1673 Lacey Blvd Hanford, CA 93230-5924

Property Details for 1673 Lacey Blvd

Year built

1993

Construction

TYPE NOT SPECIFIED

Lot size

6.54 lot acres

Property size

98,843 SF

Zone code

RC

Property type

Super regional malls

APN

011-060-037-000

APU

11060037000

Description

This exceptional investment opportunity presents a 79,224 square foot, four-tenant retail shopping center located at 1673 W Lacey Blvd, Hanford, CA 93230. Boasting 100% occupancy, the property features a strong lineup of national and regional tenants including Boot Barn, Urban Air Trampoline Park, Ideal Furniture, and Serrano's Furniture. Built in 1993 and renovated in 2019, this center benefits from a prime location at a high-traffic intersection (43,000 vehicles per day), providing excellent visibility and accessibility to Highways 198 and 99. The property sits on a 5.4-acre lot and is zoned for regional commercial use. Current Net Operating Income (NOI) is $744,552, representing a 7.00% cap rate on the $10,636,000 asking price. Leases are NNN, with built-in rent bumps providing a hedge against inflation. The property's location within a rapidly growing area, with significant residential development underway and a strong average household income exceeding $90,000 within a five-mile radius, ensures long-term stability and potential for appreciation. The property is also strategically positioned near major retailers, including Walmart, Target, Home Depot, and Lowe's, further enhancing its desirability and drawing power. The below-market rents and significant upside potential from future rent increases, coupled with the property's below-replacement cost of approximately $134 per square foot, make this an attractive investment opportunity, particularly suitable for 1031 exchange transactions. The property's proximity to Adventist Health Center and the planned Kings/Tulare high-speed rail station further enhances its long-term value and prospects.