Shopping Strip

Elmwood Center

1673 E Highland Ave, San Bernardino, CA 92404

Listing Price: $2,875,000

Cap Rate
6.83%
Gross SF
23,423
Rentable SF
23,423
Price/Gross SF
$122.74
Lot Size
1.29 acres
Year Built
1958

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to present the Elmwood Commercial Center located in San Bernardino, California. San Bernardino is a city located in the Inland Empire region of Southern California. The city serves as the county seat of San Bernardino County, California. As one of the Inland Empire's anchor cities, San Bernardino spans 81 square miles on the floor of the San Bernardino Valley to the south of the San Bernardino Mountains. As of 2019, San Bernardino has a population of 215,784 making it the 17th-largest city in California and the 102nd-largest city in the United States. California State University, San Bernardino is located in the northwestern part of the city. The university also hosts the Coussoulis Arena and the Robert and Frances Fullerton Museum of Art. Other attractions in San Bernardino include ASU Fox Theatre, the McDonald's Museum (located on the original site of the world's first McDonald's), the California Theatre, and the San Manuel Amphitheater, the largest outdoor amphitheater in the United States. In addition, the city is home to the Inland Empire 66ers minorleague baseball team, which plays their home games at San Manuel Stadium in downtown San Bernardino. The Elmwood Commercial Center offers excellent visibility on East Highland Avenue and has easy access to the Interstate 210 Freeway. The property is surrounding by other national retailers and restaurants. This retail center is approximately 23,423 square feet, single story property situated on 1.29 acres. The subject property is well-parked and has twelve suites. There is excellent frontage and signage on East Highland Avenue as well as a monument sign. East Highland Avenue is a heavily traveled east-west thoroughfare with approximately 18,000 vehicles per day with two lanes of traffic in each direction. The property also has easy access from both East Highland Avenue and Elmwood Road. The subject property is anchored by Arron’s occupying nearly 30% of the center. Aaron’s, Inc. is a leader in the lease ownership of name brand furniture, consumer electronics and home appliances through its 1,600+ Companyoperated and franchised stores in 47 states and Canada. Aaron’s was founded in 1955 and has been publicly traded since 1982. Charlie Loudermilk, Aaron’s founder, developed a unique lease-to-own model with a vision to fill a void for the underserved customer by providing them the best deal on the highest quality products. Aaron's services are available through multiple channels to approximately 40-50 percent of the U.S. population who make less than $50,000 annual household income. This value-added asset will give the new ownership the ability to reposition the property through better management, leasing and CAM collection. A new owner will also be able to capitalize on today’s historically low interest rates.

Investment Highlights

  • Value-Added Strip Retail Center; Low Cost per Foot-$123
  • Anchored by Aaron's Inc.- A Publicly Traded Company Occupying 30% of the Property
  • 6.83% Actual Cap Rate with 80% Occupancy
  • 9.77% Proforma Cap Rate with 95% Occupancy
  • Rental and CAM Upside
  • Stable Center; All Tenants are Paying
  • High Identity Street Frontage & Signage; Monument Sign

Exclusively Listed By

Listing Price: $2,875,000

Cap Rate
6.83%
Gross SF
23,423
Rentable SF
23,423
Price/Gross SF
$122.74
Lot Size
1.29 acres
Year Built
1958

Investment Highlights

  • Value-Added Strip Retail Center; Low Cost per Foot-$123
  • Anchored by Aaron's Inc.- A Publicly Traded Company Occupying 30% of the Property
  • 6.83% Actual Cap Rate with 80% Occupancy
  • 9.77% Proforma Cap Rate with 95% Occupancy
  • Rental and CAM Upside
  • Stable Center; All Tenants are Paying
  • High Identity Street Frontage & Signage; Monument Sign

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to present the Elmwood Commercial Center located in San Bernardino, California. San Bernardino is a city located in the Inland Empire region of Southern California. The city serves as the county seat of San Bernardino County, California. As one of the Inland Empire's anchor cities, San Bernardino spans 81 square miles on the floor of the San Bernardino Valley to the south of the San Bernardino Mountains. As of 2019, San Bernardino has a population of 215,784 making it the 17th-largest city in California and the 102nd-largest city in the United States. California State University, San Bernardino is located in the northwestern part of the city. The university also hosts the Coussoulis Arena and the Robert and Frances Fullerton Museum of Art. Other attractions in San Bernardino include ASU Fox Theatre, the McDonald's Museum (located on the original site of the world's first McDonald's), the California Theatre, and the San Manuel Amphitheater, the largest outdoor amphitheater in the United States. In addition, the city is home to the Inland Empire 66ers minorleague baseball team, which plays their home games at San Manuel Stadium in downtown San Bernardino. The Elmwood Commercial Center offers excellent visibility on East Highland Avenue and has easy access to the Interstate 210 Freeway. The property is surrounding by other national retailers and restaurants. This retail center is approximately 23,423 square feet, single story property situated on 1.29 acres. The subject property is well-parked and has twelve suites. There is excellent frontage and signage on East Highland Avenue as well as a monument sign. East Highland Avenue is a heavily traveled east-west thoroughfare with approximately 18,000 vehicles per day with two lanes of traffic in each direction. The property also has easy access from both East Highland Avenue and Elmwood Road. The subject property is anchored by Arron’s occupying nearly 30% of the center. Aaron’s, Inc. is a leader in the lease ownership of name brand furniture, consumer electronics and home appliances through its 1,600+ Companyoperated and franchised stores in 47 states and Canada. Aaron’s was founded in 1955 and has been publicly traded since 1982. Charlie Loudermilk, Aaron’s founder, developed a unique lease-to-own model with a vision to fill a void for the underserved customer by providing them the best deal on the highest quality products. Aaron's services are available through multiple channels to approximately 40-50 percent of the U.S. population who make less than $50,000 annual household income. This value-added asset will give the new ownership the ability to reposition the property through better management, leasing and CAM collection. A new owner will also be able to capitalize on today’s historically low interest rates.

Exclusively Listed By

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