445 Main St Stockton, CA 95202

This 22,150 square foot, three-story hotel located at 445 E Main St, Stockton, CA 95202, presents a unique redevelopment opportunity. Currently vacant, this Class C property, built in 1915, offers 40 units ideal for conversion into a mixed-use development. The current plan envisions transforming the hotel into 32 apartments and four ground-level retail spaces. The property boasts a pro-forma NOI of $345,000 and a pro-forma cap rate of 9.00%. The asking price is $1,799,000, significantly below the current as-is appraised value of $2,350,000. The after-repair value is projected at $5,700,000 with a $2,000,000 rehab budget. Situated in Stockton's revitalizing waterfront district, this investment benefits from significant rent growth and urban renewal efforts. Attractive seller financing options are available, allowing for a lower down payment and capital preservation for project costs. The property's location within the waterfront district promises excellent cash flow and appreciation potential. The occupancy date is projected for February 12, 2025.