7301 Greenback Ln Citrus Heights, CA 95621

Property Details for 7301 Greenback Ln

Year built

1977

Construction

TILT-UP CONCRETE

Lot size

13.19 lot acres

Property size

131,535 SF

Zone code

SC

Property type

Individual retail properties

APN

243-0020-023-0000

APU

24300200230000

Description

This exceptional 162,769 square foot, grocery-anchored shopping center in Citrus Heights, CA, presents a compelling value-add opportunity. Boasting 24 tenants, including Safeway and Dollar Tree, the property sits on a 15.58-acre lot and features two single-story buildings constructed in 1977. Currently operating at 80.27% occupancy, the center generates a strong NOI of $1,777,025, with a pro-forma NOI projected at $2,080,464, reflecting a 6.32% cap rate and a pro-forma cap rate of 7.40%. The asking price is $28,125,000 ($172.79/sq ft). Significant upside potential exists through rent bumps and lease modifications, particularly with the eighteen smaller suites currently on short-term or month-to-month modified gross leases. The property benefits from a prime location at the intersection of two major thoroughfares in Citrus Heights, with high daily traffic counts and excellent visibility. The Safeway anchor tenant recently extended their lease through 2029 and completed substantial tenant improvements, demonstrating long-term commitment. The center's strong tenant mix, including national and regional brands, provides a stable income stream and significant potential for future growth. The property's conventional construction features stucco exterior walls, a flat built-up roof, and roof-mounted HVAC units. Ample on-site parking is available for shoppers and tenants. This investment offers a rare chance to acquire a well-positioned, cash-flowing retail center in a high-growth area with substantial value-add potential.