1028 11Th St Modesto, CA 95354
- Retail properties
- 11,500 SF
Current Use by Public Records
- Retail properties
Property Details for 1028 11Th St
- Year built
- 1955
- Property size
- 11,500 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional mixed-use property, located at 1028 11th St, Modesto, CA 95354, presents a compelling investment opportunity. The 11,500 square foot building, situated in the heart of downtown Modesto across from City Hall, boasts three units currently operating at 100% occupancy. The property includes a 3,000 square foot restaurant suite leased to a neighboring gastropub, a 1,786 square foot office suite occupied by Learning Quest, and a 6,579 square foot office suite leased to the Stanislaus Literacy Center. Current lease rates are below market, offering significant value-add potential for the new owner. The property features a small rear parking lot with 12 tandem spaces (24 total). Recent improvements include the replacement of six of seven HVAC units (July 2016 and July 2023), a 2012 parking lot resurfacing, two bathroom updates in March 2022 (1030 11th St), stucco soffit replacement at the building entrance in January 2024, and roof maintenance including a new drain and partial roof replacement in November 2023. The property is zoned CD - Central Downtown and has an APN of 105-027-010. The asking price is $1,725,000, representing a current cap rate of 5.86% and a pro-forma cap rate of 9.31%, with a current NOI of $101,163 and a pro-forma NOI of $160,673. Built in 1955, this property offers a blend of established income and substantial upside.
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
- Modesto
- County
- Stanislaus
- State
- California
- Longitude
- -121
- Latitude
- 37.6421
