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Warehouse

Multi Tenant Industrial - 26,731 SF | Desirable Location | Attractive Underlying Value

115-123 E Gardena Blvd, Gardena, CA 90248

Listing Price: $5,827,358

Cap Rate
3.27%
Gross SF
26,731
Price/Gross SF
$218.00
Lot Size
1.01 acres
Year Built
1955
Rentable SF
26,731

Investment Overview

This sale offers the opportunity to purchase an industrial property in a central, freeway-adjacent location in the Los Angeles, California submarket. The property can be delivered 100% occupied or, alternatively, is suitable for an owner/user who would like to occupy up to 71% of the rentable building area. Located at 115-123 East Gardena Boulevard, the subject property consists of a single parcel for a total of 43,794 square feet of land. The property has been improved with three structures for a total of 26,731 square feet of rentable building area. All buildings are of concrete construction and have a clear height of 15-16’. The buildings have 10 ground-level roll up doors and are currently configured to accommodate 7 tenants. Utilities to the site include water, sewer and electricity. Electrical service is by way of seven panels: one for each unit. The property is permitted to have up to 75% occupancy for automotive uses. Automotive space, which is limited in certain cities, is currently in high demand and short supply. Unit 123-A has a permitted spray booth, providing a viable space for body shop businesses and certain manufacturers. Spray booths have become difficult to obtain and add significant value for tenants who need one. The property can be delivered 100% occupied, providing for a turnkey investment. However, all but one unit can be vacated with a 60-day notice, allowing for an owner/user to occupy up to 71% of the property. Currently there is less than a 2% vacancy rate in the area with even more limited options for auto-related space. Average rent at the subject property is currently $.89/SF/mo. Market rent for comparable space is currently at $1.15-$1.25+/SF/mo, creating an opportunity to significantly increase cashflow and providing for attractive underlying value. All tenants are current on rent payments, have paid through COVID and would like to remain at the property. Situated on Gardena Boulevard, east of Main Street, the subject property is located in a desirable, central location with excellent freeway access. Many business owners in the area have chosen to operate in this vicinity due to its proximity to the ports of Los Angeles and Long Beach, Los Angeles International Airport, Downtown Los Angeles, Orange County and the Southern California freeway network. Gardena is a central location that has gained popularity in a logistics-driven industrial market. The subject property is 2.4 miles from the 405 freeway, 1.3 miles from the 110 freeway and 0.6 miles from the 91 freeway. 115-123 East Gardena Boulevard offers the opportunity to purchase a well-maintained industrial property in a desirable Southern California location. Owner/users and tenants will find a property that offers functionality in a central, easily-accessed location. Investors will find an asset with desirable spaces in a submarket that has seen, and continues to see, a high level of growth and demand, providing for a dependable long-term investment with immediate upside potential.

Investment Highlights

  • Multi Tenant Industrial - 26,731 SF
  • Suitable for Investors and Owner/Users
  • Desirable, Central Location with Excellent Freeway Access
  • Seasoned Tenants with Short-Term Leases
  • Significant Upside in Rents
  • Attractive Long-Term Underlying Value

Exclusively Listed By

Financing By

Warehouse

Multi Tenant Industrial - 26,731 SF | Desirable Location | Attractive Underlying Value

Listing Price: $5,827,358

Cap Rate
3.27%
Gross SF
26,731
Price/Gross SF
$218.00
Lot Size
1.01 acres
Year Built
1955
Rentable SF
26,731

Investment Highlights

  • Multi Tenant Industrial - 26,731 SF
  • Suitable for Investors and Owner/Users
  • Desirable, Central Location with Excellent Freeway Access
  • Seasoned Tenants with Short-Term Leases
  • Significant Upside in Rents
  • Attractive Long-Term Underlying Value

Investment Overview

This sale offers the opportunity to purchase an industrial property in a central, freeway-adjacent location in the Los Angeles, California submarket. The property can be delivered 100% occupied or, alternatively, is suitable for an owner/user who would like to occupy up to 71% of the rentable building area. Located at 115-123 East Gardena Boulevard, the subject property consists of a single parcel for a total of 43,794 square feet of land. The property has been improved with three structures for a total of 26,731 square feet of rentable building area. All buildings are of concrete construction and have a clear height of 15-16’. The buildings have 10 ground-level roll up doors and are currently configured to accommodate 7 tenants. Utilities to the site include water, sewer and electricity. Electrical service is by way of seven panels: one for each unit. The property is permitted to have up to 75% occupancy for automotive uses. Automotive space, which is limited in certain cities, is currently in high demand and short supply. Unit 123-A has a permitted spray booth, providing a viable space for body shop businesses and certain manufacturers. Spray booths have become difficult to obtain and add significant value for tenants who need one. The property can be delivered 100% occupied, providing for a turnkey investment. However, all but one unit can be vacated with a 60-day notice, allowing for an owner/user to occupy up to 71% of the property. Currently there is less than a 2% vacancy rate in the area with even more limited options for auto-related space. Average rent at the subject property is currently $.89/SF/mo. Market rent for comparable space is currently at $1.15-$1.25+/SF/mo, creating an opportunity to significantly increase cashflow and providing for attractive underlying value. All tenants are current on rent payments, have paid through COVID and would like to remain at the property. Situated on Gardena Boulevard, east of Main Street, the subject property is located in a desirable, central location with excellent freeway access. Many business owners in the area have chosen to operate in this vicinity due to its proximity to the ports of Los Angeles and Long Beach, Los Angeles International Airport, Downtown Los Angeles, Orange County and the Southern California freeway network. Gardena is a central location that has gained popularity in a logistics-driven industrial market. The subject property is 2.4 miles from the 405 freeway, 1.3 miles from the 110 freeway and 0.6 miles from the 91 freeway. 115-123 East Gardena Boulevard offers the opportunity to purchase a well-maintained industrial property in a desirable Southern California location. Owner/users and tenants will find a property that offers functionality in a central, easily-accessed location. Investors will find an asset with desirable spaces in a submarket that has seen, and continues to see, a high level of growth and demand, providing for a dependable long-term investment with immediate upside potential.

Exclusively Listed By

Financing By

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