$2,400,000
Visalia, CA 93291
MLS# 225020
Status: Closed
3 baths | 5816 sqft
1 / 7
Property Description
Currently occupied by a local brewery and regional bank, the retail buildings have proven excellent homes for both tenants. The NNN brewery has recently renewed its lease until 2030, with extension options. The side-by-side retail properties are nestled on the corner of a downtown, lighted intersection with a combined surplus of over 18,400 vehicles driving by daily. Besides the high traffic and visibility, the assets are also within a highly walkable area. Visalia, a beautiful, scenic city between Fresno and Bakersfield, is home to many local, eclectic dining and shopping options and the College of the Sequoias - a public, two-year community college. The Downtown Visalia submarket has minimal side supply pressures, further enabling savvy investments in historic buildings. Rents have steadied at a 4.1% increase from where they were a year ago. The number of jobs in the market has also increased by 3.3% in the past year, correlated with the public college's ever-growing workforce pool and valuable location for locals. There are 134,342 residents living within five miles of the property - nearly a quarter of them have a bachelor's degree or higher.
Details
Maps
Property Information
Property Sub-Type: Commercial
New Construction: No
Year Built: 1922
Year Built Source: Assessor
Number of Buildings: 1
Number of Units: 2
Street #: 101
Direction: E
Street Name: Main
Half Baths: 3
Suffix: Street
Total Baths: 3
Stories: 1
Approx Square Feet: 5816
SqFt Source: Assessor
Lot Acres: 0.13
Lot SqFt: 5663
State/Province: CA
Lot Dimensions: Irregular
Zip Code: 93291
APN: 094298001000
Lot Size Source: Assessor
County: Tulare
Additional Parcels Y/N: No
Area: Visalia NW
Listing Information
Original List Price: 2600000
List Price/SqFt: 447.04
Current Price: $2,400,000
Status: Closed
Listing Date: 2023-08-11
Listing Price: 2600000
Showing Information
Directions to Property: Corner of Court St and Main St
Remarks
Marketing Remarks: Currently occupied by a local brewery and regional bank, the retail buildings have proven excellent homes for both tenants. The NNN brewery has recently renewed its lease until 2030, with extension options. The side-by-side retail properties are nestled on the corner of a downtown, lighted intersection with a combined surplus of over 18,400 vehicles driving by daily. Besides the high traffic and visibility, the assets are also within a highly walkable area.
Visalia, a beautiful, scenic city between Fresno and Bakersfield, is home to many local, eclectic dining and shopping options and the College of the Sequoias - a public, two-year community college.
The Downtown Visalia submarket has minimal side supply pressures, further enabling savvy investments in historic buildings. Rents have steadied at a 4.1% increase from where they were a year ago. The number of jobs in the market has also increased by 3.3% in the past year, correlated with the public college's ever-growing workforce pool and valuable location for locals. There are 134,342 residents living within five miles of the property - nearly a quarter of them have a bachelor's degree or higher.
General Information
Garage: No
Direction Faces: North
Financial
Cap Rate: 8.4
Tax Information
Land Value: 157677
Improvement Value: 893502
Status Change Info
Pending Date: 2023-12-26
Status Change Date: 2023-12-28
Close Date: 2023-12-28
Close Price: 2400000
Close Price/SqFt: 412.65
Property Features
Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected
Water: Public
Sewer: Public Sewer
Cooling: Central Air; Exhaust Fan
Heating: Central
Roofing: Membrane
Commercial Sub-Type: Free Standing Building; Restaurant
Common Walls: 1 Common Wall
Construction: Brick
Property Condition: Updated/Remodeled
Road Frontage Type: Alley; City Street
Listing Office: The Equity Group
Listing Agent: Jason Ritchie
Agent Email: jasondritchie1@gmail.com
Last Updated: September - 28 - 2024
Information deemed reliable but not guaranteed.