23750 Alessandro Blvd Ste C Moreno Valley, CA 92553-8818

Alessandro Plaza, a Moreno Valley, CA shopping center, offers a compelling value-add investment opportunity. This 83,598 square foot retail property sits on 10 acres of land at 23750 Alessandro Blvd, 92553, boasting a prime location along a major thoroughfare with over 52,500 vehicles passing daily. Currently operating at 91% occupancy, the center generates a substantial NOI of $1,136,288, yielding an attractive 8.00% cap rate. Built in 1991, the property features a diverse tenant mix of retail and service businesses, primarily under NNN leases, shifting repair, maintenance, and capital costs to tenants. Significant leasing activity is projected for 2023 and 2024, encompassing over 55,000 square feet, with average in-line rents currently at $1.19 per square foot. This presents a substantial opportunity for rental growth and increased profitability. The property's accessibility is enhanced by a signalized entrance and multiple points of ingress and egress, ensuring convenient access for both local customers and regional commuters. The asking price for this fee-simple ownership opportunity is $14,200,000. The low existing rent structure further enhances the property's intrinsic value and potential for future appreciation.