1018-1046 Tustin St Orange, CA 92867
- Lifestyle centers
- 18,885 SF
- 1.05 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 1018-1046 Tustin St
- Year built
- 1965
- Lot size
- 1.05 lot acres
- Property size
- 18,885 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This 18,885 square foot shopping center, located at 1018-1046 North Tustin Street in Orange, CA 92867, presents a compelling value-add investment opportunity. Built in 1965 on a 1.05-acre lot, the property currently boasts 81% occupancy with a Net Operating Income (NOI) of $315,022, yielding a 6.00% cap rate. A significant upside potential exists, with a pro-forma NOI projected at $430,811 and a pro-forma cap rate of 8.21%. This potential is driven by below-market rents, offering immediate opportunities to increase revenue. Approximately 30% of tenants are on month-to-month leases, allowing for substantial rent increases. Further upside can be realized by enforcing the NNN lease terms to increase expense reimbursements and leasing the remaining 19% vacancy. The property features a multi-tenant configuration with an average unit size of 787 square feet, making it easily leasable. The tenant base is stable, with 68% operating at the center since 2018 or earlier, and 57% renewing or signing new leases since 2023. All tenants are service-based, providing resilience to online competition. The property benefits from a prime location on Tustin Street, adjacent to Katella Avenue and the 55 Freeway, serving a strong demographic with an average household income of $157,000 and a population of 517,000 within a 5-mile radius. The asking price is $5,250,000. The property's APN is 375-511-01. This is a Triple Net (NNN) lease property.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Orange
- County
- Orange
- State
- California
- Longitude
- -117.836
- Latitude
- 33.8045
