Current Use by Public Records
- Office Spaces
Property Details for 1450-1470 9Th St
- Lot size
- 2.08 lot acres
- Property type
- Office Spaces
- Property subtype
- Office Units
Description
This exceptional investment opportunity presents the fee simple ownership of Home Place Business Park in Upland, California. This multi-tenant property comprises five buildings totaling 22,001 square feet on a 2.08-acre lot, currently operating at 100% occupancy with a gross lease structure. The property is zoned B/R-MU and features a mix of executive and creative office spaces, along with business/residential and industrial components. The asking price is $7,500,000, reflecting a 3.00% cap rate and a pro-forma cap rate of 1.98%. The current Net Operating Income (NOI) is $148,132. A significant upside potential exists due to below-market rents and CAM charges. The property boasts high tenant retention thanks to flexible and adaptable suites. The seller is finalizing a parcel map and tentative tract map, dividing the property into ten condo units (Parcel 1) and a separate 0.58-acre development parcel (Parcel 2) with a 4,062 square foot structure. This allows for the immediate sale of individual units or continued rental income generation. Parcel 2 offers a unique development opportunity for mixed-use, residential, or business construction on approximately 25,000 square feet. The property's low historical vacancy rate of 5% and the absence of planned competing developments in the Upland submarket further enhance its investment appeal. This is a rare chance to acquire a well-established, income-producing property with significant future development potential.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Upland
- County
- San Bernardino
- State
- California
- Longitude
- -117.677
- Latitude
- 34.0957
