24541 Alessandro BlvdMoreno Valley, CA 92553

Property Details for 24541 Alessandro Blvd

Year built

1985

Construction

WOOD

Lot size

1.30 AC

Property size (Sq ft)

17,214 SF

Zone code

C1

Property type

Retail properties

Property subtype

Retail space

APN

482-520-001

APU

482520001

Description

This 28,695 square foot shopping center in Moreno Valley, CA presents a compelling value-add opportunity. Located on Alessandro Boulevard, a major thoroughfare with over 36,000 cars daily, the property boasts excellent visibility and accessibility. Currently 100% occupied with a mix of tenants, many of whom have been in place for over five years, the property offers immediate upside potential. Numerous short-term and month-to-month leases allow for significant rent increases upon renewal, boosting the pro-forma cap rate to 9.79%. The 2.53-acre lot provides ample space, and the property benefits from multiple points of ingress and egress. Situated near major freeways (60 and 215) and surrounded by a dense population (over 228,000 within 5 miles) with a strong average household income ($94,725 within 5 miles), this center is strategically positioned for success. The asking price is $5,750,000, representing a price per square foot of $200.38, well below replacement value. The current NOI is $292,098, with a pro-forma NOI of $562,754 reflecting the potential for increased revenue. Built in 1985, this fee-simple property offers a strong foundation for a savvy investor seeking significant returns. The property is a triple net (NNN) lease structure.

Location Insight

City

Moreno Valley

County

Riverside

State

California

Latitude

33.9159

Longitude

-117.234

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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