Bird's Eye View
Originally constructed in 1948, this neighborhood shopping center contains 26,433 square foot of gross building area occupied by 12 tenants plus storage. Constructed of wood and concrete block, the exterior is wood and stucco and of Art Deco architecture. The property comprises two structures including a retail building having 19,875 square feet and a second building comprising a retail/residential section containing 2,638 square feet, and a storage building containing 3,920 square feet.
The center has adequate parking of 93 spaces available in an asphalt paved and striped on-site parking area. There parking ratio is close to 4:1,000 with overflow parking allowable in neighboring streets.
The center is located to the southwest of the central business district (CBD) in an area of primarily single-family residential uses. Its street frontages are on secondary commercial arteries which link the center to other commercial uses and multi-family uses. The center has good neighborhood appeal, visibility and accessibility and caters to many local uses and services. The City of Napa is located in a highly desirable Bay Area sub-market with substantial barriers to entry due to the sparse amount of developable land within the city limits.
The neighborhood is a lateral extension of the central business district of the City of Napa. Typical uses are single-family residential with a small mix of multi-family uses. There are commercial uses located within four blocks south of the subject along Imola Avenue and five blocks to the north on Jefferson Street. Medical uses are being developed near the subject of Jefferson Street and there are light industrials uses to the west of the subject neighborhood is single-family residential served by the shopping center.
There is a strong daytime population as the County of Napa Health and Human Services is two blocks away with more than 350 employees creating intensive traffic uses during daytime hours on Old Sonoma Road and Jefferson Street.
The center is fully occupied by several tenants. Leases are primarily NNN whereas the tenant reimburses the landlord for their pro-rated share of operating expenses (taxes, insurance and common area maintenance)
The property has an NOI of over $400,000 and an IRR of 18%. There has been past interest potential for cellular phone antennae in the tower resulting in additional income.
Potential assumable financing available. Ownership interested in trade, exchange or cash-out.
More information available at http://www.acresinfo.com/
Photo:
http://www.prlog.org/
