an owner to properly manage as the tenant mix can be improved and rents are under market. The property consists of 4 buildings and tenants totaling 21,368 SF on a large 1.87 acre lot which, potentially, allows for development opportunity. There are 3 restaurant/caf tenants that drive traffic to the property. There is great upside potential with increased rent and CAM reimbursement as the tenants were mostly leased up during the Pandemic. Property is with some tenants on month to month leases. Currently, there is 1 vacancy and income will improve when that unit is leased.Cap Rate: 5.77% (as-is) 6.91% (proforma)Gross Scheduled Income: $628,793 ($745,1036 proforma) per yearPrice/SF: $368.16sOwner is in process of improving the property including aesthetic upgrades, increasing income, and expense reimbursement so that the financials will noticeably improve over time. See offering memorandum for more information. Contact listing agent for the most up to date information.
Price
$7,850,000
Orange
21,368 (approx)
CV23176589
Active
Description
This value add property in the heart of Garden Grove is ready for an owner to properly manage as the tenant mix can be improved and rents are under market. The property consists of 4 buildings and tenants totaling 21,368 SF on a large 1.87 acre lot which, potentially, allows for development opportunity. There are 3 restaurant/caf tenants that drive traffic to the property. There is great upside potential with increased rent and CAM reimbursement as the tenants were mostly leased up during the Pandemic. Property is with some tenants on month to month leases. Currently, there is 1 vacancy and income will improve when that unit is leased.Cap Rate: 5.77% (as-is) 6.91% (proforma)Gross Scheduled Income: $628,793 ($745,1036 proforma) per yearPrice/SF: $368.16sOwner is in process of improving the property including aesthetic upgrades, increasing income, and expense reimbursement so that the financials will noticeably improve over time. See offering memorandum for more information. Contact listing agent for the most up to date information.
Listing Information
Public
Electricity Connected,Natural Gas Connected,Sewer Connected,Water Connected
4 Total
Neighborhood
Room Information
None
Interior Features
Central Air
Other,
Central
Exterior / Lot Features
100 Parking Spaces,
0 Covered Parking Spaces,
Other
GGMU-2
6-10 Units/Acre,Corner Lot,Lot Over 40000 Sqft,Sprinkler System
Driving Directions
South Side Garden Grove Blvd, East of Magnolia, West of Brookhurst
Financial Considerations
Conventional,Trust Conveyance
Listing Price History
 Garden Grove Real EstateGarden Grove is located in California. Garden Grove, California 92844 has a population of 177,855. The median household income in Garden Grove, California 92844 is $60,663. The median household income for the surrounding county is $94,474 compared to the national median of $66,222. The median age of people living in Garden Grove 92844 is 39 years.
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Listing Agent: Stephen Shiu CalDRE: 01921212 - STEPHEN SHIU, BROKER, 213-359-8389
This content last refreshed on 4/29/2024 8:48 AM CST. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
Information is deemed reliable but is not guaranteed.
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