Investor's dream with true NNN and no expenses to owner. Tenant has been in building for 6 years and signed a NNN lease for 10 years with 3% annual increases during the middle of COVID. This is their second location. Tenant has upgraded the suite entrance and facade, added a outside fenced in dog run, and is adding a commercial dog wash station. The building has silicone coated floors, skylights, two upper mezzanines for office or storage uses (approx. and add'l +/- 1,080 SF may or may not be permitted) a sprinkler system (certified by fire dept) and HVAC run throughout building, including both mezzanines. There are two roll up doors, 1 loading dock, 18' clearance, and a 16' drop ceiling, floor drains, plumbing throughout, 600 amps, separately metered for two suites A & B, although currently used as single congruent unit for 24 hr Dog Daycare facility. The Industrial Park is located at Miramar Rd across from Miramar Memorial Golf Course and building sits to the north end of the Hannah Gillard Center as 1 of 8 buildings. Tenant has 9 years remaining on lease yield an average of $215,073.33/YR + NNN ($21.77/SF/YR & $1.81SF/Month) for an average of a 5.6 CAP RATE. They have an above market rate lease including this initial year to buyer at $1.61/SF plus NNN ranging to $2.04/SF + NNN in year 9. The lease is personally guaranteed by tenants who have an impeccable record to date. Tenant handles all HOA fees directly.
Courtesy of Lesha Montoya, Pacific Coast Commercial
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