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Friendship Drive Industrial Park

1922-1954 Friendship Drive
El Cajon, CA 92020
Availability: Price:$3,000,000 Size:37,570 SF
Shipping: Marcus & Millichap is pleased to present Friendship Drive Industrial Park in El Cajon, CA.
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Description





Agents

BEN TASHAKORIAN | SENIOR MANAGING DIRECTOR


Senior Director: Institutional Property Advisors (IPA)
License: CA 01333884
Dir: (858) 373-3176
Fax: (858) 373-3110
btashakorian@ipausa.com

Jon Stark | Associate


Member: NOIPG
License: CA 02008404
Cel: (858) 525-2446
Dir: (858) 373-3154
jonathan.stark@marcusmillichap.com

Description

Marcus & Millichap is pleased to present the exclusive opportunity to acquire a fully stabilized, multi-tenant industrial park in El Cajon. The subject property is comprised of two separate buildings totaling ± 37,570 square feet. Both buildings were built in 1980, and situated on two parcels, totaling 2.65 acres. The offering is for the leasehold interest in the buildings. The parcels are both leased by the County of San Diego, with just over 25 years remaining on both ground leases (terminating in 2043 and 2044), with the opportunity to extend. 1922 Friendship Dr. is occupied by a single tenant, specializing in newspaper/print distribution, and 1954 Friendship Dr. is split into four units, and is home to specialized businesses ranging from custom cabinetry, to fabrication, equipment supply, and product manufacturing/ distribution.

Features

  • Fully stabilized, multi-tenant industrial park
  • 7% cap rate, on current income
  • 12 grade level roll up doors (6 on each building)
  • Leasehold Interest (with San Diego County, just over 25 years remaining)
  • Opportunity to reduce expenses and increase NOI by converting leases to NNN
  • El Cajon industrial submarket a 1.5% vacancy rate
  • Ample Outside Storage & Parking

Offering Price

$3,000,000

Net Rentable Area

37,570 SF

Price Per SF

$79.85

CAP Rate

7.00%

Year Built

1980

Land Area

115,433 SF

Parking Spaces

34 Surface Spaces

Parking Ratio

2.00 / 1,000 SF

Details

  • 22932289
  • Office
  • Price:$3,000,000 Size:37,570 SF
  • New

Shipping Information

  • Item Requires Shipping
  • Marcus & Millichap is pleased to present Friendship Drive Industrial Park in El Cajon, CA.

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