$2,600,000
Visalia, CA 93277
MLS# 230114
Status: Closed
13263 sqft
1 / 8
Property Description
Long Term Tenant Confirms they want to stay! Tenant has multiple 3 year renewal options. Rents increase by 2% annually. Tenant moved into the original building in 2002 and expanded into a second building in 2007. (Original building was built in 2007) Landlord recently did some exterior painting and also resurfaced and striped the parking lot. Landlord also updated some areas on the interior per tenant requests. Tenant recently exercised another 3 year extension showing their commitment to the site. Lease expires end of August 2030. Tenant has several 3 year options for both buildings and rents increase by 2% annually. Buildings are under current market rent. Tenant pays 60% od RE taxes.
Details
Maps
Property Information
Property Sub-Type: Commercial
New Construction: No
Year Built: 1987
Year Built Source: Public Records
Number of Buildings: 2
Number of Units: 2
Street #: 615
Direction: S
Street Name: Atwood
Suffix: Street
Stories: 1
Approx Square Feet: 13263
SqFt Source: Public Records
Lot Acres: 1.19
Lot SqFt: 51836
State/Province: CA
Lot Dimensions: 195' x 266'
Zip Code: 93277
APN: 087290004000
Lot Size Source: Public Records
County: Tulare
Additional Parcels Y/N: No
Common Interest: Planned Development
Area: Visalia SW
Zoning Description: General office use
Listing Information
Original List Price: 2950000
List Price/SqFt: 203.57
Current Price: $2,600,000
Status: Closed
Listing Date: 2024-07-01
Listing Price: 2700000
Showing Information
Directions to Property: From Akers go east on Cypress, then left on Atwood, property is on west side of street.
Remarks
Marketing Remarks: Long Term Tenant Confirms they want to stay!
Tenant has multiple 3 year renewal options. Rents increase by 2% annually.
Tenant moved into the original building in 2002 and expanded into a second building in 2007. (Original building was built in 2007)
Landlord recently did some exterior painting and also resurfaced and striped the parking lot. Landlord also updated some areas on the interior per tenant requests. Tenant recently exercised another 3 year extension showing their commitment to the site. Lease expires end of August 2030.
Tenant has several 3 year options for both buildings and rents increase by 2% annually.
Buildings are under current market rent.
Tenant pays 60% od RE taxes.
General Information
Garage: No
Direction Faces: South
Handicap Access: Yes
Geo Hazard Zone: No
Waterfront: No
Financial
Cap Rate: 6
Status Change Info
Pending Date: 2024-09-01
Status Change Date: 2024-11-25
Close Date: 2024-11-14
Close Price: 2600000
Close Price/SqFt: 196.03
Property Features
Utilities: Cable Connected; Electricity Connected; Natural Gas Connected; Phone Connected; Sewer Connected; Water Connected
Water: Public
Sewer: Public Sewer
Cooling: Central Air
Heating: Central
Roofing: Concrete; Foam
Income Includes: Rent Only
Expenses Include: Gardener; Maintenance; New Tax; Parking
Office Space Sub-Type: Institutional/Governmental; Office Building; Office-Business Park
Appliances: Water Heater
Construction: Frame; Stucco
Electric: 200+ Amp Service
Flooring: Carpet; Concrete; Hardwood
Green Energy: Water Heater
Laundry Features: None
Listing Terms: 1031 Exchange
Lot Features: Landscaped
Current Use: Office
Parking Features: Detached
Property Condition: Updated/Remodeled
Road Frontage Type: City Street
Road Surface Type: Asphalt
Listing Office: Steve Rose, Broker
Listing Agent: Steve Rose
Agent Email: stever367@gmail.com
Last Updated: November - 25 - 2024
Information deemed reliable but not guaranteed.