Description

Recent Price Reduction. ALL tenants are absolute NNN, with long term leases and built-in 3.00% annual increases. Drive by only. 370 West Sierra Madre Blvd. Sierra Madre, CA is a single story 12,491 Sq. Ft. building built in 1966 with large approximately 4,000 +/- Sq. Ft. basement. Updates and upgrades have been completed throughout ownership and show a great pride of ownership. The lot totals 0.58 acres and is located directly on Sierra Madre Boulevard a major regional thoroughfare and commercial corridor for the city of Sierra Madre. The recent capital improvements to the property include but are not limited to; new exterior paint, resealed roof, new 3" asphalted parking surface with new striping, two (2) brand new HVAC units and all other HVAC systems overhauled, serviced and in working order, new monument signs to increase exposure, and updated landscaping. The property features ample onsite parking, and excellent visibility from Sierra Madre Blvd. The retail center is 100% absolute NNN leases. All leases features annual 3% rental increases and allotments for management expenses, escalations for an increases to real estate and owner insurance premiums through tenancy. ALL expenses are passed to the tenants making this a rare opportunity to acquire a multi-tenant strip center with ZERO landlord expenses and minimal management obligations. Professional property management in-place with expense passed to the tenants. The tenants have continued to show commitment to the location with lease extensions. The three (3) anchored and most seasoned tenants include the Flower shop being at this location 30+ years, the Sierra Madre Learning Center at this location for 18+ years and the Laundry being at this location 20+ years and having just completed nearly $250,000 in new equipment and interior renovations. The other tenants include e-commerce resistant mix of tenancy. The six (6) retail tenants share a ProRata share of the common area expenses of 100%. The basement tenant pays a base rental rate of $1.27/psf. The Location; The property is located at the heart of the Sierra Madre commercial corridor. Sierra Madre the Village of the Foothills. Centrally located between Pasadena and Arcadia, the City of Sierra Madre is made up of three square miles of serene neighborhoods and green space. At its heart is the City’s charming downtown shopping district, a popular landmark for visitors and the approximately 11,000 residents that call Sierra Madre home.