The property consists of two buildings – a two story shopping center and a one story food market. The shopping center has 9 units between 650-850 square feet, allowing for optimal per foot rental numbers. The food market is renovated and equipped with a hood, grease trap and walk in cooler.
The property has below market leases. A number of the leases are expired with a few more expiration dates on the horizon and demolition/renovation clauses in every lease. This offers significant upside for a buyer.
The property, zoned T6-8-O, is an ideal buy and hold for someone looking to raise rents and cash in on the appreciation of the area before developing. A buyer can also elect to tear down the buildings and develop in the more immediate future.