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1891 Wardrobe Avenue, Merced, CA

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1891 Wardrobe Avenue

Merced, CA 95341-6406 - Merced Ind Submarket

Property Type:Industrial Sub Type:Warehouse Status:Existing Year Built:-
Building Size:24,142 SF Land Area:5 AC (217,800 SF)
Ceiling Height:14'0''-18'0'' Loading Docks:2 ext Rail:- Power:1,000a 3p
For Sale Price:$1,250,000 Price/SF:$51.78
Cap Rate:7.51 %
Zoning:IL, Merced Sprinklers:- Drive Ins:2 tot./12'0''w x 16'0''h Cranes:-
Parking:9 Surface spaces are available; Ratio of .43/1,000 SF Amenities:Fenced Lot, Mezzanine

Sale Notes:
This 24,142 SF bldg is leased to Solar City (a NYSE company) thru December 2018. Triple net lease averages $77,920 net income annually over remaining term. Tenant has 2 consecutive 3- year lease renewal options thereafter with rent adjusted upward by 4% / year. The lease encumbers approximately 2.56 m/l acres of the 5 acre parcel and therefore there is roughly 2.44 m/l acres remaining that can be developed for other tenant(s) or for an owner user. Using a conservative $2.00/SF value for the excess acreage the value of the excess acreage is roughly $212,500 leaving $1,037,500 allocated to the leased portion of the property which equates to a 7.51% capitalization rate. Existing structure is fully insulated, has fire sprinkler system throughout, has 2 recessed truck docks and 2 grade level roll-up doors and has fenced yard area. Building is on City water but has its own septic system. Has 14,675 SF of shop area, 2,026 SF of first floor office area, 825 Sf of second floor mezzanine, an 1,836 SF insulated walk-in box and a 3,050 SF covered canopy for the dock area on the west side of the bldg.

Tinetti Realty Group
Steve G Tinetti
(209) 354-3838

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