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1009 - 1041 N H Street - Lompoc Mart - Lompoc Mart, Lompoc, CA

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1009 - 1041 N H Street - Lompoc Mart - Lompoc Mart

Lompoc, CA 93436-3398 - Central SB County Submarket


Property Type:Retail Sub Type:Storefront Status:Existing Year Built:1986
Building Size:109,803 SF Land Area:8.82 AC (384,199 SF)
% Leased:
For Sale Price:For Sale Price/SF:-
Cap Rate:-
Smallest Space:3,500 SF Largest Space:3,500 SF Total Space Avail:3,500 SF Rent/SF/Yr:
$15.00
Parking:Free Surface spaces are available; Ratio of 4.13/1,000 SF Anchor Tenants:Dollar Tree, Sears Hometown Store
Features:Signage, Signalized Intersection


Space Available:
Floor
SF Avail
Rent
Occupancy
Lease Term
Space Use
 1st
3,500 SF
$15.00/SF/Yr
Vacant
Negotiable
Retail
 
9851002
Space Notes Space Notes  


Floor
SF Avail
Rent/SF/Yr
Occupancy
Lease Term
Space Use
1st
3,500 SF
$15.00/SF/Yr
Vacant
Negotiable
Retail
100,000 square-foot renovated former K-Mart.

Sale Notes:
Starting Bid $2,750,000
Participation Deposit $25,000
Auction Starts12/12/2016
Auction Ends12/14/2016

Property Tour and Contact Detail Information:
Property tours are available by appointment. Please contact the listing broker to schedule a tour of the property.

Investment Highlights:
• First Time on the Market!
• Excellent Retail Investment / 109,803 SF / 8.82 Acres
• Quality National Credit Tenants with Favorable Lease Terms Including Three NNN
• Huge Value-Add Potential with Full Lease Up, Converting Leases to NNN & Development of 3rd Pad
• Situated on Busy Signalized Intersection with Visibility from Hwy 1 and North H Street
• Ideally Located on Main Thoroughfare Exceeding 20k VPD
• Fully Renovated in 2006 and Well-Maintained
• Serves Densely Populated Community with Average Income of $74k+
• LOI for Possible NNN Tenant Available
• Attainable at Well Below Replacement Cost
• Perfect for Owner-Operator

Investment Overview:
The opportunity, Palm Square, is a 109,803 sq. ft. retail neighborhood center that includes two single-story retail buildings on 8.82 acres in Lompoc, California. The Property is located at 1009-1041 North H Street, situated at a signalized intersection along busy North H Street, minutes from California State Route 1, offering tremendous visibility to the major north-south thoroughfare in the City of Lompoc. Built in 1986 and renovated in 2009, the 109,803 sq. ft. retail space is currently demised into nine units ranging in size from 1,050 sq. ft. to 28,577 sq. ft. The Property is currently 83.5% occupied by a mix of seven national and local tenants. Anchored by Goodwill Industries, Fallas Paredes, Sears, Dollar Tree and other major tenants. Three tenants are NNN. Additional value-add by converting current and new tenants to NNN and constructing a third pad on the property (see site plan in DD vault). The average daily traffic count on the five -lanes of North H Street exceeds 20,800 vehicles. The Property has adequate parking with a total of 450 surface parking spaces (4.10 per 1,000 sq. ft.).

The Property is located on West North Avenue and North H Street and is approximately and is less than 300 ft. from California State Route 1 and 2.4 miles from California State Route 246. California State Route 1 is a major north-south state highway that runs along the Pacific coastline of California. Highway 1 has several portions designated as Pacific Coast Highway, Cabrillo Highway, Shoreline Highway or Coast Highway. California State Route 246 is a state highway in California that runs from Lompoc east to Santa Ynez. The Property is approximately 23 miles south of the Santa Maria Public Airport District. Surrounding land uses include retail and residential. To the east and west of the Property are various schools and residential properties. To the north and south are various retail and restaurant properties. The area’s demographics include an estimated 2016 population of 55,960 people with an average household income of $74,352 within a 5-mile radius of the Property.

The Most Recent NOI for the period ending December 2015 was $612,495. Year One As -Is NOI of $517,059. The Year One As-Is NOI is based on in-place rents as of the rent roll dated August 1, 2016 for the next 12-months and 2015 actual expenses reported as of 12/31/2015.


HR Property Group
Eli Mashiach
(310) 229-9850 x105

  
Ten-X, LLC
Alison Truong
(949) 859-2777

Ten-X Commercial
(800) 793-6107


HR Property Group
Eli Mashiach
(310) 229-9850 x105



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