24541 Alessandro Blvd Moreno Valley, CA 92553-3917

Property Details for 24541 Alessandro Blvd

Year built

1985

Construction

WOOD

Lot size

1.30 lot acres

Property size

17,214 SF

Zone code

C1

Property type

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

Longitude

-117.234

Latitude

33.9159

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments