1627 Main St El Centro, CA 92243

Property Details for 1627 Main St

Year built

1960

Property size

22,018 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional value-add investment opportunity presents a 22,018 square foot, single-story retail and office building located at 1627 Main St, El Centro, CA 92243. The property, built in 1960 and renovated in 2006, boasts a strong 90.6% occupancy rate across 12 units, generating a substantial net operating income (NOI) of $326,630 and an attractive 8.17% cap rate. Priced at $4,000,000 ($181.67/SF), the property offers significant upside potential. The building is strategically divided into retail (55.9% of GLA) and office (44.1% of GLA) spaces, with over half of the tenants occupying the space for over a decade. Current retail rents average $1.43/SF/month, presenting a clear opportunity to increase rents to market rates as leases expire. An immediate opportunity exists to lease the remaining 2,070 square feet of vacant office space. The property benefits from its location within the Valley Plaza, a thriving 300,000+ square foot community center on over 25 acres, featuring a diverse mix of retail and office tenants including Grocery Outlet, Rite Aid, Starbucks, and 4:13 Fitness (opening Q1 2025). Its central location in El Centro, Imperial County, places it near government offices, residential areas, and schools, along Imperial Avenue, a major commercial thoroughfare. This property represents a compelling investment opportunity with strong cash flow and significant future growth potential.