1800 Prescott RdModesto, CA 95350

Property Details for 1800 Prescott Rd

Year built

1974

Construction

TILT-UP CONCRETE

Lot size

0.53 AC

Property size (Sq ft)

5,600 SF

Property type

Retail properties

Property subtype

Super regional malls

APN

060-022-009-000

APU

60022009000

Description

Briggsmore Plaza, a 53,079 square foot, Class B shopping center in Modesto, CA, presents a compelling investment opportunity. This 100% occupied, multi-tenant property boasts a 7.15% cap rate and a strong NOI of $513,574. The property features three tenants, including In-Shape Family Fitness, with leases extending to December 31, 2030, offering a remaining term of 6.1 years. Built in 1974 and renovated in 2018, the single-story building sits on a 5.06-acre lot zoned P-D (Planned Development). The property benefits from a high-traffic location with daily counts exceeding 50,000 vehicles on Briggsmore Avenue and 24,000 on Prescott Road, enhanced by a signalized intersection with eight points of access. The strong demographics include a 5-mile population density of 224,319 with an average household income of $109,455. Two pylon signs provide excellent visibility. The asking price is $7,185,000, translating to $135.36 per square foot. Lease details, including rent bumps and three 5-year lease options, are available in the brochure. This is a Net Lease (NNN) investment with a lease commencement date of January 21, 2005. The property's location is 1800 Prescott Road, Modesto, CA 95350, within a retail corridor near Highway 99 and other established shopping centers.

• CAP approach

  CAP return

  Valuation

  6%

  $2,430,526

  6.5%

  $2,243,562

  7%

  $2,083,308

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,935,978

  Geo Method

  $3,935,978

• Alternative Use

  Use

  Valuation

  Residential

  $1,892,529

  Hospitality

  $1,733,546

  Educational

  $1,442,290

  Medical

  $1,491,893

  Retail

  $2,243,562

Location Insight

City

Modesto

County

Stanislaus

State

California

Latitude

37.6719

Longitude

-121.029

CBSA code

33700

CBSA name

MODESTO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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