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303 - 359 W 2nd Street - Cal Mex Plaza, Calexico, CA

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303 - 359 W 2nd Street - Cal Mex Plaza

Calexico, CA 92231-2114

Property Type:Retail Sub Type:- Status:Existing Year Built:-
Building Size:35,406 SF Land Area:3.56 AC (155,074 SF)
For Sale Price:Portfolio Price/SF:For Sale
Cap Rate:6.80 %
Portfolio:This property is for sale (for $7,800,000) as part of a portfolio of 4 properties.

Sale Notes:
Income Approach
Total Annual Gross Income: $232,560 Expense $49,848) = $182,712 Net Income: $182,712 / Price: $2.7 Million = 6.8% Cap. rate

Replacement Cost Approach
Building Cost: Approx. 35,000 sqft X $50(building cost) = $1.75 Million Land Cost: Approx. 155,974 sqft X $25(land cost) = $3.9 Million
Total replacement cost: $5.65 Million Actual Selling cost: $2.7 Million
*Prime location junction of US/Mexico Border crossing
*Additional development opportunity
*Outlet mall phase I completed and open across the street
*Outlet mall phase II is in construction
*Outlet mall and International airport is very close by
Seller didn' t raise the rent since he bought the property
Still there are substantial vacant spaces for more possible income
Calexico Port of Entry is scheduled to be open right next to this property on 2018, assuming tens of thousands traffic will increase

Coldwell Banker Commercial
Mike A Habib
(619) 463-6600

Coldwell Banker
Mie Kim
(760) 753-5616

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