Multi-Tenant Shopping
For Sale
$9,990,000
1673 W Lacey Blvd, Hanford, CA 93230
Redeveloped retail property with four tenant spaces and 14,289 SF available for lease or occupancy.
Property Size79,224 SF
Lot Size6.40 Acres
Price / SF$126.10
Days on Market94
Property Features for 1673 W Lacey Blvd
General Information
Standard status
Active
Size
79,224 SF
Lot size
6.40 Acres
Property subtype
Retail
Additional Details
Corner Location
Yes
Building Details
Tenancy
Multi
Listing Agency:
Los Angeles - Orange County
(949) 724-5561
Listed By:
Eric Carlton · License #01809955
(949) 724-5561
Source:
Colliers
Added: May 29
Changed: Aug 29
Last Checked: Aug 29 at 5:06PM
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 Los Angeles - Orange County
Investment Insights
Based on property information with market context.
This 79,224 SF retail property occupies a 6.4-acre parcel and was redeveloped from a former department store into a four-tenant configuration. Current occupants include Boot Barn, Serrano’s Furniture, and Urban Air Trampoline Park, while 14,289 SF remains vacant for future occupancy. Additional property revenue comes from a solar lease and a clothing donation drop box.
The asset sits at the signalized intersection of W Lacey Blvd and 12th Ave, where combined traffic exceeds 42,700 VPD. It is adjacent to CA 198, which carries more than 38,000 VPD, and is positioned in King County’s busiest retail corridor. Marketplace at Hanford and Centennial Plaza are located opposite the property, with national retailers nearby including Target, Walmart Supercenter, The Home Depot, Lowe’s Home Improvement, Hobby Lobby, ALDI, and multiple restaurant and coffee brands.
Boot Barn has a net lease with four 5-year option periods and 10% increases at each option. Serrano’s Furniture has a gross lease with two 5-year options and 3% annual increases, while Urban Air has a net lease with two 5-year options and 2% annual increases.
The asset sits at the signalized intersection of W Lacey Blvd and 12th Ave, where combined traffic exceeds 42,700 VPD. It is adjacent to CA 198, which carries more than 38,000 VPD, and is positioned in King County’s busiest retail corridor. Marketplace at Hanford and Centennial Plaza are located opposite the property, with national retailers nearby including Target, Walmart Supercenter, The Home Depot, Lowe’s Home Improvement, Hobby Lobby, ALDI, and multiple restaurant and coffee brands.
Boot Barn has a net lease with four 5-year option periods and 10% increases at each option. Serrano’s Furniture has a gross lease with two 5-year options and 3% annual increases, while Urban Air has a net lease with two 5-year options and 2% annual increases.
Key Highlights
- 79,224 SF retail property on a 6.4‑acre parcel
- Four‑tenant configuration with 14,289 SF currently vacant
- Current occupants include Boot Barn, Serrano’s Furniture, and Urban Air Trampoline Park
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$782,773
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.84%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$15,655,460
$15.7M
Cap Rate 7%
$11,182,471
$11.2M
Cap Rate 9%
$8,697,478
$8.7M
Market Conditions
NOI Build-Up for 79,224 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.19M $15.00/SF
− Vacancy
−$70.1K −$0.89/SF
EGI
$1.12M $14.11/SF
− OpEx
−$335.5K −$4.23/SF
NOI
$782.8K $9.88/SF
Area
Kings County, CA
Vacancy
5.90%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$15,655,460
Cap Rate 7%
$11,182,471
Cap Rate 9%
$8,697,478
Alternative Uses
Best Use
Retail
$11.18M
$9.78M – $13.05M
NOI $782,773 @ 7.0% cap · market cap 7.84%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$25.03M
$21.90M – $29.20M
NOI $1,752,103 @ 7.0% cap · market cap 17.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,023
Businesses Nearby
388k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 65%
Shops & Services 13%
Home Improvements & Furnishings 9%
Apparel 5%
Walmart
Superstores
145,582 visits/mo
0.4 miles
Target
Superstores
105,613 visits/mo
0.3 miles
Lowe's
Home Improvements & Furnishings
34,474 visits/mo
0.4 miles
Michaels
Shops & Services
25,314 visits/mo
0.3 miles
Mister Car Wash
Shops & Services
19,066 visits/mo
0.4 miles
Demographics for 93230, CA
68,412
Population
23,149
Households
3
Avg Household Size
34
Median Age
17%
College-Educated
81%
High-School Grad
258.1 sq mi
ZIP Area
265
Density / Sq Mi
$73,558
Median Household Income
$44,074
Median Earnings
$1,208
Median Rent
$321,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Redeveloped retail property with four tenant spaces and 14,289 SF available for lease or occupancy.
Where is this shopping center located?
The property is located at 1673 W Lacey Blvd Hanford, CA.
What is the asking price?
The asking price for this property is $9,990,000.
What are key features of this property?
This property features: 79,224 SF retail property on a 6.4‑acre parcel; Four‑tenant configuration with 14,289 SF currently vacant; Current occupants include Boot Barn, Serrano’s Furniture, and Urban Air Trampoline Park
