339 West D Street

339 West D Street is a freestanding retail investment at 339 West D Street in Lemoore, CA, in the Fresno market’s Lemoore submarket. Its 11,475 SF of gross leasable area is 84% occupied, giving a buyer current income alongside a leasing opportunity.

Built in 1950, the multi-tenant building has eight separate spaces on 0.26 acres. The spaces accommodate retail and office tenants, with restrooms, front parking and existing signage. D Street exposure gives occupants a visible address, while the smaller spaces give an investor flexibility to lease to businesses with different space needs. Existing tenants occupy their spaces on modified gross leases, and the building’s multi-tenant layout spreads the leasing strategy across separate occupancies.

The Property sits at West D Street and Fox Street in downtown Lemoore, approximately 1 mile from Highway 198 and 2 miles from Highway 41. That access connects the downtown address to motorists approaching from either highway. Front parking and signage support customers arriving at the building, while its location in Lemoore’s primary retail area gives tenants a recognizable setting for their businesses.

The asking price is $695,000, or $60.57 PSF. In-place NOI of $50,060 corresponds to a 7.20% in-place cap rate, with in-place rents of $71,400/year. Market rents of $134,880/year and stabilized NOI of $113,540 frame the rent-growth opportunity; the stabilized cap rate is 16.34%. For an investor, the distinction between current income and stabilized figures is central to the acquisition case. Seller carry is available. Review the Offering Materials for a closer look at the investment.

Highlights

• 7.20% Existing Cap & 16.34% Cap After Rent Increases
• Cash Cow To Produce $134,880 In Gross Annual Rent
• Long-Term Tenants
• Low Turnover
• Low Maintenance
• Eight Easy to Lease Suites
• Perfect for a Variety of Uses
• Well-Known Freestanding Building w/ D Street Ave Exposure
• Convenient Location Between CA-198 and CA-41
• Busy & Established Corridor w/ Quick Access to Downtown
• Quality Construction
• Well Maintained
• Economical Spaces
• Superior Location w/ Limited Competition
• Strategic Trade Area
• Seller Carry Available

Property details

• Market: Fresno
• Cross Streets: W D St & Fox St
• Distance: 1 mile from Highway 198 and 2 miles from Highway 41
• Suite A: Always Best Care, 1,200 SF
• annual rent $12,000
• market rent $18,000
• Suites B
• C
• D: Kings Co. Assoc. Gov., 2,400 SF
• annual rent $28,800
• market rent $31,680
• Suite E: Senator Hurtado, 1,700 SF
• annual rent $18,000
• market rent $25,500
• Suites E1
• E3: Michaela Billingsley, 500 SF
• annual rent $6,600
• market rent $7,500
• Suite E2: Available, 750 SF
• market rent $11,250
• Suites L1
• L2: Billie Bagley, 650 SF
• annual rent $6,000
• market rent $9,750
• Suite L3: Available, 400 SF
• market rent $7,200
• Suites F-J: Available, 2,000 SF
• market rent $24,000
• Rent roll total: 9,600 SF, $71,400 annual rent, $134,880 market rent
• Reimbursements from Tenants: $31,200
• Gross Income (current): $102,600
• Gross Income (proforma): $166,080
• Property Insurance: $7,000
• Utilities expense: $31,200
• Maintenance: $6,000
• Operating Expenses: $52,540
• Seller Carry: Available
• Population (5/10/15 mi): 34,793 / 112,383 / 123,357
• Total Households (5/10/15 mi): 11,653 / 36,215 / 39,750
• Average HH Income (5/10/15 mi): $92,840 / $89,208 / $89,655