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1891 Wardrobe Avenue - Warehouse / Distribution Unit in Merced, Merced, CA

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1891 Wardrobe Avenue - Warehouse / Distribution Unit in Merced

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, boasts 1,000 AMP 3-Phase electrical service, has 2 separate 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 14,574 SF of shop area + a 630 SF shop bldg attached to it, 3,227 SF of offices (2,026 SF on 1st floor + 1,201 SF on 2nd floor), 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.

From 99 take the V Street Exit. Go down V Street and turn left on Wardrobe. Property will be on right hand of street

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

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