Fully Leased: Old Town Clovis Corner Building
481 Pollasky Ave & 617 5th St
Clovis, CA 93612
Highlights
- Fully Leased Investment w/ (2) Longstanding Tenants
- Functional Retail Spaces | Easy To Rent | Prime Corner
- Tenant Paid For Complete Remodel in Suites 457 & 481
- Madeline's Bridal Has Been At This Location for 14 Years
- Easy Access | Separate Meters | Multiple Configurations
- Cash Cow Producing Current Gross Rents of $94,416
- Long-Term Tenants | Low Turnover | Low Maintenance
- Easy Access from Surrounding Major Corridors
- Excellent Existing Signage | Requires Little Management
- Easy Access to Highway 168 On/Off Ramps
- Ample Parking, Quality Tenants, & Great Exposure
- Building Equipped w/ Separate HVAC's & Meters
- Excellent SBA Loan Candidate w/ Built In Passive Income
- Well-Known Retail Strip Center @ Corner Location
- Ample Parking and Mature Landscaping
- 6.91% Existing Cap & 8.42% Cap After Rent Increases
Description
100% Leased Investment Opportunity: Prime Pollasky & 5th Street Corner location in Old Town Clovis offering ±5,200 SF of multi-tenant retail shop spaces on ±0.12 acres. Offers (3) easy-to-rent retail spaces leased to (2) long-term tenants - including Madeline's Bridal & Maxwell House Antiques - on Modified Gross MTM leases. Madeline's Bridal Boutique has proudly served customers for 67 years, establishing its presence at this specific location for the past 14 years. The first-class recent remodel performed by the tenants in suites 457 & 481 includes brand-new hard-surface flooring throughout, clean and upgraded restrooms, crown molding throughout, updated energy efficient features, LED lighting, fresh interior/exterior paint (2) 5 year-old HVAC's, & new coating on roof with zero leaks over the recent 5-day consecutive downpour. The property sits comfortably in Clovis' primary retail area, and with its close proximity to a major highway access is easily accessible to motorists. Great visibility, convenient parking & easy access to CA-168 on/off ramps. Many front parking spaces available, and excellent existing corner signage.
Value-add opportunity with actual rents of $94,416/year collected (6.91% CAP rater) plus upside potential. After addressing the under-market rent of (1) tenant and extending the leases past their MTM status, the annual income can be $109,200/year (15.67% increase) providing a proforma 8.42% CAP rate. Unique investment offering easy-to-rent spaces within an under-built market offering a strong need for these type of units. The deal offers a 10.02% cash-on-cash return when leveraged with 30% down, producing a 1.56 DCR!
This property is located on the corner of Pollasky & 5th St off CA-168 in Clovis, CA. The property is located North of 5th St, South of 4th St, West of Clovis Ave and East of Pollasky Ave. Centrally located near many national retailers they include Jack in the Box, Burger King, Sonic, Dutch Bros, Starbucks, Walmart, Taco Bell, Food Maxx, Red Robin, Ross, Burlington, Wells Fargo, Dollar Tree, Old Navy, Vons, Bank of the Sierra, Chase, & many others!
