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Multi-Tenant Retail & Office Property

1627 Main St, El Centro, CA 92243

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For Sale

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90% leased retail and office property in Imperial County.

Type:Office, Retail

Property size:

22,018 SF

Lot size:

25.00 Acres

Price / SF:

$181/SF

HighLights

90% leased to 12 tenants, providing stable income.
Located in the heart of Imperial County on the main commercial arterial.
Part of Valley Plaza, a 300,000+ SF community center.
Potential to increase retail rents from $1.43/SF/month to market rates.
Over 50% of GLA occupied by tenants for 10+ years, indicating stability.
Immediate upside by leasing the remaining 2,070 SF office vacancy.

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Contact an agent

Russell Gross

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For Sale

Contact for pricing

90% leased retail and office property in Imperial County.

Type:Office, Retail

Property size:

22,018 SF

Lot size:

25.00 Acres

Price / SF:

$181/SF

Added:: Nov 15, 2024
Days on Market:: 599
Last Refresh:: Jul 5 at 3:36 am

Property Features for 1627 Main St

General Information

Standard status: Active
Size: 22,018 SF
Lot size: 25.00 Acres
Property subtype: Office, Retail

Building Details

Year Built: 1960

We can help!

Contact an agent

Russell Gross

Listing office Russell E. Gross Real Estate, Inc.

Listing date Nov 15, 2024

Source Crexi

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Russell E. Gross Real Estate, Inc.

HighLights

90% leased to 12 tenants, providing stable income.
Located in the heart of Imperial County on the main commercial arterial.
Part of Valley Plaza, a 300,000+ SF community center.
Potential to increase retail rents from $1.43/SF/month to market rates.
Over 50% of GLA occupied by tenants for 10+ years, indicating stability.
Immediate upside by leasing the remaining 2,070 SF office vacancy.

Overview

This multi-tenant retail and office property is currently 90% leased to 12 tenants. The property is comprised of retail shops on the east side, making up 55.9% of the gross leasable area (GLA), and offices on the west side, comprising 44.1% of the GLA. Half of the tenants, representing just over 50% of the GLA, have occupied the building for over 10 years. The retail rents average $1.43 per square foot per month. There is potential upside in leasing out the remaining 2,070 square feet of office vacancy. The property is part of the Valley Plaza, a community center situated on over 25 acres. Other tenants in the center include Grocery Outlet, Rite Aid, Starbucks, 4:13 Fitness (opening Q1-2025), Skechers, and Imperial Irrigation District, along with restaurants, retailers, and office users. The center is located in the heart of Imperial County and surrounded by local government offices, single-family residential areas, apartments, and schools. The property is located along Imperial Avenue, the main commercial arterial in the County with a variety of retail and restaurant uses. The property size is 22,018 square feet.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$475.6k	$21.60
− Vacancy	−$33.3k	−$1.51
EGI	$442.3k	$20.09
− OpEx	−$110.6k	−$5.02
NOI	$331.7k	$15.07

22,018 SF · lease $21.60/SF/yr · vacancy 7.00% · expense 25.00%

Alternative Uses

Best Use

Office B

$4.74M

$4.15M – $5.53M (±1% cap)

NOI $331,723 @ 7.0% cap · market cap 8.29%

Second Best

Retail

$3.77M

$3.29M – $4.39M (±1% cap)

NOI $263,555 @ 7.0% cap · market cap 6.59%

Theoretical Best

Office A

$5.62M

$4.91M – $6.55M (±1% cap)

NOI $393,153 @ 7.0% cap · market cap 9.83%

Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Current Use by Public Records

Fortune House Restaurant

Suggested Use

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Location Insight

Map
Local Demand

City: El Centro
County: Imperial
State: California
Longitude: -115.5725738
Latitude: 32.7920955

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For sale
Shopping centers
CA
El Centro
92243
1627 Main St

What type of property is this?

Shopping center - 90% leased retail and office property in Imperial County.

Where is this shopping center located?

The property is located at 1627 Main St El Centro, CA.

What is the asking price?

The asking price for this property is $4,000,000.

What are key features of this property?

This property features: 90% leased to 12 tenants, providing stable income.; Located in the heart of Imperial County on the main commercial arterial.; Part of Valley Plaza, a 300,000+ SF community center.