The center comprises approximately 27,780 square feet on approximately 3.77 acres of Rural Commercial land in 5 separate parcels with 1.67 acres of paved parking. The center comprises 19 units currently, some are double units. Tenants include a Lucerne Valley Liquor, Lutheran Center, Pacific Clinics, Rocks Place Pizza, Center Water Company, Stallone Cycles, Lucerne Leader (Daily Press), Mavericks Gym, Lucerne Pottery, beauty salon, along with Master Rubens Karate and thrift stores. A 2,400 sq. Ft. unit is an owner occupied thrift store that they anticipate closing with the sale of this property. A large number of these tenants have been in the center for many years. With current rents and vacancies, the current offer price returns a 7.2% CAP. The Pro Forma CAP is 10.47%. Full income and expense figures will be provided upon request to interested parties. These numbers are subject to change as the owners are interviewing new tenants regularly to fill the vacancies.Seller Financing AvailableThe financing of this property is simple and straight forward and can be accomplished without a long and involved bank qualification and approval process with all the yearly financial reporting and the personal and corporate loan guarantees most banks are now requiring. The owners are offering to carry the balance with a 50% down payment at 7% amortized for 30 years due in 10.
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Data Provided by:
California Regional Multiple Listing Service