Property Details for 241 Main St

Year built

1978

Lot size

9.82 lot acres

Property size

101,130 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This 101,130 square foot shopping center in Red Bluff, CA, presents a compelling value-add opportunity. Anchored by a high-performing Tractor Supply Co. (occupying approximately 41,000 square feet since 2004 and contributing 56% of the current rental income), the property boasts a strong, mature tenant base with 88% of occupied space in place since 2006 or earlier. The weighted average lease term remaining is approximately 4.5 years, providing a secure income stream with built-in rental increases, including a 10% increase for Tractor Supply in June 2026. The current Net Operating Income (NOI) is $809,899, yielding an 8% cap rate on the $10,125,000 asking price. Significant value-add potential exists due to approximately 48% of the gross leasable area (GLA) having below-market rents, notably a 40,000 square foot Furniture Depot space significantly under market rate. The property includes approximately 6,445 square feet of vacant GLA, including 4,445 square feet in a multi-tenant pad building. Located on a 9.82-acre lot at 241 S Main St, Red Bluff, CA 96080, the center benefits from high daily traffic counts (approximately 19,000 vehicles on Main St and 34,000 on nearby Interstate 5) and a large trade area, with the nearest competing Tractor Supply located 20 miles away. The property's location ranks in the 88th percentile nationwide in customer visits. This offering presents an attractive acquisition cost per square foot significantly below replacement cost. Built between 1978 and 1991.

Location Insight

City

Red Bluff

County

Tehama

State

California

Longitude

-122.23

Latitude

40.1685