1141 E. Colorado street
PRICE
$3,175,000
BUILDING SIZE
6,238
LOT SIZE
11,219
GLENDALE, CA 91205
CAP RATE
PRICE /SF
(BLDG)
PRICE/SF
LAND
3.40%
$509
$283
The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for sale 1141 E Colorado Street, a 6,238 square foot four (4) tenant value-add “L shaped strip center situated on 0.26 acres of land (11,219 SF) ideally located at the NW signalized corner of Colorado Street and Chevy Chase Drive in Glendale, CA.
Built in 1977 and being offered for sale by the original developer, 1141 E Colorado Street is 100% occupied by internet resistant tenants including China Food Express, Refresh Beauty and Wellness, A-1 Liquor & Market, and Rockbird Gourmet Chicken Sandwich. Rockbird Gourmet Chicken Sandwich, occupying the end cap space, has vacated but will continue paying their rent through the duration of their lease. The four (4) units average 1,516 SF with bay depths of between 35 and 50 feet making them ideal retail spaces. The current tenants have short term leases that expire no later than September 1, 2024, creating immediate rental upside. Refresh Beauty & Wellness and China Food Express who have one (1) outstanding five (5) year option at fair market rent. The current monthly rent of $14,053.00 ($2.32/SF) is below current market rents, creating an ideal value-add opportunity for an astute investor to raise rents to market levels.
The Property is located at the northwest signalized corner of Victory Boulevard and Vineland Avenue in North Hollywood, CA. The property enjoys excellent visibility with approximately 113 and 100 feet of frontage along Colorado Street and S Chevy Chase Drive, respectively. Because of its corner location, traffic counts exceed 42,000 vehicles per day with multiple points of egress/ingress along both E Colorado Street & S Chevy Chase Drive providing access to the property’s twelve (12) surface parking spaces (a ratio of 1.92 spaces per 1,000 SF). The Property sits directly adjacent to a Burger King, Jack in the Box, Valvoline Instant Oil Change, and Taco Bell.
Situated at such a strong and busy intersection, the property capitalizes on high vehicle traffic and a dense population, located amongst an array of both single-family homes and multi-family apartments as well as a strong retail corridor presenting an exceptional opportunity for businesses to thrive and connect with a diverse customer base. Being at the heart of such a bustling and dense area ensures that the tenants benefit from a constant flow of potential customers, fostering growth and sustainability. The centers strong location, coupled with Glendale’s reputation as a vibrant commercial and residential hub, further amplifies its attractiveness to both consumers and businesses.
OFFERING MEMORANDUM
BRANDON MICHAELS
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685