721 Central Ave Lompoc, CA 93436
- Retail space
- 0.91 lot acres
Current Use by Public Records
- Subway / Fast Food Restaurant / Takeout Restaurant
- Royal Healing Emporium / Cannabis Store
- New Gen Cuts / Barber Shop
- Pizza Garden / Pizza Restaurant / Pizza Delivery
- Keshtgar Corporation / Banquet Hall
Property Details for 721 Central Ave
- Lot size
- 0.91 lot acres
- Property type
- Retail space
- APN
- 093-450-037
- APU
- 93450037
Description
This exceptional retail investment opportunity presents a 6,600 square foot, single-story building situated on a 39,639 square foot lot at 721 W Central Ave, Lompoc, CA 93436. The property, a Walmart outparcel, enjoys a prime corner location at Central Ave and O St, benefiting from high visibility and traffic. Currently housing four tenants, including Subway and Pizza Garden, the center boasts an 82% occupancy rate, generating a current NOI of $184,515 and a projected NOI of $208,659. The property features a NNN lease structure with a franchisee tenant and offers a 7.38% cap rate, projected to increase to 8.35%. Built in 1998, the property is zoned for General Commercial (PCD) use and includes ample parking (50 spaces). The asking price is $2,500,000, translating to a price per square foot of $378.79. The remaining lease term for the current tenants is 3 years, with an occupancy date of April 9, 2024. This value-add opportunity is a fee simple ownership, presenting a strong cash-flowing investment in a desirable location. The property's strategic location within a Walmart-anchored shopping center, coupled with its diverse tenant mix and strong performance, makes it an attractive proposition for discerning investors.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,825,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $2,115,000
- 6.5%
- $2,190,000
- 7%
- $1,970,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,985,000
- Geo Method
- $2,030,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,200,000
- Retail
- $2,375,000
- Mixed-Use
- $2,340,000
- Hospitality
- $2,415,000
- Educational
- $2,055,000
- Residential Income
- $2,095,000
- Energy
- $2,210,000
- Income-Based Land
- $2,310,000
- Food Service
- $1,775,000
Location Insight
- Map
- Local Demand
- City
- Lompoc
- County
- Santa Barbara
- State
- California
- Longitude
- -120.466
- Latitude
- 34.6613
- CBSA code
- 42200
- CBSA name
- SANTA MARIA-SANTA BARBARA, CA METROPOLITAN STATISTICAL AREA
