6536 Westside Rd - Retail FOR SALE


Redding, CA 96001
$11,536,000 USD
949-725-8606
6536 Westside Rd, Redding, CA for Sale
$11,536,000 USD
Retail - FOR SALE
1/6
null | 3.34% Cap Rate

6536 Westside Rd
Redding, CA 96001


HIGHLIGHTS

  • Unmatched Lease Up Opportunity – At 41% occupancy, 58,445 SF is currently vacant, including anchor spaces available for backfill
  • Outsized Income Growth
  • Established Retail Center and Location

OVERVIEW

* Unmatched Lease Up Opportunity – At 41% occupancy, 58,445 SF is currently vacant, including second generation grocery (30,000 SF) and pharmacy (18,648 SF to be former Rite Aid) anchor spaces available for backfill. Westwood Village presents a unique upside opportunity for investors, and the ability to curate the optimal tenant mix, unmatched in today’s market * Outsized Income Growth – Due to vacant space lease-up, below market rents rolling to market, and embedded rental escalations the Net Operating Income is expected to increase more than $938,300 (243%) upon stabilization and $1,018,000 (264%) over the expected hold period, producing a robust Compound Annual Growth Rate (CAGR) exceeding 29.5% * Established Retail Center and Location – With its past and current national and regional tenancy, Westwood Village and its location have proven retail viability, benefitting the ability to lease-up the vacancy * The current tenancy includes Dollar Tree, O’Reilly Auto Parts, Subway, Metro by T-Mobile, Round Table Pizza, and Carl’s Jr. (also available for purchase) * 11 tenants totaling 34,788 SF (85% of the leased GLA) have occupied the center for 10+ years with 6 tenants totaling 15,456 SF (38% of the leased GLA) 20+ years including Subway, O’Reilly Auto Parts, and Round Table Pizza – Carl’s Jr. (also available for purchase) has been at the center since 1981 (nearly 44 years!) * Multi-Parcel Opportunity – Westwood Village includes 4 separate parcels including a free-standing pad building near the signalized intersection, Waffle Bite – presenting the potential for a future pad sale and an opportunity to reposition the Waffle Bite pad into a higher and better use – the Carl’s Jr. drive-thru pad is also available for purchase

FOR SALE DETAILS

PRICE

$11,536,000 USD

PRICE/SF

$165 USD /SF

CAP RATE

3.34%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Westwood Village

PROPERTY TYPE

Retail

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1979

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

8.31 AC

LAND SF

361,984 SF

ZONING

C

APN/PARCEL ID

049-500-002-000,049-500-003-000,049-500-004-000,049-500-005-000

ASK ABOUT THIS PROPERTY

John ReadCBREMore Info
949-725-8606

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John ReadCBREMore Info
949-725-8606

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.