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Shopping Regional

Evergreen Center

1702 & 1722 S Main St, Willits, CA 95490

Listing Price: $7,325,000

Cap Rate
7.57%
Gross SF
74,005
Rentable SF
74,005
Price/Gross SF
$98.98
Lot Size
7.91 acres
Year Built
1991

Investment Overview

The offering consists of two multi-tenant and one single-tenant (Lumberjack’s Restaurant) retail buildings totaling 74,005-square feet situated on two parcels in Willits, California. Known as the Evergreen Shopping Center, the property is located at the southern end of Willits along the city’s busiest thoroughfare known as South Main Street (aka Highway 20). The property is currently 90.50 percent occupied by national credit and local tenants (three vacant suites totaling 7,030-square feet). Anchored by Dollar Tree, Rite Aid, Goodwill, and Grocery Outlet (not part of the offering), the Evergreen Shopping Center is one of only a couple larger shopping centers in Willits. Other tenants within the Evergreen Shopping Center include but are not limited to Subway, Cricket Cellular, Launderland, Lumberjack’s Restaurant (stand-alone building), Super Taco, Thrive Yoga, Roland’s Bistro, Inter Tribal Council, etc. Situated between the two subject properties and part of the total center, is a recently opened 39,500-square foot Grocery Outlet. Grocery Outlet is responsible for their pro-rata share of Common Area Maintenance (CAMS) but is on a separate parcel that is not part of the offering. Of the 21 total suites, there are currently three vacancies totaling 9.50 percent of the total property. The vacant suites range from 1,380 to 3,550-square feet offering a range of uses for ease of lease-up. Located 20-miles north of Ukiah, California, Willits is at the center of Mendocino County at the beginning of the county’s extensive redwood forests. Willits has a population of roughly 5,000 residents within the city limits. The Evergreen Shopping Center benefits the immediate population along with a 25+ mile radius trade area. Town and Cities within the trade area include Longvale, Crowley, Ridge, Farley, Covelo, Laytonville, and Shake City. The total trade area is estimated to have a population of roughly 15,000 residents. Offered at $98.98-per square foot or $7,325,000, the property is priced well-below replacement value. Furthermore, an investor has an opportunity to lease up the vacant suites increasing the proforma cap rate to above 8 percent. The property is currently being offered at a 7.57 percent cap rate at 90.50 percent occupancy.

Investment Highlights

  • 7.57 Percent Cap Rate at 90.50 Percent Occupancy (Upside Potential Upon Vacancy Lease Up)
  • Located on Main Thoroughfare (S Main Street aka Highway 20)
  • Supported by 25+ Mile Population Radius
  • Offered Well Below Replacement Cost ($98.98 Per Square Foot)
  • Recent Lease Activity (Five New Tenants in 2021)

Exclusively Listed By

Financing By

Shopping Regional

Evergreen Center

Listing Price: $7,325,000

Cap Rate
7.57%
Gross SF
74,005
Rentable SF
74,005
Price/Gross SF
$98.98
Lot Size
7.91 acres
Year Built
1991

Investment Highlights

  • 7.57 Percent Cap Rate at 90.50 Percent Occupancy (Upside Potential Upon Vacancy Lease Up)
  • Located on Main Thoroughfare (S Main Street aka Highway 20)
  • Supported by 25+ Mile Population Radius
  • Offered Well Below Replacement Cost ($98.98 Per Square Foot)
  • Recent Lease Activity (Five New Tenants in 2021)

Investment Overview

The offering consists of two multi-tenant and one single-tenant (Lumberjack’s Restaurant) retail buildings totaling 74,005-square feet situated on two parcels in Willits, California. Known as the Evergreen Shopping Center, the property is located at the southern end of Willits along the city’s busiest thoroughfare known as South Main Street (aka Highway 20). The property is currently 90.50 percent occupied by national credit and local tenants (three vacant suites totaling 7,030-square feet). Anchored by Dollar Tree, Rite Aid, Goodwill, and Grocery Outlet (not part of the offering), the Evergreen Shopping Center is one of only a couple larger shopping centers in Willits. Other tenants within the Evergreen Shopping Center include but are not limited to Subway, Cricket Cellular, Launderland, Lumberjack’s Restaurant (stand-alone building), Super Taco, Thrive Yoga, Roland’s Bistro, Inter Tribal Council, etc. Situated between the two subject properties and part of the total center, is a recently opened 39,500-square foot Grocery Outlet. Grocery Outlet is responsible for their pro-rata share of Common Area Maintenance (CAMS) but is on a separate parcel that is not part of the offering. Of the 21 total suites, there are currently three vacancies totaling 9.50 percent of the total property. The vacant suites range from 1,380 to 3,550-square feet offering a range of uses for ease of lease-up. Located 20-miles north of Ukiah, California, Willits is at the center of Mendocino County at the beginning of the county’s extensive redwood forests. Willits has a population of roughly 5,000 residents within the city limits. The Evergreen Shopping Center benefits the immediate population along with a 25+ mile radius trade area. Town and Cities within the trade area include Longvale, Crowley, Ridge, Farley, Covelo, Laytonville, and Shake City. The total trade area is estimated to have a population of roughly 15,000 residents. Offered at $98.98-per square foot or $7,325,000, the property is priced well-below replacement value. Furthermore, an investor has an opportunity to lease up the vacant suites increasing the proforma cap rate to above 8 percent. The property is currently being offered at a 7.57 percent cap rate at 90.50 percent occupancy.

Exclusively Listed By

Financing By

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